GM Bought Out Nearly Half of Buick Dealers Who Opted Against Selling EVs
GM bought out about half of its 2,000 Buick dealers over the last year as part of the voluntary buyout program
General Motors bought out roughly half of Buick dealers across the U.S. due to their reluctance to sell electric vehicles as the automaker looks to transition to EVs.
About half of GM’s 2,000 Buick dealers accepted the voluntary buyout. The program remains open so additional dealers may opt to take the buyout instead of making the EV-related investments that GM required for them to continue selling Buicks, as GM is planning for the brand’s vehicles to be 100% electric by 2030.
A spokesperson for the company told FOX Business in a statement, "Buick is transforming, launching the best vehicles the brand has ever had and is the fastest growing mainstream brand in 2023. This all needs to be supported by the best customer experience in the transition to EVs."
"As stated before, this year we’ve given dealers who are not aligned with Buick’s future to exit voluntarily in a respectful and structured way; with the full support of our National Dealer Council," the statement continued.
Last year, GM began planning to offer buyouts to its network of Buick dealers after it told the dealers to invest at least $300,000 to facilitate the selling and servicing of electric vehicles — including initiatives like the installation of EV chargers and training of staff — or give up the Buick franchise, according to a report by The Wall Street Journal.