GM All But Certain To File For Chapter 11

The U.S. government has pledged to back both companies' warranties to reassure consumers their purchases will be protected no matter what happens. Analysts say that seems to be helping Chrysler, where sales during the first two weeks of May fell at about the same rate as the whole U.S. market.

At the Jack Maxton Chevrolet dealership in the Columbus, Ohio, suburb of Worthington, it appeared to be business as usual Wednesday even as GM contemplated Chapter 11.

One salesman took a family on a test drive, a man put on his glasses to take a closer look at the sticker for a new Camaro, a car was being cleaned by the service department's automatic car wash and the receptionist was busy routing phone calls.

Owner Jeff Mauk said President Barack Obama's pledge to back warranties seems to have erased some of the fear for potential buyers. As for a potential filing for bankruptcy protection, Mauk's sentiment is the sooner the better.

"If they are going to do it," he said, "let's do it and get through it."

Dana Johnson, chief economist at Comerica Inc., the financial services company, said Americans are more accustomed to the bankruptcy process than many people think.