There is an old saying that in life there are no second acts. But, there is if you file for bankruptcy reorganization. The U.S. steel industry has emerged stronger since many companies filed for Chapter 11. Let's hope the same holds true for the nation's domestic auto industry.

For the second time this year another iconic auto company, General Motors, filed for Chapter Eleven. Even before filing, GM successfully cut costs by paring dealerships and re-negotiating new agreements with the United Auto Workers Union and its debtors. The onus now on GM is convincing the buying public that it is a new company.

GM has a lot going for it. It has a storied history in the U.S. It has a line-up of some really great products: the Chevy Malibu, the Cadillac CTS, and the Buick LaCrosse. OnStar, its in-vehicle security and communications system is a great product.

Coming to market next year are two potentially exciting Chevy products. The Cruze is a compact vehicle that could appeal to younger buyers. The Volt is fuel-saving electric plug-in. What GM needs to do in the future is sell itself better to new buyers, and former ones.

Like my colleague, Rodney Ward, I am the product of a GM household. My parents only drove GM products and my dad still does. I learned to drive in my older sister's 1975 Camero. My first car was a Buick Regal. But, I was disappointed later by an Oldsmobile and never bought another GM vehicle. I hope that changes.

GM needs to convince me to buy its products again. But, more importantly it needs to convince younger buyers to give it a chance. If GM can do that over the next year or two, it could stick around for another 100 years.