Comments on: NADA chair: 700 dealerships could close this year

By: thinkaboutit

thinkaboutit — Fri, 10 Oct 2008 17:23:02 +0000

Howsmydriving, I am a little concern with your comment as I am in the car business, but no longer a sales person I an now in the financing part of it. Some car sales people have bad raps, but not all of us. I love selling cars, especially when I know that person(s) is over joyed with their new purchase. i would appreciate a little more decency from people who have no idea what they are talking about.

Yarddog82abn, they are right about the FICO scores, being in the F&I part of the business I have come across Top Teir credit scores in the past couple weeks and have had to make calls to get them done. They are closing up and you can hardly run any negative equity into them now as well.

By: yarddog82abn

yarddog82abn — Wed, 08 Oct 2008 18:25:46 +0000

^^^ I MEANT TO SAY BELIEVE…^^^

By: yarddog82abn

yarddog82abn — Wed, 08 Oct 2008 18:24:50 +0000

“many dealers have been unable to obtain bank financing for buyers with FICO credit scores above 700.”

LLN I RELIVE YOU HAVE A MISS PRINT,
A FICO SCORE ABOVE 700 IS WHAT WE IN CAR CAR BUSINESS CALL “GOLD-BALLS” MEANING YOU WALK OUT WHIT ANY THING YOU WANT AND ZERO DOWN, AS LONG YOU CAN AFFORD THE PAYMENT… NOW IF YOU WERE TO SAY A FICO SCORE UNDER 560, THEN THAT’S WHEN YOU HAVE TROUBLE OBTAINING FINANCING, THE BANKS WANT “CASH UP FRONT”, THEY SET THE RATE BECAUSE YOU ARE NOW CONSIDERED A “HIGH RISK” TO THEN, AND THEY “CAP YOUR PAYMENT”, AS FOR 00 DEALER CLOSING THERE DOORS, WELL IN THE TIMES WE ARE IN A LOT OF BANKS ARE CLOSING THERE DOORS TOO…… SO IT’S NOT JUST DEALERS, THE MORE OVERHEAD YOU HAVE, THE MORE MONEY IS NEEDED TO KEEP THE DOORS OPEN, AND THAT IS IN ANY BUSINESS…

By: shaver

shaver — Wed, 08 Oct 2008 17:12:22 +0000

Even sociopaths need to make a buck, better they are selling cars then being police, teacher or nurse.

By: FRANKE_D

FRANKE_D — Wed, 08 Oct 2008 16:25:48 +0000

howsmydriving, would you care to elaborate a little bit more on sociopaths? Are you afraid to walk in a dealer? are you 79 years old?
I am not a car salesman, but I hate to see people generalize. This may come as a shock to you but not all people that are not american are terrorists. Just saying…

By: kitko

kitko — Wed, 08 Oct 2008 13:13:53 +0000

FRANKE_D, no, you’re not alone. Using a picture of 1 car of 1 brand in what’s a general automotive article is inappropriate and is either unprofessional or intentional.

By: howsmydriving

howsmydriving — Wed, 08 Oct 2008 06:54:58 +0000

Can’t say I feel sorry for the sociopaths who work in automobile sales.

By: 02WRXPSM

02WRXPSM — Wed, 08 Oct 2008 03:58:06 +0000

The dealerships that will close are the Power-style megadealerships that have 13 types of cars under one roof. Those huge, football-field-size dealerships are so hostile to consumers and intimidating, and they offer too many choices near the same price point. Furthermore, by design those dealerships must carry the most inventory. Next to fall will be dealerships that (obviously) specialize in trucks and SUVs, of which we have many in my area. And with credit harder to get, a lot of the sell-to-bad-credit dealers (Duck, CarMax, etc.) will also go away, because their customers won’t be able to float a loan.

By: autonut

autonut — Wed, 08 Oct 2008 02:21:10 +0000

There is a lot to be learned from Toyota (and Honda and Nissan-Renault).

By: manarc250

manarc250 — Wed, 08 Oct 2008 02:10:33 +0000

700 down many more to go. I predict that most all of the 700 dealerships are from the Big 3. I doubt one Toyota dealership will close. I am a huge fan of the big 3 and don’t care much for Toyota, but Toyota’s business model in regards the the dealer body is smart. Sell the same number of cars through a dealer body a third the size. This allows the franchises to be profitable and the facilities to be well kept. As more and more domestic franchises close their doors, as long as their market share does not continue to fall it will make better dealers once the economy turns around.

By: FRANKE_D

FRANKE_D — Wed, 08 Oct 2008 02:07:49 +0000

Am I the only one who finds it really weird to see a Mazda 3 picture in this article? I doubt there will be many Mazda dealers that will close in that 700 number. I would understand to see a Chrysler, GM or Mitsubichi, but not a Mazda? Is LLN tring to create something here?

By: johnnycanuck

johnnycanuck — Wed, 08 Oct 2008 01:52:16 +0000

Can anyone else hear the sound of two marbles in a coffee can?