Congress is working on reforming financial oversight in the wake of the sub-prime mortgage meltdown, and if the House and Senate come together on a compromise bill, a new Bureau of Consumer Financial Protection will be created. The House's bill exempted auto dealers from more strict lending scrutiny. As currently written, the Senate's bill includes the 18,000 new car dealers in the United States under its umbrella. There is a non-binding resolution that urges adoption of the House car dealer exe
One needn't be an Autoblog regular to be aware of the fact that the car industry has taken quite a drubbing over the past few years. The slump in our nation's economy has slaughtered sales, leading automakers to shutter thousands of dealerships nationwide. Chrysler Group LLC slashed 789 franchises in June of this year. General Motors has said it will cut 2,400 retail locations of its
Like him or loathe him, George W. Bush's clearest, most salient speech came almost a year ago on September 25, 2008 when our Harvard MBA president explained to the nation and the world exactly how bad the economy had gotten and why so much federal money ($700 billion-ish at the time) was being hurled at America's banks. The full speech can be found here, but one little section bears quoting:
Like those affected by the overinflated housing market, many auto dealers are experiencing a similar situation with their real estate. During the recent boom times, the thinking was that you needed a big, flashy facility with all sorts of extras and perks to attract customers. Manufacturers helped push the trend by offering extra incentives to dealers for interior and exterior upgrades, or flat-out demanding that some brand outlets conform to a particular standard.
GM may have just half the market share it had 30 years ago, but the Detroit-based automaker still seems to have as many dealers as McDonald's has drive-thrus. The General has slashed more than 2,000 dealerships over the past 12 years, but the company will accelerate closings in order to right-size its sales outlets. GM closed 260 stores in 2007 and another 23 in January of this year, but according to A
It's not a new topic in the automotive industry -- women influence and even directly account for around 80 percent of automotive buying decisions, yet dealers still reportedly look over the woman's shoulders for a husband or father. Despite the industry's best efforts to recruit women salespeople to increase the odds of good communication, almost half of the auto dealerships in the country have no women on staff, and women only make up 8 percent of the sales force,
Increased sales, a bigger need for technical knowledge in mechanic jobs, more financing activity and longer hours are all reasons that dealerships across the United States have over 100,000 job openings, which is why dealers have launched a campaign to push dealership-related careers with teens and college students.