Bankruptcy: GM to sell of its classic cars

New York, Apr 7: One of the biggest car maker in United States, General Motors, plans to auction off about 100 of its classic cars and sell off Saab, in order to avoid bankruptcy.

Report in the Los Angeles Times suggest that GM will auction about 100 antique and show cars to help it raise money and cut down on storage fees. "Every little bit counts. It costs a lot to house that many vehicles," said Greg Wallace, the manager of the General Motors Heritage Center.

The auction will take place in Palm Beach, Florida beginning on Thursday, Apr 9 and will include cars like 1920 Chevrolet Model T truck; a 1999 Camaro Z/28 used in the movie "Runaway Bride"; and a 1978 Corvette Indy 500 pace car - one of only four ever made. "The buzz is huge over this, especially given what's happening with General Motors these days," said Steve Davis, president of the collector car auction company Barrett-Jackson.

General Motors is also looking to unload Swedish carmaker Saab Automobile, a deal that looks likely to happen by Jun 2009, the Wall Street Journal reported. In court documents, Saab claims that 'currently there are more than 20 interested parties'.

The names of potential buyers were not identified.

ANI