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GM has plenty of cash available should it choose to buy back stock or pay a dividend. The company finished the first quarter with $24.3 billion in cash and securities. It also has $11 billion available on a credit line. GM also announced that it would offer free oil changes, tire rotations and inspections for two years on most of its 2014 models in an effort to boost customer loyalty. The offer is good for two years or 24,000 miles, whichever comes first. Oil changes will be done when the vehicle's oil monitoring system says they are needed. Previously, oil changes were only covered for Cadillacs sold since the 2011 model year. "We know that our customers who service their vehicles at our dealerships are much more likely to purchase another GM product down the road," Akerson said. The oil change program will help GM sway buyers who are choosing between it and competitors on price, if the competitors don't have similar programs, said Alec Gutierrez, senior analyst at Kelley Blue Book. "While this can help to bring customers into the showroom, it still comes down to product," he said. Also Thursday, GM shareholders voted overwhelmingly for all 14 current directors and ratified the company's executive compensation plan in an advisory vote. A proposal that would have separated the chairman and CEO duties failed but got 35 percent of the vote. It would have stopped the chairman from being an officer of the company. Currently Akerson is both CEO and chairman. Shareholders also rejected a request that the board require senior executives to keep at least 25 percent of their company stock until they are at least 60 years old.
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