In the annals of General Motors history, May 20 might come to be known as Black Wednesday.

That was the day GM informed about 240 of its 705 Canadian dealers, via e-mail, that their sales and service contracts would be terminated.

Fortunately, Orangeville's two GM dealerships — Royal Chevrolet Cadillac Inc. and MacMaster Pontiac Buick GMC — both survived the cut.

John Walkinshaw, general sales manager at Royal, gives a large part of the credit for his dealership's survival to the area it serves. "We are so grateful that the Orangeville community has been such a great supporter of us over the years."

It has been an emotional rollercoaster, of sorts, for MacMaster president Danny Brackett. While he's happy that his dealership and 50 employees will continue to service the area, and he is also quick to thank Orangeville for its ongoing support, he's saddened by the fact other dealerships have closed and that close associates of his have lost their jobs.

The network of GM dealerships in southern Ontario, he says, is "like a family."

Mr. Walkinshaw concurs. "We have a dealer community where we interact on a daily basis. Some of the guys we've known for a long time now have a very different future."

Still, in a period where businesses in every sector are downsizing, Mr. Brackett points out that MacMaster's work force has actually gone up from 45 to 50 in the last two years and "all 50 are dedicated and committed," he says.

Even during the economic downturn, Mr. Brackett says sales at MacMaster have been brisk. Among the reasons for this, he says, are an "all-time low in interest rates and an alltime high in rebates."

For example, various rebates have knocked as much as $10,000 of the price of a GMC Sierra pickup.

He also points to auto industry figures that show that the price of vehicles, in relation to personal disposable income, is at its lowest point in almost 25 years. It's been estimated that the average new vehicle price takes up 18.2 weeks of the average before-tax family income. To prove this point, Mr. Brackett hearkens back to 1988 when he was selling a four-door Cavalier, with automatic transmission and air conditioning options included, for $12,900 plus freight and handling. The 2009 Pontiac G5, a car in the same model class as the Cavalier, comes with auto, air conditioning and more standard equipment and sells for just under $14,000 plus freight and handling.

"The used car deals are no different than the new car deals," he says. For example, a year-old, fully-loaded Grand Prix is priced at $15,000 on the MacMaster lot.

In his experience, Mr. Brackett says he has never seen such a buyer's market in both new and used cars.

Mr. Walkinshaw is optimistic, saying the remaining Canadian GM dealers should do well. The parent company, he says, "is poised for a resurgence. GM has a wider range, and better quality, of products than ever before."

The manufacturer, he says, is overcoming the negative image that came with claims that GM was making vehicles that were not in synch with what consumers want. Recent TV ads, for example, refute the opinion that GM vehicles are "gas guzzlers" by pointing out that its vehicles often get better gas mileage than their fuel-efficient offshore competition.

As well, Mr. Walkinshaw says many GM vehicles have incorporated several innovations. There is an engine design where coolants don't have to be changed for five years, and "oil life monitors" that inform the driver when the oil needs to be changed; rather than having drivers abide by the conventional wisdom of changing oil every 5,000 kilometres.

"It may just be a couple of hundred dollars in savings at a time," points out Mr. Walkinshaw. "But, over the years, it really adds up."