150 Cadillac Dealers Take GM Buyouts
In an effort to pivot the luxury brand to lead its all-electric vehicle efforts, GM has informed its 880 U.S. Cadillac dealers that in order to sell (and service) their upcoming Electric Vehicles (EVs), they would need to invest approximately $200,000 to upgrade their dealerships. This could prove difficult for smaller dealers.
Approximately 150 Cadillac dealers have accepted buyouts in the range of $300,000 to $1 million. These dealerships will stop selling Cadillacs in the near-term. Clearly GM is accelerating their EV efforts, which include investing $27 billion in all-electric and autonomous vehicles by 2025. It has been reported that GMC will not offer such buyouts to dealerships that are reluctant to sell & service EVs.