The sun will set on an alarming number of new car dealerships this year, according to The National Automobile Dealers Association, better known as NADA. This has been an ongoing trend, but it's set to accelerate as slowing new car sales and the tough credit market makes it very difficult for dealerships to stay open. After losing about 430 dealerships last year, the total stood at around 20,700 left, of which 700 are expected to close up shop before the end of the year.

This sobering statistic will have far-reaching effects on the nation's economy, as NADA estimates that 18% of all retail dollars are made at car dealerships, and 13% of the nation's payroll is paid to their employees. Closures will account for the loss of over 37,000 jobs in the United States and will only serve to complicate the oftentimes frustrating act of purchasing a new car for many Americans, not to mention making it that much harder for automakers to reach out to their dwindling number of customers.

[Source: The Wall Street Journal]

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