Alan Young lost his GM dealership...

[L8 APEX]

He was open for 23 years in NRH... GMAC stormed the lot today and took his inventory back... I wonder how many more dealers are going to fail...:( Toyota announced its first net loss in over 40 years.

[mikelemoine]

Goes to show you how dumb GM (GMAC) and banks in general can be. Seems they might have been able to leave them there and put a corporate rep in the store to organize a liquidation and collect GM's payment as cars are sold (and maybe save the business as well). Instead, they will probably spend tens of thousands of dollars or more to move these cars off the lot and then sit on them since other dealers can't move what they have in stock anyway. They will sell faster on a lot than in storage!

Mortgage companies are just now getting the idea to stop kicking people out and keep them in their worthless homes to get what they can out of them until the market turns. At least if the owner thinks he's keeping his house (whether they plan to foreclose later or not) they will do some maintenance on it and nobody will steal all of the copper while it's empty.

How can multi-billion dollar corporations with mega bucks CEOs not have some basic horse sense?:hammer:

[dboat]

Goes to show you how dumb GM (GMAC) and banks in general can be. Seems they might have been able to leave them there and put a corporate rep in the store to organize a liquidation and collect GM's payment as cars are sold (and maybe save the business as well). Instead, they will probably spend tens of thousands of dollars or more to move these cars off the lot and then sit on them since other dealers can't move what they have in stock anyway. They will sell faster on a lot than in storage!

Mortgage companies are just now getting the idea to stop kicking people out and keep them in their worthless homes to get what they can out of them until the market turns. At least if the owner thinks he's keeping his house (whether they plan to foreclose later or not) they will do some maintenance on it and nobody will steal all of the copper while it's empty.

How can multi-billion dollar corporations with mega bucks CEOs not have some basic horse sense?:hammer:
there are too many dealerships.. if there are fewer then higher profits for those that are left..

[L8 APEX]

Yeah, they need to close some. Corp took over Powell in Duncanville and it is about to close. Even corp can't make it profitable.

[mikelemoine]

Yeah, they've closed 4 or 5 big ones around Orlando since I moved back. Dana has a good point but I guess it depends on whether customers will pay more for big 3 brands if they shorten supply, or just go to an import dealer. They are all saying that they could sell more cars if they could get banks to lend, but who wants to lend money when half a million people a month are losing their jobs. Too high of a chance that the buyer will be unable to make payments. Maybe the bailout money needs to go to putting people to work. Hell I know people who'd go pick trash up off the highways for a few bucks just to get them by.

[L8 APEX]

A guy at work bought a new car last week. He said it took 4 hours and was like nothing he ever experienced. He said he has a 730 fica score.

Big trucks is something the foreign guys have not conquered yet. Every other class they are very competitive.

[Ohmsby]

I know timing has a lot to do with success and failure. None of us are immune from failure but you would have to be comatose not to see that certain entities are doomed in this economy. The UAW better wake up or they will be on there lazy arses

We are exacerbating the issue by making bad decisions from the top down. The TARP money has at best been a farce.

I wonder if I can forgo my tax bill this year with similar rhetoric. " I am not going to tell you where the money has gone or how I spent it" I would get water boarded in the front yard:stupidc

[dboat]

Dealerships also make a fair amount of money through the service and parts dept.. only the good will survive.. you have to be mean and lean,..and only provide the highest customer service to survive in this world.