Results tagged “cardealership”

The heads of the big three automakers are in D.C., pleading their case for a bailout for a second day (earlier this morning, Rep. Barney Frank, head of the Financial Services Committee, said, "I hope we will do something"). And as Detroit hurts, so do NYC's dealerships. Crain's New York reports, "Business at dealerships here dropped nearly 50% in November compared with last year, thanks to the credit crunch and consumers’ reluctance to spend on large purchases." Dealerships have been closing in recent months, and the Greater New York Automobile Dealers Association expects more to come--in fact, the GNYADA has a PSA telling people that they should buy cars now! And while all kinds of car sales are being affected, the Wall Street downturn really hurts luxury car sales: The head of a Porsche dealership said, “The Wall Street guys, it was their dream to come in and buy a Porsche 911, but not anymore."