Jim Waldron, the owner of a Pontiac dealership in Michigan has revealed that he and a group of investors submitted an offer to buy the scheduled-for-termination Pontiac brand from GM. Waldron made the announcement on ABC's local WJRT station and said that he expects to hear back from the company this week.
GM representatives, including Communications VP Tom Pyden, have said that the brand is not for sale and that as a part of the company's new Viability Plan submitted to the U.S. government, Pontiac must be phased-out.
Waldron said that it is possible the communications team does not know of the offer.
As the terms of the offer (and, therefore, the price) are private, it is not clear if the offer is reasonable one. Waldron did say that if the offer is accepted his team would look into purchasing vacant plants and hiring a workforce to start manufacturing Pontiacs.
More: Pontiac Dealer Wants to Buy Brand, GM Not Interested on AutoGuide.com