Word: detroits
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Chrysler and GM (GM) propose closing 3,000 dealers in an effort to save money by narrowing down their distribution networks. Some of the larger dealers probably employ 100 people. In an economy that is losing nearly 600,000 jobs a month, the new efficiency program from Detroit is going to add to the burden of unemployed Americans very quickly...
...last two years. Most have to borrow money to purchase inventory. As sales have dropped due to the recession, many vehicles stay on the lots for months. Being a car dealer went from being extremely profitable in many cases to being a no-win business. (See pictures of Detroit's decline...
...Depending on how an accountant would value the equity that the Treasury will get in Detroit, the federal government will put $40 billion into the U.S. car industry and that number could go higher if the domestic automotive market does not recover. The auto industry is selling fewer than 10 million cars a year after selling over 16 million just four year ago and under those circumstances no expense reduction will make the industry profitable...
...pictures of Detroit's decline...
...Many hockey insiders are frustrated. "Quite frankly, I don't believe people know what Versus is, and I still don't know what they do," says Chicago Blackhawks chairman Rocky Wirtz, whose team will face the winner of the Detroit-Anaheim series in the Western Conference finals (broadcast on Versus, of course). The players' union has already griped about getting back on ESPN, but that's not happening anytime soon. The NHL and Versus are stuck with each other through 2011. So enjoy tonight's Game 7. Just get ready to climb up the dial...