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Executive: Speculation driving oil prices
DETROIT, Nov. 1 (UPI) -- General Motors shut down its 84-year-old Pontiac brand Monday, the victim of a major overhaul of the U.S. automaker in recessionary times.
GM had said it would stop production of the brand a year ago when it emerged from bankruptcy. The brand that featured the iconic Trans Am, Firebird and the GTO had fast looks and blue-collar appeal, but sales had diminished in recent years. Over a million vehicle sales in 1968 had dwindled to 267,000 in 2008, SkyNews.com reported.
Pontiacs were not without a few moments of glory on the big screen. Burt Reynolds powered a gold Firebird in the 1977 film "Smokey and the Bandit." A Pontiac Trans Am had a starring role 1980s television program "Knight Rider."
But former GM executive Bill Hoglund said the bottom line was "there was no passion for the product" and it no longer fit "in the corporate system."
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