Virginia dealer Pohanka Chrysler-Dodge is having an "everything must go" sale to rid itself of its remaining models, and the deals are reportedly off the charts. The dealer's sales team already moved 80 models since the notices went out, leaving a substantial 40 vehicles to be sold off in less than five days. One woman, who was interviewed by CNN, received 40% off of the price of a well-appointed Dodge Nitro. The midsized SUV carried a $29,170 price tag, but she paid only $17,510. With only five days left to sell its remaining vehicles, dealer Ray O'Bryhim says he may have to discount vehicles even further to avoid losing big with unused inventory.
Since Chrysler is in bankruptcy proceedings, it isn't obligated to buy back any leftover inventory, and the dealers aren't legally able to sell new Chrysler products without a franchise license, which they'll lose after their contracts expire in five days. Chrysler points out that since it hasn't produced vehicles since May 1, many dealers are hungry for inventory, and they've been buying vehicles from the soon to be closing retail stores.