Vehicle sale offers GM stock to buyers

Knudtsen Chevrolet Co. opens for business on Wall Street this week.

The dealership, 1500 E. Polston Ave. in Post Falls, will reward customers with 100 shares of General Motors Corp. stock if they buy a vehicle during a five-day sale that begins Wednesday, general sales manager Joe Morris said Monday.

He said he bought 5,000 GM shares Friday with the hope the incentive will move 50 of the 320 new and used cars and trucks in the dealership’s inventory.

“If I run out of shares, I will buy more at whatever the price is Monday,” said Morris, who said he regretted waiting until Friday to buy the shares.

GM announced Thursday it would not, for the time being, need an additional $2 billion in government loans. GM shares closed Thursday at $2.18, and opened Friday at $2.44.

Morris said the rally cost Knudtsen an additional $1,800. GM shares closed at $2.52 on Monday, down 20 cents from Friday’s close.

He said buyers would be contacted by the broker, which he declined to identify.

The customers would have an account opened for them at the brokerage with the 100 GM shares in it.

“I personally bought some stock for myself when I did this,” Morris said.