Click on the link below to see Fred Emich III on Fox News. His interview is about 30 minutes in for about 10 minutes. We should know next week what is in store for GM. Stay posted.
http://www.foxbusiness.com/video/index.html?playerId=videolandingpage&streamingFormat=FLASH&referralObject=5421709&referralPlaylistId=1292d14d0e3afdcf0b31500afefb92724c08f046
Denver's Premier VW Dealer
5/29/09
5/16/09
Shockwaves hit Chrysler dealers
On Thursday 789 Chrysler Dealers learned their fate. By UPS mail Chrysler dealers were notified if their dealer agreement was terminated. Those 789 dealers that learned that Chrysler was closing them got news that their operations would be shut down my June 9th. This leaves them with less than four weeks to get rid of vehicle and parts inventory that Chrysler will not be buying back.
This rapid liquidation of dealership is going to send shockwaves through the economy and vehicle markets. Our dealership employees about 70 people and is considered mid sized. I think it is safe to say that 40,000 people lost their jobs on Thursday. I would imagine Chrysler's news coupled with GM's closure announcements mean that the US will see double digit unemployment. I don't see how this is a good scenario in our current economy.
I am predicting that Chrysler vehicle values will fall drastically in the coming months. Why? Because 789 dealerships need to liquidate their inventory in a very, very short period. Those who are not well capitalized will fail early and the creditors will liquidate these vehicles at auctions in masses. By not retailing these new and used vehicles the wholesale market will be flooded with inventory and hence values will drop dramatically.
Buyer beware if you think you are going to get a great deal from a closing Chrysler dealer. The deal might look good now, but the value of these vehicles can only dramatically drop going forward.
Link to list of Chrysler Terminations:
http://wlox.images.worldnow.com/images/incoming/DealershipsExhibitA.pdf
This rapid liquidation of dealership is going to send shockwaves through the economy and vehicle markets. Our dealership employees about 70 people and is considered mid sized. I think it is safe to say that 40,000 people lost their jobs on Thursday. I would imagine Chrysler's news coupled with GM's closure announcements mean that the US will see double digit unemployment. I don't see how this is a good scenario in our current economy.
I am predicting that Chrysler vehicle values will fall drastically in the coming months. Why? Because 789 dealerships need to liquidate their inventory in a very, very short period. Those who are not well capitalized will fail early and the creditors will liquidate these vehicles at auctions in masses. By not retailing these new and used vehicles the wholesale market will be flooded with inventory and hence values will drop dramatically.
Buyer beware if you think you are going to get a great deal from a closing Chrysler dealer. The deal might look good now, but the value of these vehicles can only dramatically drop going forward.
Link to list of Chrysler Terminations:
http://wlox.images.worldnow.com/images/incoming/DealershipsExhibitA.pdf
Emich Chevy Continues...
I am proud to announce that Emich Chevrolet did not receive a letter from General Motors yesterday terminating their dealer agreement. Our store will continue servicing Denver!!!
Great Job Team!
Emich VW had another great month in April. We finished 1st in new vehicle sales for VW. Currently we are ranked 89th out of over 600 VW dealers in the USA. We have sold from 60%-100+% more new vehicles than our competition in Colorado. Accolades go out to our outstanding sales staff.
We are also currently the 13th largest Certified Pre-Owned VW Dealer YTD. We continue to hang with the monster VW stores in the sun belt and California regions in pre-loved sales.
The parts department was also a top purchaser in the western region in April. Hats off to their great strides in their wholesale parts business.
Most importantly we had great customer service marks in April. We continue to strive to be in the 25% in the nation for customer satisfaction.
We are also currently the 13th largest Certified Pre-Owned VW Dealer YTD. We continue to hang with the monster VW stores in the sun belt and California regions in pre-loved sales.
The parts department was also a top purchaser in the western region in April. Hats off to their great strides in their wholesale parts business.
Most importantly we had great customer service marks in April. We continue to strive to be in the 25% in the nation for customer satisfaction.
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