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First is was the banks with Mortgages, now it's Car Dealerships

More and more dealerships will be closing their doors as this problem is just getting started!!
 
The issue with BIll HEard GM is that they couldn't find anyone to fund his floor plan. That's going to happen to lots of dealerships. If you can't get funding, you can operate. I've been told that every dealer will be paying more for floor plan.
 
come on now nancy polosi only met with the big 3 a month ago to talk about financing the (future development of enegery efficiant autos)... sounds like a back door bailout to me..... i saw an artical about the meating in automotive news.....
 
GMAC isn't owned by GM. It's owned by Cerberus who owns Chrysler. When GMAC was owned by GM I used to call them GM's department of sales prevention. THey will change the rules on a daily basis. THe rules have changed and some dealers won't make it.
 
I work at a GM dealership and just this morning in our mgmt meeting the sales manager was standing up yelling the F-word at the svc. mgr. while lifting the edge of the confrence table. So do you think the tensions are running high???? Things are not good, I am just DAMMMMMMM glad my dept. is still above water.
 
:eek:

Meanwhile, a new dealership the company had opened in Scottsdale, Ariz., was struggling — partly, Heard suggested, because of a shortage of eligible subprime customers.

“A month after we opened it, they kicked all the Hispanics out of Arizona,” Heard told the Columbus Ledger-Enquirer in July. “Our business fell off 60 [percent] or 70 percent, and there was a recession on top of that.”
Click to expand...

:D:D:D
 
Himark said:
I work at a GM dealership and just this morning in our mgmt meeting the sales manager was standing up yelling the F-word at the svc. mgr. while lifting the edge of the confrence table. So do you think the tensions are running high???? Things are not good, I am just DAMMMMMMM glad my dept. is still above water.
Click to expand...

I had a supplier call another of my suppliers (not related at all) moaning about not getting enough of my business. That kind of talk is usually dpone by a guy scraping to get by.
 
triple said:
The issue with BIll HEard GM is that they couldn't find anyone to fund his floor plan.
Click to expand...

Not exactly. They had sevaral floorplan providers, GMAC, BMW, JPMorgan, Navistar Financial... those are just the ones listed in one article. The only reason floorplanning has been mentioned is because the last 70 GMAC financed vehicles sold were sold with no money going to the creditors.

Its pretty bad, Heard was the worlds largest Chevy dealer, employeed over 3,200 people and put lots of $$$ into the economy.

I wish I could find the article I read yesterday, (I dont remember who made this prediction)... but close to 2,000 dealers could fold in the next year, and as many as 1 in 5 in the next two years.
 
we have had 2 ford dealerships and a chysler fold in the last year and another ford dealer has about 20 vehicles and goin under all with in 45 miles of us.
 
dodgedlr said:
Ford sales are down 35%... How long could you hold on while only earning 2/3 of your paycheck?
Click to expand...

It's very simple................














Don't live at the upper limit of what you earn.

People tend to spend every penny they earn and then when hard times come, it's very difficult to trim back. I have a cousin that makes 1/2 as much as I do but spends 3 times what I do on car pmts and insurance. He has been crying the blues lately as his income has dropped and I have never had so much in the bank as I do know.:rolleyes:
 
.... But to lose more than a third of your income? Thats not "tightening the purse strings", thats a huge hit.. especially for a business working on a pre-set budget.

And I am not picking on Ford, Chrysler and GM numbers are down too... not as much, but down none the less.




I know things will get worse, but hopefully it doesnt last long.

http://billheard.com/
 
POLZINHUNTER said:
I tink you dead right ! and I think its a good thing ! A whole lot of people need to get slapped by reality !
Click to expand...

The Ford dealership closed it's doors 2 weeks ago in Eagle, CO.

Here is what my father had to say about this mess. He was a Government/Civics teacher, Football and Wrestling coach as well as a PT Professor for 34 years. My bolding...

We are too far over the edge. Does not matter too much who gets elected, unless we can hang on for a year and see big changes. The bill that passed this morning demonstrates how things are NOT changing. Packed with pork, and worse than the one last week, but voted in because Congressman do not see any other way. The political system is broken.
The reason why I am getting food and ammo together, is that it is coming and hell is coming with it. I thought I would not see the colapse, but now I believe I will. The rally point is Suz farm because I believe we can best survive there for awhile at least. Violence will be great. Food, gas will be in short supply. At least there if we get enough wood cut, we can last awhile. If you can get there try. I think the colapse will happen pretty fast. Banks will close, and credit cards and computer systems will not work. Panic will set in and then the shooting starts. You have read about 476 A.D. The middle ages followed for 1000 years. I believe we are witnessing the colapse of our civilization. The debt site says it all. This whole thing is a house of cards and it is coming down, when is the only question. That is why I am stocking up on food. I think it will happen within a few years, maybe sooner. The closing of dealerships is another indication. All is built on borrowed money. Everyone thinks I was nuts when I told them that mortgages at 110% of value was not a good idea. This great republic is going down. Sorry to be suck a bummer, but better start preparing. Now have a lovely weekend. I also am stocking up on Kesslers. There is a case in the kids basement. Later

And this statement comes from a guy that has correctly predicted every Presidentian election since Carter.
 
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