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The most cliched phrase so far during this financial crisis has been "what happens on Wall Street affects Main Street," and nowhere is this truer than for that large car dealership located on Main Street, which will have to adapt to the new market in ways that will seriously impact car buyers. While not all of the changes are positive for consumers, the tough position dealerships find themselves in will make an already buyer-friendly market more so in the coming months. Below is our look at seven ways car buyers will be impacted. More »
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Automaker stock values plummeted along with the Dow yesterday, with most closing down at least seven percent, reports Automotive News. General Motors dropped $1.25 to $8.51, while Ford dropped 64 cents to close at $4.17. Suppliers were hit equally hard, while dealership groups like AutoNation and Penske saw declines from 3-13%. So, is now just a really good time to buy? Depends on the gambler in you. If it were our money (and it won't be), we'd send a little toward Dearborn simply based on the product we know is in the pipeline. [Automotive News (sub. req.); Photo Credit: Thelightisgreen.com] More »
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Apparently the Department of Energy is really slow when it comes to writing checks, as the Detroit News now reports that Detroit automakers may not get their recently approved loan packages until mid-way through 2010. DOE spokesperson Healy Baumgardner said "there are a number of legal and administrative requirements with which the Department must comply, such as the National Environmental Policy Act, we anticipate it could take at least 6 to 18 months or more, after necessary funds are appropriated." Which, of course, is a bureaucratic way of saying "red tape." Not surprisingly, the news didn't sit well with Michigan lawmakers and representatives from the Detroit Three, who had been laboring under the impression that checks would be cut as early as January 2009. More »
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