U.S. automakers saw a 37 percent drop in March sales. And while the March sales were dismal compared with last year, consumers lured by record incentives pushed the February-to-March increase above the normal rise that comes at the end of winter. “Maybe we’ll get—imagine that—some momentum going,“ said Mike DiGiovanni, executive director of global market and industry analysis for General Motors Corp., whose 45 percent sales decline last month was the worst among the major automakers.

Two Richmond-area auto dealers expressed mixed feelings about the possibility of General Motors Corp. heading to bankruptcy court if a turnaround plan fails.

Ford Motor Co. and General Motors Corp. announced two programs that would cover buyers’ monthly car payments in the event they lose their jobs. “It really attacks one of the key challenges in the market right now, and that’s confidence in the consumer’s ability to make their car payment,“ said Tim Longnecker, automotive industry executive for Acxiom Automotive, a marketing consulting firm. “I think they’re good programs, and I think they will spur demand.“

We’re sorry to see Richmond native Rick Wagoner’s tenure as CEO of General Motors end on such a sour note. He inherited a deeply distressed business in an industry facing nearly insurmountable problems—some self-inflicted, others the result of bad government policies and intransigent unions. On the other hand, Wagoner has been CEO since 2000, and the company’s market share and profitability have deteriorated dramatically since then. At some point, someone must take responsibility. GM’s largest domestic competitor, Ford, is a better-managed business. Unlike GM and Chrysler, Ford—so far—has not been reduced to begging the federal government for bailouts.

President says neither General Motors nor Chrysler has proposed sweeping enough changes to justify further large federal bailouts, and demanded “painful concessions” from creditors, unions and others as their price for survival.

The House Republican leader says the automaker has avoided making tough choices in the past 30 years and needs to demonstrate that the money it receives can be paid back.

His company lost $30.9 billion last year and it’s relying on government loans to stay in business, yet General Motors Corp. CEO Rick Wagoner received a pay package worth $14.9 million in 2008. Roughly $11.9 million of Wagoner’s compensation was in stock and options that have plummeted to $682,000 in value as GM’s shares have dropped below $2.

General Motors Corp.‘s auditors have raised “substantial doubt” about the troubled automaker’s ability to continue operations, and the company said it may have to seek bankruptcy protection if it can’t execute a huge restructuring plan.

General Motors Corp.‘s auditors have raised “substantial doubt” about the troubled automaker’s ability to continue operations.

General Motors Corp. is seeking government loans to keep the century-old company running.

Ford, UAW set deal on health-care trust fund Ford Motor Co. and the United Auto Workers said yesterday that they agreed to let the automaker change how it pays for a health-care trust fund for retired workers. The deal could serve as the model for cash-starved General Motors Corp. and Chrysler LLC. Ford said the agreement allows it to make payments to the union-managed trust with up to 50 percent of company stock instead of cash. Having the UAW take equity frees up cash for operations.

Haywood “Huddy” Hyman Jr. was among the first auto dealers in the nation to sell Saturn automobiles when General Motors Corp. started rolling the new brand out of a plant in Spring Hill, Tenn., in 1990.

DETROIT—General Motors Corp.‘s top U.S. marketing executive said today he does not foresee further big cuts in the automaker’s sports sponsorships as it balances a cash shortage with the need to market its products. Mark LaNeve, vice president for North American marketing, said GM is still looking at every penny of its advertising budget as it tries to cut expenses and prove it is viable in order to keep $13.4 billion in government loans.

DETROIT—General Motors is bailing out on Tiger Woods. Woods, a global icon in sports with his 14 major golf championships, has been carrying the Buick logo on his bag for the last nine years and still had one year left on his contract. But General Motors Corp. was looking to cut costs and hoard cash while trying to survive the worst sales downturn in a quarter-century. And it said today the world’s No. 1 golfer wanted more time for himself, especially with a second child on the way.

The two Richmond area Saturn dealerships are consolidating into one. The Saturn of West Broad store on West Broad Street east of Parham Road will close today. About 20 employees and 100 vehicles will move to the Saturn of Richmond store on Midlothian Turnpike, said Haywood “Huddy” Hyman Jr,, who owns both dealerships. Hyman said the move is being made to save money. Sales at the two stores are down 25 percent so far this year compared with the same last year.