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: Texas Lawyer Blog

Auto Group with 13 ?Stores? Closes

By J. Michael McBride

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Although it is difficult to ascertain exactly what caused this prompt action, it appears that the lack of floorplanning loans caused this mega dealer group to shut its doors.

“High fuel prices, cancelled floorplanning from GMAC Financial Services, a reliance on trucks and SUVs, a soft national economy and struggles in local markets had troubled the company, which on Sept. 12 closed its store in Scottsdale, Ariz.”

If that is the case, then this is perhaps a harbinger of things to come as the credit market continues to tighten.

Here is a link to this article:
http://www.theautochannel.com/news/2008/09/24/128852.html

Michael

Posted by the Law Offices of J. Michael McBride.

Full post as published by Texas Lawyer Blog on September 24, 2008 (boomark / email).

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