What I've Been Up To

[ss454327]

Man that is sad to hear. What about picking up another brand? Sell for someone else and steal away GM sales. I wish someone would buy GM and run it better...same with out government.

[KissMySilvSS]

i know 2 family dealerships that have closed down in my area. it sucks they employed local people and spent money locally. i will never buy a gm product again becuase of this. i heard it was very political the republican owners got notices that they were going to get shut down and a lot of the democrats were able to stay open any truth to this ?

 

I heard the same rumor about political parties. I know this was something the major news networks picked up on. I really do not know if there was any truth to this. In my opinion it seems pretty far fetched, but who knows with the government.

 

man thats shitty. everything you guys have is just gone now.

 

so how much do you guys actually mark the price up on average. i know you gotta make money.

 

New car prices are set by GM, both invoice and MSRP. Believe it or not, there is more money to be made on used cars.

[KissMySilvSS]

Man that is sad to hear. What about picking up another brand? Sell for someone else and steal away GM sales. I wish someone would buy GM and run it better...same with out government.

 

I don't think we would rule that out, but to be honest we have been discussing going used. The money is better, and you don't have corporate to deal with. I could tell stories all day long about how GM milks us for $. Small example, you know the nice Blue/White signs sitting out front of every GM dealership across the country? Well, dealerships do not own these signs, each dealer across the nation pays "rent" every month to GM for these signs...pretty F'ed up huh? A sign that is on your property and that you pay to light is actually owned by GM...and you pay to have it there on top of that. I think we payed $120 a month to have the sign on our property, X that by 20 years..., then figure out how many dealers there are in the nation....3000-5000 X $120 a month....and how are they in trouble?????!!!!! AND BELIEVE ME THAT IS A SMALL EXAMPLE!

[LSR Mike]

Floorplan? must be some insider dealer jargon.

[KissMySilvSS]

Floorplan? must be some insider dealer jargon.

 

Floor planning, a type of asset-based financing, is a method of financing the inventory of a business. Although many types of inventory can be floor planned, the most common example is the financing of vehicles for an automobile dealership. The structures of a floor plan may vary, but a common plan would be as follows: Lender enter into a revolving credit agreement with Auto Dealer to finance the purchase of the cars from Auto Manufacturer. Lender sends the proceeds of the loan directly to Auto Manufacturer and takes a purchase money security interest in the cars. As Auto Dealer sells each car, the loan advance (or portion of the loan secured by that vehicle) is immediately paid to Lender. While the vehicle sits on the lot, Lender may require periodic payments on the loan. Lines of credit to finance a floor plan ensure that the company will have inventory in place when sales opportunities arise. Terms of repayment are matched to the nature of the business with special provisions for rental inventory and seasonal adjustments consistent with the sales cycle. Manufacturers can provide special terms to dealers across the country. Many large banks (e.g., CitiBank,) and specialty financing firms (e.g., GE Capital) offer floor financing.

Edited March 11, 2010 by KissMySilvSS (see edit history)

[LSR Mike]

So they blew out your financing and dropped you like a hot potato, nasty....

[kelleyperformance]

im sorry to hear all this... it REALLY sucks, trust me if anyone on here knows, i do keep your head up though man, you never know it might bring bigger and better things. ive been working 70+ hours a week trying to keep several operations running to keep the property the franchise used to be on.

 

the sequence that happened to you guys, is exactly what began to go down with us. somehow we managed to get some money out of 'returning' the franchise. doesnt seem to matter, GM sent letters to EVERY one of our customers saying we are not capable of meeting their needs in any way, shape, or form.... which is total BS seeing as I have as many 100% minimum certifications to wallpaper a room with. i dont think no bowtie on the store means i suddenly lost all my knowledge so ive been trying to dig us out of BOTH of the holes they've dug! did they do this with the letters to you too? ive been curious as to how many dealers theyve closed that they have tried to litterally bury, for no apparent reason

Edited March 11, 2010 by kelleyperformance (see edit history)

[f1ss]

Off topic, but I just heard on the news GM is opening up 60 new dealerships across the country, that is some serious considering what has happened here. Heres to GM screwing their loyal employees/dealerships

[KissMySilvSS]

im sorry to hear all this... it REALLY sucks, trust me if anyone on here knows, i do keep your head up though man, you never know it might bring bigger and better things. ive been working 70+ hours a week trying to keep several operations running to keep the property the franchise used to be on.

 

the sequence that happened to you guys, is exactly what began to go down with us. somehow we managed to get some money out of 'returning' the franchise. doesnt seem to matter, GM sent letters to EVERY one of our customers saying we are not capable of meeting their needs in any way, shape, or form.... which is total BS seeing as I have as many 100% minimum certifications to wallpaper a room with. i dont think no bowtie on the store means i suddenly lost all my knowledge so ive been trying to dig us out of BOTH of the holes they've dug! did they do this with the letters to you too? ive been curious as to how many dealers theyve closed that they have tried to litterally bury, for no apparent reason

 

Thanks man, I know you guys went through the same BS. I don't have to tell you much about how GM treats us dealers. We were stickelers to as far as the training goes too. Everything was 100% across the board sales/service, and we had the highest CSI in our district. I haven't heard of any letters being sent out to customers, but I wouldn't be surprised. A lot of my customers will switch to Ford or Dodge because they refuse to do their business outside of town, and they are the only others in my town.

 

 

 

Off topic, but I just heard on the news GM is opening up 60 new dealerships across the country, that is some serious considering what has happened here. Heres to GM screwing their loyal employees/dealerships

 

Yeah, I heard GM was going to keep open 600 of the dealerships they initially "cut" last summer. We'll see how that turns out, they shouldn't have done this to begin with. Somehow the Gov't rammed it into their heads that less dealers=more profits. Which is pretty funny seeing as how we pay out the butt just to BE a GM dealer, much less buy their cars for out lot.