Canada and Ontario need a "government underwritten job loss insurance" product
to bolster consumer confidence in the auto industry.
Lets not repeat the 2008/2009 bailout of the auto sector, here's why ...
Registrations in Italy fell by 85 percent in March, as sales activity came to a halt during the month because of restrictions to counter the coronavirus outbreak. New-car sales were 28,326, the transport ministry said in a statement on Wednesday.
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"The report also says Industry Canada didn’t have enough information about where exactly its money was going, and didn’t require the companies to submit specific reports on their use of the funds."
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"The class action suit by 215 former GM dealers was filed in court in Ontario, Canada’s car manufacturing hub, and targeted GM subsidiary General Motors of Canada Ltd."
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"It is not realistic to think that an individual franchisee, who has experienced the loss of their business, is financially or psychologically equipped to engage in protracted, complicated and very expensive litigation with one of the largest corporations in North America and a major Canadian law firm."
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"It is remarkably short-sighted of the federal government to sell off its shares in GM at a time when there has been widespread agreement that securing GM's future in Canada is critical"
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In total then, Canadian taxpayers are out almost $3.7 billion, not accounting for inflation or lost opportunities. For example, that $3.7 billion could have built a new subway line or two in Toronto or twinned a substantial portion of the Trans-Canada Highway in British Columbia."
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