Auto Dealers In Dire Straits
Auto dealers are feeling the pain of the car market meltdown particularly hard. In the first quarter of 2009, 271 dealerships went under, leaving 19,738. According to the Wall Street Journal, analysts project that about 1,200 dealerships will close in 2009, a 20% jump over 2008.
Dealers are being hit in all directions, from tighter credit for financing to the overall plummeting car sales trends.