As American carmaker General Motors prepares to go public once again, many industry analysts are predicting a return to form for the American automotive industry. Despite speculation over the company’s value and immense dissent from political pundits, many believe that GM will go ahead with an initial public offering at some point in 2010.

Given that the company recently declared its first profitable quarter in years, the move towards an IPO certainly seems worthwhile. Partially owned by the federal government and backed by a more stable product lineup, GM could see steady commercial recovery as it regains the backing of share-holders.

But CarMax CEO and auto industry expert Tom Folliard believes that recovery might not come as quickly as investors think. Speaking to shareholders at an investor meeting, Folliard claimed that customers are returning slowly to car dealerships, adding that industry recovery may be “a slow burn.”

Folliard certainly isn’t the only sceptical automotive chief executive. Others close to the automotive industry have speculated that GM’s “return to form” may not be as grand or soon as expected. With many of its top brands discarded or partially revised, GM faces an uphill battle in going public.