About 150 U.S. Cadillac Dealers to Exit Brand, Rather Than Sell Electric Cars
The real details are buried in the article. Dealerships were required to either spend at least $200K on charging stations and other upgrades, or they could take a buyout offer for $300K to $1 million.<p>About 17% of total dealerships took the deal. I assume many of those were already declining and chose the convenient exit option instead of doubling down on their already declining dealership investment in the middle of a pandemic.<p>> The buyout offers ranged from around $300,000 to more than $1 million, the people familiar with the effort added. About 17% of Cadillac’s 880 U.S. dealerships agreed to take the offer to end their franchise agreements for the luxury brand