GM asks dealers to lobby for additional auto loans

GM asks dealers to lobby for additional auto loans

By Soyoung Kim and Poornima Gupta

DETROIT (Reuters) – General Motors Corp (GM.N: Quote, Profile, Research, Stock Buzz) asked all its U.S. dealers on Wednesday to urge the Congress to approve an additional loan package to help the automaker deal with its liquidity crisis, dealers briefed on the matter said.

GM U.S. sales chief Mark LaNeve told dealers to call their representatives and senators to ask them to support GM and the auto industry, saying 3 million jobs are at risk if the industry does not receive urgent government funding.

“As we’re in the midst of the deepest crisis our industry has ever faced, GM’s priority is on seeking support from various U.S. government agencies and congressional leaders,” LaNeve said in a letter to dealers obtained by Reuters.

Separately, GM executives also held a broadcast for employees on Wednesday, urging them to contact their representatives and senators in support of any measures to provide immediate liquidity to the U.S. auto industry, a GM employee said. more

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