GM CEO Ed Whitacre said that he will step down on Sept. 1, with GM board member Daniel Akerson taking his place.
The unexpected departure of GM CEO Fritz Henderson signals the board's impatience with the pace of change – especially compared with Ford.
Outsider Whitaker is already GM's interim CEO after Fritz Henderson's departure.
eBay has been selling used cars for years, but laws currently prohibit direct sales from manufacturers.
CEO Fritz Henderson says the new GM will be lean and consumer-friendly.
Groups opposed to the decision have until Thursday to appeal it.
The former auto giant gets a new lease on life, car buyers stand to gain, but President Obama’s popularity could take a big hit.