agent Entrepreneur logo
MenuMENU
SearchSEARCH

Treasury Said to Pick Lead Bank for GM IPO as Soon as Next Week

May 29, 2010
2 min to read


The U.S. Treasury and General Motors Co. may choose a lead underwriter for the automaker’s initial public offering as soon as next week, two people familiar with the matter told Bloomberg News. GM, 61 percent owned by the U.S., must decide soon on an underwriter in order to sell shares publicly by the fourth quarter, said the people, who asked not to be identified revealing private information. The Treasury, which helped pay for the automaker’s restructuring last year, probably will have more say than the automaker in the selection, the people said. CEO Ed Whitacre, appointed chairman when GM emerged from bankruptcy in July, has said the automaker may sell shares to the public as early as this year. GM needs to begin shortly to sell stock before the Nov. 2 congressional elections, said Joe Phillippi, president of AutoTrends Consulting in Short Hills, New Jersey. “If they want to get it done in the fourth quarter, they have to start now,” he said yesterday in an interview. “This isn’t some little tech company. It’s a big story. This will be a global road show.” Randy Arickx, a GM spokesman, said yesterday that he wasn’t aware of any imminent decision. Andrew Williams, a spokesman at the Treasury Department, didn’t return telephone calls or an e- mail request seeking comment yesterday before the Memorial Day holiday weekend. GM and Treasury officials met with senior executives from Goldman Sachs Group Inc., Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley this month in Washington about hiring a lead underwriter, said one of the people.

More Industry

Photo of Cadillac Lyriq SUV on road with partly cloudy sky in background
Industryby Hannah MitchellApril 16, 2026

Used Autos Selling for More

A recent price spike due to several larger market forces, though it hasn’t dulled demand, is pushing more consumers to efficient models to squeeze in buys.

Read More →
Photo of facade of Waldorf Toyota car dealership
Industryby Hannah MitchellApril 16, 2026

Maryland Auto Group Sells

A group out West picked up the major D.C.-area collection, putting it in the upper tiers of private automotive groups in the U.S.

Read More →
Photo of several cars on lifts in a service center
Industryby Hannah MitchellApril 9, 2026

Franchised Dealers Stand to Gain Service Business

Cox Automotive research shows both the opportunities and the challenges in turning consumers’ growing affordability needs into increased fixed-operations revenue.

Read More →
Ad Loading...
Photo of office desk with open laptop on it and an empty chair next to it
IndustryApril 9, 2026

What Matters Most in Building Your Agency

The partner you choose for growth and expansion is key, because better is the ultimate goal instead of growth for growth’s sake.

Read More →
car with hood open, an arm holding a wrench, The most loyal generation text, Agent Entrepreneur logo
Industryby Lauren LawrenceApril 9, 2026

Service Drives Gen Z Loyalty

The dealership profit center plays an important role in customer retention, and generation Z customers are showing the highest loyalty rates, based on recent CDK Global data.

Read More →
Photo of man with most of his face hidden as he types on a computer keyboard
Industryby Hannah MitchellApril 2, 2026

Fake Auto Dealer Websites Frauding Consumers

The Point Predictive study traced a pattern across more than 100 websites it believes are being developed by an international theft ring.

Read More →
Ad Loading...
photo of Volkswagen vehicle steering wheel and interior
Industryby Hannah MitchellApril 1, 2026

One of Earliest U.S. Auto Dealers Exits

The sale of two Minnesota franchises ends a rare multigenerational business while adding to one of the Midwest’s biggest auto groups.

Read More →
chart showing the quarterly electric vehicle market share from 2020-2025
Industryby Lauren LawrenceMarch 27, 2026

EV Sales Slide While Hybrids Climb

California, as usual, led the country in EV registrations in the fourth quarter, but the U.S. as a whole saw a 43% year-over-year volume decrease.

Read More →
Photo of new car's tail light
Industryby Hannah MitchellMarch 26, 2026

New-Vehicle Sales Ride Tax Returns Wave

Forecasts show that the spring sales season is rising above overriding economic concerns, among them continuously rising car prices, trade tariffs, elevated interest rates, and now a war.

Read More →
Ad Loading...
Photo of Toyota car parked in front of a Toyota dealership
Industryby Hannah MitchellMarch 23, 2026

2025 Dealership Buy-Sells a Record

The Kerrigan Index shows that despite a chaotic year of musical trade tariffs, high vehicle prices and more roadblocks, acquirers still flush with pandemic-era cash accelerated the consolidation pace.

Read More →