GM posts $1.33 billion profit; CEO to step down, saying his job is done

DETROIT — General Motors Co. said Thursday it made $1.33 billion in the second quarter, a sign it’s getting healthier as it prepares to sell stock to the public. The results were strong enough that CEO Ed Whitacre announced he will step down next month, saying his job was done.

It was the second straight quarterly profit for the Detroit automaker, which made $865 million in the first quarter, and sets the stage for GM to file paperwork soon to start the public stock sale process.

Whitacre said last week that the company is eager to sell shares in an initial public offering so it can end its dependence on the government and pay off $43.3 billion in bailout funds that were converted into a majority stake in the company. Whitacre wants the company to shed its “Government Motors” moniker because it’s hurting sales and the company’s image. Local General Motors dealers say new vehicle sales are surging amid an improving economy and looser lending standards.

Is the 2005 Chevrolet Equinox a good car?

Apr 02, 2008 by ms tee | Posted in Buying & Selling

Hi there I am looking into purchase a 2005 Chevrolet Equinox. Just wondering for the price is it a good, safe SUV, and is what is the fuel effeicentcy? Or what would you suggest for around the same price?

The Equinox isn't the best small SUV at the pump. The official window sticker wasn't even close to actual performance. My customers are averaging 17-20 across the board when they were rated between 19-24. The Buick Rendezvous is a good alternative.