COLUMBUS, Ohio -- Three months after receiving a combined total $17 billion in government loans, President Barack Obama announced he's giving General Motors, Corp., and Chrysler one last chance to restructure to stay alive.
In return for government aid, General Motors CEO Rick Wagoner agreed to resign.
NBC 4's Tom Brockman GOT ANSWERS on what one local GM dealerships thinks about Obama's administration's plans to restructure the automakers.
"He did what was necessary for the company to move it forward. It is absolutely a sacrificial lamb, but it had to be done," Chris Haydocy said.
Haydocy, president of Haydocy Automotive in Columbus, said GM has roughly two months to come to a restructure, which includes a new agreement with bondholders and the United Auto Workers.
The two months are absolutely crucial, Haydocy said.
"In December, they passed the football down the field," he said.
Haydocy said the automakers were told they had a March 31 deadline to get it right. He said that everyone knew the deadline was coming and the government either was going to say GM and Chrysler weren't viable in the long-term or let's see what can be done to get it right.
The dealership said it isn't selling 150 to 200 cars per month, like they were a couple years ago, but is going in the right direction.
The dealership sold 78 vehicles last month and 95 so far this month.
Haydocy said he credits an increase in consumer confidence and hopes confidence grows stronger.
"We're in a bit of a purgatory right now. We can see Heaven, but we're feeling the heat of Hell," Haydocy said.
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