Corrected – Update 1-GM Bankruptcy Plan Eyes Quick Sale to Gov’t
Chrysler: Dealership Letters in The Mail
Chrysler Closing 789 Dealerships
Chrysler Pulls Out of Hundreds of Franchises
Chrysler Dealers Scramble to Unload Inventory
Letter From a Dodge Dealer:
George C. Joseph
President & Owner
Sunshine Dodge-Isuzu
On Thursday, May 14, 2009 I was notified that my Dodge franchise, that we purchased, will be taken away from my family on June 9, 2009 without compensation and given to another dealer at no cost to them. My new vehicle inventory consists of 125 vehicles with a financed balance of 3 million dollars. This inventory becomes impossible to sell with no factory incentives beyond June 9, 2009. Without the Dodge franchise we can no longer sell a new Dodge as “new,” nor will we be able to do any warranty service work. Additionally, my Dodge parts inventory, (approximately $300,000.) is virtually worthless without the ability to perform warranty service. There is no offer from Chrysler to buy back the vehicles or parts inventory.
Our facility was recently totally renovated at Chrysler’s insistence, incurring a multi-million dollar debt in the form of a mortgage at Sun Trust Bank.