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3 Bumps

Is the Volt selling as well as they claim?

On Friday night, I discussed the appearance that GM dealers are gaming the Chevy Volt tax credit on Fox Business Network's "Follow the Money" show with Eric Bolling. Here's a transcript:

Eric Bolling: Outrage alert. Former Saturn dealer, Mark Modica says there is something rotten in the business of marketing and selling the Chevy Volt. He claims he uncovered underhanded shenanigans that make the Volt appear to be a success story. Mark is here with us right now. Ok, Mark, tell us what happens. Dealers are selling to each other to grab that tax incentive.

Mark Modica: Hi Eric. Yes. What I did, was I did a search on some websites to check the availability of Volts. GM was claiming that demand was exceeding supply and that there was not enough out there. What I found was that there is plenty out there including six of them within seventy miles of my location. But then I uncovered something more disturbing. There was actually a bunch of used ones being sold. One in particular was at a KIA dealer where they had four of them in California one with eleven miles one with thirty miles sold as used. So what they are doing is, they are titling the vehicles, one dealership buying them from another, taking that $7,500 tax credit that they are allowed, and then reselling them at MSRP. They are not reducing the price. They are looking to game the system.

Eric Bolling: So as the price of gasoline goes up and maybe the demand for the electric car goes up a little bit. They are realizing they don't have to offer that seventy five hundred dollar tax credit anymore. They are keeping it for themselves?

Mark Modica: No, not at all. Demand? I don't think that demand is there. You have to look at what this car does, Eric. It gets about thirty miles on the charge and then gets about thirty miles per gallon on premium fuel. So you are not saving a lot of money there.

Eric Bolling: They are just not selling. They are just sitting on lots. Just sitting on the Ebay sites, without being sold?

Mark Modica: That is how it appears to me. But it looks like these dealerships are trying to get some money by at least getting the tax credits...

Eric Bolling: Right. Right.

Mark Modica: ...and then still hoping to sell them at full price.

Eric Bolling: Mark, I am going to get back to you in a second. Dr. Heldman, here is another situation where all of the intentions may have been great for the Obama Administration offering seventy five hundred dollar tax credit for buying an electric vehicle. That may have been right. But they forgot to write in the part, only to the consumer, not to the dealer.

Caroline Heldman: Well, yeah, this is egregious and shame on Chevy for doing this. This is ridiculous. But we have to hold our public, elected officials accountable but even more so, corporations, because they are profit seeking organizations, which means they will try to scam systems. And right now they are trying to scam the American taxpayer.

Answer Question

Asked by Carpy at 6:38 PM on May. 31, 2011 in Politics & Current Events

Level 39 (114,053 Credits)
Answers (21)
  • I have never seen one. I don't know anyone who has bought one. I don't know anyone who has a Leaf either. I only know 2 people who have a Prius.

    Answer by jesse123456 at 6:40 PM on May. 31, 2011

  • I've not seen it or the leaf around here. But Prius are a dime a dozen where I live as well as the Hybrid Highlander, Hybrid Escape and other Hybrids. The Volt will sell well in the higher end markets.

    Answer by twinsplus2more at 6:42 PM on May. 31, 2011

  • I live in metro detroit and have seen several Volts on the road

    Answer by peanutsmommy1 at 7:04 PM on May. 31, 2011

  • I hadn't heard of Chevy Volt prior to this.

    Answer by -Eilish- at 7:06 PM on May. 31, 2011

  • Never seen a Volt. But I have seen 1 Leaf.

    Answer by kc932 at 7:14 PM on May. 31, 2011

  • sleep


    Answer by Anonymous at 7:28 PM on May. 31, 2011

  • I doubt it, however, the Obama admin. is buying a few and we get to pay for them, yay...

    "The Obama administration is buying 116 Chevrolet Volts and other plug-in electric vehicles -- despite their high cost -- and installing charging stations in five cities"....


    Answer by agentwanda at 7:45 PM on May. 31, 2011

  • I live in metro detroit and have seen several Volts on the road

    Answer by peanutsmommy1 46

    Lot's of GM dealers in Detroit.

    Comment by Carpy (original poster) at 7:52 PM on May. 31, 2011

  • I haven't seen any Volt's or Leaf's..Leaves?? LOL Of course I live in Oregon..people around here drive SUV's and pickup trucks.

    Answer by yourspecialkid at 7:59 PM on May. 31, 2011

  • oops...hit send too fast. The scam doesn't surprise me. Remember the people buying golf carts with the Cash for Clunkers?

    Another govt success story!!! LOL

    Answer by yourspecialkid at 8:01 PM on May. 31, 2011

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