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Automotive News & Views Do You Favor A Government Loan To The Detroit 3?
3958 messages, Last post on Oct 02, 2009 at 4:52 PM
You are in the Automotive News & Views Forum. Your Hosts are steve_ & claires
Saw a guy interviewed on MSNBC yesterday who said his wife owned the Jeep dealership in Paramus. They were on list of dealers that Chrysler announced to eliminate. He said that he did not agree with govt bailing out Chrysler and wished that events would have taken a different course. Wonder if that is a unique position of a dealer. Would think that all Chrysler dealers would want Chrysler company to get bailout to keep them afloat for now and get them competitive again.
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Replying to: xrunner2 (May 16, 2009 7:17 am) I'm not 100% "up" on their individual franchise contracts, but it might be similar to a bondholder situation, where they stood to gain more in a standard, non-government-sponsored BK, or a liquidation. They also could have been shopping for other franchises between then and now, though they should have been anyway. Jeep is the best of the bunch, but they had to figure they'd be on the chopping block for cost-cutting because they didn't carry the other brands. |
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it is really a BIG ONE (out of four bail out) bail out. The other big "3" are just along for the ride. link title It will be interesting to see how this latest game of "chicken" plays out, and if it will lead the way to and through the big B!! (chapter 11) Meanwhile the AXED local Chrysler dealerships are having so called inventory "fire" sales. One local dealer got the double whammy: 1. AXED by the GM side 2. other half of the business, Chysler franchise. It has not been a good year for family "small" business'. One distressing example was a local news piece one franchise struggling to celebrate 50 years of a dealership in the same families hands, receiving a certified letter (getting the symbolic AXE head) outlining the two words Donald Trump based a reality show on: You're Fired.
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Replying to: ruking1 (May 18, 2009 7:40 am) Ogden » Jim Hinckley has never owned anything other than Dodges. That's not too surprising -- after all, his great-grandfather Robert H. Hinckley opened Hinckley Dodge in 1915 -- making it the oldest continuously run Dodge dealership in the world. The oldest, that is, until Thursday, when Chrysler LLC terminated its franchise agreements with 789 of its U.S. dealerships. Ten of those stores are in Utah, and one is Hinckley Dodge of Ogden. Until early next month, there are 24 in the state. "Our loyalty certainly hasn't been repaid," he said Friday. Now, Hinckley says, he is "going to be a little more open-minded" to different brands when buying a new car. And, despite Chrysler cutting its ties, his business is staying put. "The way we look at it, we're just Ogden's newest used dealership now," he said, later adding the company might look to other car manufacturers for a franchise. http://www.sltrib.com/ci_12382022
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Replying to: gagrice (May 18, 2009 8:06 am)
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"____________ praised President Obama's automotive task force, saying the dialogue between automakers and the federal government has been invaluable and unprecedented. This is the first time, he noted, U.S. automakers have had government support like other countries provide, such as China's automotive minister and Japan's Ministry of International Trade and Industry. He recommended -- and predicted -- that some such entity will be made permanent." Spoiler in AutoObserver |
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Replying to: steve_ (May 29, 2009 8:47 am) I wonder if the praise might be because GM is in the role of supplicant and the task force has the money strings for Obama? But the article goes on: " CTS coupe stopped task force members in their tracks..." "The government will want to see us make the kind of cars Americans want to buy," Lutz said. Of course the little cars will be for the rest of us little people to buy--not CTSs. "Lutz threw out a couple of telling numbers -- $103 billion spent over the past 15 years on health care and pension costs. GM's foreign competitors benefit from health-care programs provided by the government instead of industry. And, Lutz noted, GM now has 10 retired workers collecting health care and pension to every one active worker." And we're back to the major problem that the foreign companies haven't had to work around, for one thing.
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Replying to: ruking1 (May 18, 2009 12:39 pm) |
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Replying to: steve_ (May 29, 2009 8:47 am)
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Replying to: berri (May 29, 2009 4:25 pm) Seems prudent in their case to diversify. I'm thinking some stock in the New GM could be an ok buy. We may have to relight the Are car stocks driving you out of the market? discussion. |
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