In an effort to save cost General Motors has pulled the plug on their endorsement deal with golf legend Tiger Woods.
Tiger Woods has been carrying the Buick logo on his golf bag for the past 14 years. He had one year left on a contract that pays him a reported $7 million dollars a year.
Although Tiger stated that he wanted more time to spend with family, considering he and his wife are soon to welcome a second child, this is really about General Motors doing all it can to conserve cash.
Wood's Agent at MIG, Mark Steinberg, said the decision to end the contract early was mutual.
Buick's US sales have dropped over 54% since 2000, although foreign sales are up 17% particularly in China where Buick remains a popular brand.
GM's cost cutting makes since considering the automaker spent $7 billion more than it took in last quarter. GM has also scaled back its advertising for the Super Bowl and has completely pulled out of advertising for the Oscars and the Emmy's.
I'm guessing this means that GM is now looking for budget celebrities, like someone who was an extra in "Law & Order" or some sort of trained animal. "General Motors: Now accepting less than the best."
Posted by: Cris Cohen | November 25, 2008 at 09:26 AM