Saturday, March 28, 2009

Credit crunch: Auto dealerships struggle, close as 'floor plan' financing dries up -- chicagotribune.com

Expect some local dealership to fold or be sold.  Dealers in Chicago decreased 30% in just the last 5 years.  Here are some of the highlights of fall of Chicago auto dealers.  Much of the problem revolves around the curtailment of floor plan financing.

autodealers

by the end of 2008, average industry margins had shrunk to just 1 percent of sales, the lowest level in two decades. But even that's deceiving. Auto dealers haven't made money selling new cars for three years, Taylor said. Any profits are coming from the service department and selling used cars.

Survivors should benefit from reduced competition if they can hold on until the market recovers.

who's going to live and who's going to die and how's it going to happen."

many dealers carry debt on their properties that they've guaranteed personally, walking away is difficult. Many are simply operating at a loss until the money runs out.

NADA's Taylor also said that used-car prices have risen 18 percent in recent months as strapped consumers eschew new cars.

To read more click on the following:

Credit crunch: Auto dealerships struggle, close as 'floorplan' financing dries up -- chicagotribune.com

Chrysler down next week, possibly week after - - BusinessRockford.com

4500 workers laid off for another two weeks as the Belvidere Chrysler Plant adjusts productions to slow sales.  Read more by clicking on the following:   Chrysler down next week, possibly week after - - BusinessRockford.com

Boone County’s rising jobless rate strains nerves, wallets - - BusinessRockford.com

 

People are talking about losing jobs, looking for jobs, worrying about house and car payments, and questioning when times will get better. Most residents are one degree from knowing someone who is unemployed or facing the possibility of being laid off—Click on the following to read stories of real people’s reaction to Boone county’s economic downturn:

Boone County’s rising jobless rate strains nerves, wallets - - BusinessRockford.com

The Belvidere Daily Republican. - New jobs available in area, thanks to 200-acre solar farm

 

Governor Pat Quinn announced March 23 a $2 million investment package to support Wanxiang America Corporation’s plans to establish a high-tech, solar panel manufacturing facility in Rockford. This project will result in the creation of at least 60 new jobs in the fast-growing solar energy industry.

Click on the following to read the rest of the story:

The Belvidere Daily Republican. - New jobs available in area, thanks to 200-acre solar farm

The Belvidere Daily Republican. - Closed mayoral debate offers insight into candidates' positions on issues

Here is the BDR’s view on the March 19 debate between Mayor Brereton and Karen Schrader.  Click on the following to see this story:

The Belvidere Daily Republican. - Closed mayoral debate offers insight into candidates' positions on issues

If you are not one of the 380 (as of this posting) who viewed the MySpace posting, you may wish to see this closed session forum.  Go to:   http://vids.myspace.com/index.cfm?fuseaction=vids.individual&videoid=54370651

The Belvidere Daily Republican. - Local Eagle Scout conducting mattress drive to benefit mission’s efforts

 

The Belvidere Daily Republican. - Local Eagle Scout conducting mattress drive to benefit mission’s efforts

Burris Punts on Promise - ProPublica

ProPublica has started the stop watch on  the “communications” with Governor  Rod Blagojevich which Senator Burris promised to  make public.  Click on the following to read the story:

Burris Punts on Promise - ProPublica

ProPublica also has an interesting timeline concerning how Burris’ testimony has evolved over time:  http://www.propublica.org/article/keeping-tabs-on-burris-tale-a-new-timeline