- Aug 25, 2009
Dealer poll calls Cash for Clunkers a 'Nightmare,' four out of 10 didn't want program extended
A recent (admittedly unscientific) survey conducted by Automotive News shows that 44 felt that the program should have been extended without being modified. The biggest issue dealers have with C4C is, unsurprisingly, its lack of timely payment. Some multi-store dealers have millions invested in the program, while little or no money has come in yet. An alarming 23 say the program has actually sucked enough cash from the coffers that it has put the dealership at risk.
The Transportation Department and the Obama Administration have stated that every eligible C4C transaction will result in payment, but the federal guarantee isn't boosting many dealers' confidence. AN says that 43 are not at all confident that they'll be paid in full.
Some dealers say that C4C has also hurt their repair, finance, used car and parts businesses, but that's okay if they collect from the feds. Even with the considerable downside of C4C, 74 say they somehow managed to lose money.
Cash for Clunkers officially ended last night at 8 pm.
[Source: Automotive News - Sub. Req. | Image Source: Ethan Miller/Getty]