MONTGOMERY, AL (WSFA) -
With more than 40 years in the car business under his belt, Larry Puckett knows a good deal when he sees one.
"Considering the money the government invested in this, I think they felt like they had to do this," said Puckett who owns Larry Puckett Chevrolet in Prattville.
In the hours after GM filed for bankruptcy, Puckett says filing for Chapter 11 was probably the right thing to do at the right time.
Two weeks ago GM slashed a little more than a thousand dealers nationwide. Larry Puckett survived the cut, primarily because his numbers were good. Just today for example he sold 3 cars before noon, giving him hope the car business might be picking up a little speed. He says GM's filing will have NO impact on service or warranties at Larry Puckett Chevrolet in Prattville.
"We're still serving and selling cars here. People won't even notice it," said Puckett.
Larry Puckett will be the first to admit, however, that he doesn't know if he lost any customers because of GM's troubles. What he does know he is coming off the best month in more than a year. Dealers like him are still standing after company cuts, bankruptcy and what seems to be a never-ending recession.
Speaking of the recession, Larry Puckett has 68 people working for him. He says he hasn't had to lay off anyone so far.
Meantime, not everyone thinks GM's filing was a good thing.
U.S. Senator Richard Shelby issued this statement to WSFA 12 News. It reads:
"Had GM entered Chapter 11 last fall, I believe the company would be much further along and headed in the right direction. Instead, the Federal Government wasted time and the taxpayer's money only to end up owning 60% of GM. The waste of money and scale of government intervention are very troubling and there appears to be no end game in sight."
The government has already invested $20 Billion in low-interest loans to GM.