Word: bowleses
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Dates: during 1940-1949
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After two false starts, OPAdministrator Chester Bowles this week announced price ceilings on new cars. On the whole they averaged close to the 1942 prices, as expected. But Bowles did have one big surprise: General Motors, which in 1941 made 47% of all U.S. cars, had its retail ceilings set...
Said Bowles: "Dealers will actually realize considerably higher [profit] margins than they did before the war." His explanation: although 1941 list prices permitted dealers a markup of about 24%, cash discounts and losses taken on trade-ins actually reduced this to 12%. Since the present demand reduces the need for...
Said Bowles: "If any auto dealer complains of hardships to himself, his children or his grandchildren, I would like to get up a little pool to buy his distributorship. I can't think of anything I'd rather own in the next three years."
In preparing the way for new car ceilings, OPAboss Chester Bowles last week hinted that car manufacturers may be granted a small price increase. But auto dealers would be expected to absorb the increase, sell cars at 1942 prices.
Anticipating a protest from dealers, Bowles explained that the auto retailers' prewar mark-up of 22-25% on cars was cut to 12-13% by losses on high trade-in allowances. For the next few years Bowles thought that dealers would be able to keep trade-in allowances low...