Houston Fares Better Than Country For Car Dealerships
POSTED: Saturday, November 8, 2008
UPDATED: 10:41 am CST November 8,
2008
HOUSTON -- While the big car makers ask the federal government for a bailout, car sales in Houston are down, but not as much as the rest of the country, KPRC Local 2 reported.The vice president of River Oaks Chrysler/Jeep said Hurricane Ike left behind damaged cars, which means service work and car sales for dealerships."The good credit, we have no issues with. The above-average credit, we have no issues with. Average credit, we've got to do some moving and jumping and maneuvering a little bit. Poor credit is very tough to get on," said Alan Helfman with River Oaks Chrysler/Jeep. "We are very fortunate that we live in Houston, Texas. Because the oil industry is blossoming and actually our business is pretty good." General Motors Corp. said Friday that it lost $2.5 billion in the third quarter and warned that it could run out of cash in 2009.GM also said that about 3,600 workers will be laid off nationwide indefinitely beginning early next year as the automaker slows down production at 10 of its assembly plants.Also Friday, Ford Motor Co. said it lost $129 million in the third quarter as the struggling automaker burned up $7.7 billion in cash.The automaker also said it will cut another 10 percent of its North American salaried work force costs as it tries to weather the worst economic downturn in decades.Ford said it lost 6 cents per share for the quarter, compared with a loss of $380 million, or 19 cents per share, a year ago.
Copyright 2008 by Click2Houston.com. The Associated Press contributed to this report. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Copyright 2008 by Click2Houston.com. The Associated Press contributed to this report. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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