400 Chrysler Dealers Close Since 2008

by Sabrina I. Pacifici on May 4, 2009

IDD Magazine.com: There has been a drop in sales and foot traffic at car dealerships ahead of the actual bankruptcy and many have been forced to close – “The downturn in the auto industry has forced 400 Chrysler car dealers to close their doors since January 2008, and the pace is picking up amid a slowing U.S. economy and less available credit for consumers and dealers, according to a company official. The rate of failures was detailed by a Chrysler executive who works with dealerships in the U.S. on Monday at a hearing in a New York bankruptcy court where the auto giant, less than a week into its bankruptcy, asked for court approval to get a massive debtor in possession loan, or DIP, from the government.”

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