Running out of gas? Credit crunch hits dealers

Borrowed money controls the flow of auto sales Jack Mazurak • jmazurak@jackson.gannett.com • October 9, 2008 Tightened lending requirements hurt vehicle sales and could bury 700 new-car franchises, but some local dealers said people with good credit still can get loans, making now the time to buy both cars and dealerships. "Look at what some of these banks are doing. Those that didn't make bad investments are picking up other banks on the cheap, for pennies on the dollar," said Doug Wilson of the Wilson Auto Group, which sells Dodge, Hyundai and Kia brands. "We'd be a buyer for any well-situated dealership that had potential. You look at what some of the big players are doing. They're buying assets that are going to be worth a lot of money on the other side of the valley. There are companies saying this is a great time to... [read full story]