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Good news NowCar consumers! The United Auto Workers Strike (UAW) has been concluded after two long months. Once workers get back into the factories, new car models will restart production for the big 3 – Ford, Stellantis, and General Motors. There were some trying times, some interesting events, but in the end, the workers finally got what they deserved. Here’s a little summary of the events, in case you missed something.
On September 15, 2023, the UAW went on strike for better pay for the many people working for the above mentioned automakers. As an act of rebellion, 13,000 people walked out at first, with many more walking off to show their support. The UAW was negotiating with these automakers for better pay, but when a deal could not be reached, the union fired back and commenced the labor strike. Ford, Stellantis, and General Motors were hit hard with an expected $40-60 million loss in production profit per week for each. Of course, some of them threw a tantrum and threatened to fire employees in response.
At one point, U.S. President Joe Biden joined the strike and stood with those workers in the picket line. Getting this kind of recognition was a huge deal for the UAW, and definitely brought the strike to a higher level on a national scale. Now that the UAW strike has concluded, Biden will be meeting with UAW President Shawn Fain during a visit to Illinois to celebrate. Joined by Illinois Gov. J.B. Pritzker, a strong ally of the president, the event will also be celebrating the reopening of the Stellantis Belvidere Assembly Plant near the border between Illinois and Wisconsin.
Some large deals were made to get production back on schedule. General Motors (GM) offered all full-time workers an $11,000 ratification bonus, followed by Ford and FCA US paying $9,000. “Ratification” is just a fancy work for making an agreement or contract officially valid. That’s just the beginning of repayment, too. All three companies agreed to provide workers that were on strike $110 per day for each day of work missed. Ford quoted a total pot of $53 million to compensate workers who were off the job during the strike.
"We were able to wrench back so much of what these companies have stolen from us over the past few decades…We won back our dignity as auto workers." - UAW President Shawn Fain
This is also great news for new consumers in the market for a used vehicle. According to Cox Automotive, wholesale used-vehicle prices have dropped considerably, about 2.3 percent in October from September. This is due in part to the UAW strike with the big 3, but now that it’s been settled, the low prices may not last. Of course, at NowCar, we’re all about buying a new car versus a used car, and we’ve covered the many reasons why extensively more than once in the past. Just read this article, “The Truth About Buying New VS Used Cars” for some of the reasons why new is always better. At NowCar, we’re also always looking for more ways to save you money. All it takes is a simple phone call, a credit check, and we can save you hundreds on a new car.