LAS VEGAS - Dealers representing about 300 of the 2,801 Oldsmobile dealerships have signed or said they would sign an agreement to stop selling Oldsmobiles, according to General Motors.
Under the basic settlement agreement, Oldsmobile dealers receive between $1,675 and $3,100 for each Oldsmobile sold in the store's best year from 1998 through 2000. The larger the Oldsmobile share of a dealership's total sales, the greater the per-unit payment.
At the National Automobile Dealers Association convention here, Bill Lovejoy, group vice president of vehicles sales, service and marketing for GM, said his staff has been working with Oldsmobile dealers and their lawyers to reach settlements.
If a class-action suit is filed, negotiations would slow down or stop, he said, because then the issue would move to the courts.