Charleston, SC - In an expected move, General Motors officially filed for bankruptcy protection early today. As a result, 60-percent of the company will be owned by taxpayers. Also, 12 plants will be closed and as many as 1,100 US dealerships will be shut down by late next year.

A few we spoke with tell us they will stay in business, but others face a very uncertain future.

It’s a nervous time in the auto industry. GM dealers across the country waited patiently over the last few weeks. Rob Marchant runs this GM lot in Ravenel. He recently found out, his business will survive the company overhaul.

“I think going forward, people understand this restructuring, it will be a quick thing and General Motors will be here for the future,” Marchant said.

The news will not be the same for more than a thousand other dealers. As part of the bankruptcy, GM will cut production, meaning there will not be enough cars to go around. GM brands like Saturn and Hummer will either be cut or sold, but Marchant hopes the auto giant will be stronger when its all said and done.

“It’s going to be a real good thing in the long run,” Marchant said.

After months of slumping sales, there are signs of life. Marchant said he just had his best month in half a year. Owners of Marathon Chevrolet and McElveen also say their latest numbers are much improved.

But with GM now controlled by the Government, Marchant said there might be an increased push for smaller more fuel efficient cars.

“I worry in the long run, there maybe some pressure to produce some cars people do not want,” he said.

GM makes eight models that get thirty miles to the gallon, but Marchant said full sized cars remain a popular sell on his lot.

Un-like Chrysler, the list of GM dealerships to close will not be made public and the company is allowing each dealership to make its own announcement.

 Email To Friend