Car dealers face the grim reaper



NEW YORK (CNNMoney.com) -- If you want to see how America's credit crisis is hitting the streets of your hometown, go to your local car dealer. Auto dealers depend on credit. They need it to run their stores and their customers need it to buy their products. From every angle, credit trouble hurts.

"I'm talking to dealers every day who are just hanging on," said Denny Fitzpatrick, Chairman of the California New Car Dealers Association and owner of Fitzpatrick Chevrolet Hummer in Concord, Calif.

There could be 300 to 400 fewer auto dealerships in America by the end of the year, predicted Paul Taylor, an economist with the National Automobile Dealers Association. In an ordinary year of economic growth, the industry adds 75 to 150 dealers, he said.

yep, i've seen it! several car dealers in sacramento and elk grove california have already closed their doors.

i feel like an idiot buying a SUV two years ago, i didn't think things would get this bad.

At least i didn't buy a hummer!

you'd have to feel like a total idiot owning one of those right about now.