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With Credit Drying Up, Car Buyers Bring Cash
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What if car buyers have to pay all cash absent the ability for people with good credit to get loans, a scary development for the auto companies. Analysts say tight credit was a crucial factor in the 27% drop in September sales. About 31% of all nonluxury sales in the last week of September were all cash deals, says Libby chief market analyst JD Powers. And down payments are much higher than before. Abd lease deals are dropping from 16% till late July 2008 to 9% in the last week of September 2008. Whats unprecedented is that buyers with credit scores in the upper 700's are being turned down and that is sure to trigger even more declines in the next few months. And dealerships are closing 600 of 20,770 already losed this year.
The new Chrysler that is emerging from bankruptcy with government help under Fiat's Marchionne.
11/10/2006
Marchionne has kept many of the managers from the previous Chrysler. Jim Press is deputy CEO and adviser. He came from Toyota. Everything else will change. He is flattening the organization structure to improve communication and speed. Smaller car lineup will replace the prior lineup, and Fiat's engine technology will provide help for fuel efficient cars.
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