Word: dealerships
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...Buick dealership in downtown Beijing, sales manager Wang Quan has a lot less to do than he did a few months back. New Buicks used to leave his shop by the dozens each week, but these days, not even discounts of 15-18% can draw in the same number of paying of customers. "We used to sell 120 to 150 cars per month at this store," Wang says. "But starting from November, the number has shrunk to 90." The reason, he says, is simple: "The economic crisis...
...violence was vicious. Ibrahim Saleh Hassan did not get angry as he watched his home looted and burned down by an angry mob, or when he when he found out later that all 31 vehicles at his car dealership had been torched. His anger finally did come when he realized that his seven year-old son had seen the mob kill the family's four dogs before the child's eyes. Hassan now wonders what will become of their once peaceful, ethnically and religiously mixed city. "My fear is that they will put us behind walls and segregate us like...
...number of dealers that sell them. GM will sell or close Saturn. Pontiac and Saab could end up joining Oldsmobile and Plymouth in the hood-ornament graveyard because the cost of supporting a brand with a small market share doesn't make sense, nor does maintaining a dealership network created for an era when Chevy and Buick could support separate distribution systems. GM plans to reduce its dealer count 27%, to 4,700. "Certainly, having seven or eight brands for 25% of the market is far more than you need," says Ron Harbour, the partner in charge of consultancy Oliver...
...brand-new Chevy Cobalt, and liked them both. With a loan, he could afford whichever one he chose. But like millions of American consumers, Groening decided that any new debt right now is just too risky. So on Friday he walked across the street to Ganley's used-car dealership. There he found a 2007 Impala with 13,000 miles that cost $5,000 less than new one. At that price, he could pay cash. "Now's a good time to buy, but it's a bad time to borrow," Groening, 75, said on Tuesday as the continuing credit crisis...
Back at Ganley Chevrolet, the dealership's bank announced in a meeting yesterday morning that it will increase the floor plan rate - the interest on money that car dealers borrow to buy new inventory - by 1.5%. "Which forces me to have less inventory on hand," says Jim Helton, the general manager. "That makes it harder for me to sell cars, because I'm giving people fewer choices." The dealership's owners were planning this summer to spend millions of dollars on a complete renovation and expansion of the façade, showroom and service area. Rising credit costs, combined with...