General Motors: 60-Day buy back scheme a success

By: Mark O'Gorman | Posted: October 15, 2009 | No Comments
Filed under: Autos, Business

In September, General Motors introduced a 60 day buy-back scheme on its new motors. The scheme which was introduced to improve viewings and sales allows for customers to purchase a new car from General Motors and for up to 60 days after purchase you are able to return it back to the dealer and have it purchased back at full price.

The scheme encountered a lot criticism, and one dealer who spoke to BusinessWeek.com said that the scheme would just entice joy riders who want to take a corvette out free of charge for a while.

But according to an article posted up on BusinessWeek, the scheme has actually been quite successful. It seems that Vice President of GM, Bob (Robert) Lutz has told reporters that consideration (viewings) has gone up 15%, and Edmunds.com has confirmed these statistics with their own research. Also according to Bob Lutz, out of the 150,000 vehichles sold during the scheme, only a few hundred have signed up to the program, and out of those only one person has returned a car, and that was only due to the fact he decided he wanted to swap the manual version he had purchased for an automatic version instead.

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