Opel dealers have said they are prepared to take a levy from every vehicle sold towards a fund to help GM Europe survive its financial crisis.

Euroda, the European organisation representing Opel and Vauxhall dealers, announced a plan to create an EUR400m fund that could take a stake in a new holding company created out of GM’s European business.

Euroda said its dealers would raise the EUR400m by contributing EUR150 per vehicle for a period of three years.

“Obviously, this Euroda fund could acquire a minority share in the new company only,” the organisation, which represents 4,000 dealers in 25 countries, said.

GM Europe said it welcomed the offer.

“Such a demonstration of solidarity comes at the right time,” Alain Visser, vice-president of Opel Europe, said.

The Euroda proposal will be submitted by the National Opel / Vauxhall Dealers Associations to their members in the near future, including the German Opel Dealer Association during their general meeting in Darmstadt on March 19th.

Euroda hopes to be able to see the discussions at national level coming to a conclusion during the month of April, in order to give the matter a final vote at the next general meeting of Euroda, to be held in Vienna on May 15th.

Euroda chairman Jaap Timmer said: “We have full confidence in our European colleagues and their ability to evaluate the actual situation in the best possible way, also based on their dedication to the brand. Across Europe, Opel / Vauxhall dealers employ 125,000 employees and they are responsible entrepreneurs, wanting to preserve these jobs as well as their investments. In this respect, we would also like to co-operate closely with Mr. Klaus Franz, head of Opel’s works council”.