No trickle down for local dealership

March 4, 2009
Matt Isleib

 

 

 

In February the U.S. Auto Industry reported a  41% plunge in sales. General Motors alone reported a 53% decline from its February 2008 sales figures. I have written and you have read the stories and my opinions on the Auto Industry and its trials and tribulations.

 

This time around though a very real trend heavily sweeping across the entire country has hit the “nutmeg state”.  Auto dealerships around the country are closing up in massive numbers. As the economy worsens and the auto industry’s woes continue Westport, Connecticut has lost one of their own. Curran Cadillac which had been in business since 1964 has given way to the pressure of a declining economy and troubled lending environment and closed.

 

GM has done away with the majority of the lease and finance options that the dealerships had causing even harder times. It is sad but the reason we are seeing these iconic “mom and pop” type businesses closing is merely a lack of available lending. If they cannot provide financing for its customers then they cannot sell cars, plain and simple. The government may be providing bailout money to the auto makers however it is evident that it is not reaching the heart of the problem, the small businesses and working people of Connecticut and the U.S.