DENVER (AP) -- General Motors Co. and Chrysler Group LLC are dropping their fight against a bill aimed at helping Colorado auto dealers whose businesses were dropped by the struggling automakers.
They changed their stance after winning some concessions backed by the Colorado Senate on Monday.
The bill would require that manufacturers reimburse dealers for money spent upgrading their dealerships. Dropped dealers would also get a right of first refusal if manufacturers later award their franchise to another nearby business.
The Senate gave initial backing to allowing the reimbursement amount to depreciate over time. Dealers would also be limited to claiming a right of first refusal to five years instead of 10.
GM and Chrysler still oppose the legislation but won't actively fight it.
