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General News
July 26, 2010
NC Dealers Respond to SIGTARP
WASHINGTON REPORT INFURIATES NC DEALERS
“Dealership Closings Weren’t Necessary”
North Carolina franchised automobile dealers are seething over a report released by the federal government this week that raised questions on how automobile dealerships were selected for termination during last year’s General Motors and Chrysler meltdown. The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) revealed that cost savings could not have been the impetus for the shutdowns, as previously reported to Congress by the troubled manufacturers.
Robert Glaser, President of the North Carolina Automobile Dealers Association, said the report reveals exactly what dealers across the country were saying over a year ago. “Hundreds of dealerships closed their doors and thousands of employees were let go during the height of the recession, for no good reason,” summarizes Glaser. “It was an assault on the American dream and it didn’t have to happen.”
Glaser calculates that more than 35 North Carolina dealerships were forced to close their doors, while another 50 or so lost one or more of their franchises. A handful of those that were shut down are now operating as used car dealerships and parts/service shops.
In response to dealers’ objections, Congress did step in late last year to create an arbitration process for affected dealerships. However, according to Glaser, most of the damage had already been done. “The impact on those affected dealerships, their employees and families, as well as their communities was devastating,” shares Glaser. “This report is saying it didn’t have to happen the way it did.”
Glaser estimates that in North Carolina anywhere from 25-35 dealerships that were originally on the wind-down list were spared, thanks to the arbitration opportunity.
