Raceway Automotive accepts GM franchise termination

John Isgett, president of the Raceway Automotive Group, announced Monday he has accepted General Motors’ “generous financial offer to terminate the Chevrolet, Buick, Pontiac and GMC franchises” from the south Florence/Lake City market.

As a part of bankruptcy restructuring, GM plans to eliminate up to 2200 franchise relations across the United States and pay select dealers up to $1 million in compensation for various items to include future lost revenue. Dealers who participate in the GM offer have up to 14 months to facilitate the termination of the franchises. Raceway has chosen an immediate termination, taking place June 19.

Raceway Chevrolet, Buick, Pontiac, GMC was formed in Lake City in 2001 and is a member of the Raceway Automotive Group. It relocated to 270 N. Ron McNair Blvd. in March from its former location on West Main Street.