The recent Free-Fall Stock Plunge has put Both Ford & GM on DEATH WATCH. I suppose they’ll be handed over on silver platters to JPMorgan too. How about RothschildGM , CentralBankChrysler or RockefellerFord ? The CEO of Chrysler Fears the Collapse of the US auto industry amid the Credit Crisis and Wall Street Meltdown.
World’s Largest Chevrolet dealer files Bankruptcy. Bill Heard Enterprises has filed for Chapter 11 bankruptcy protection. Bill Heard Chevy had grown into the world’s largest Chevrolet dealer with more than $2 billion in sales a year , but now just another casualty of an easy-credit economy that relied on a sub-prime consumer base to keep sales churning. The company simply does not have the resources needed to continue to operate.
As many as 600 new-vehicle retailers in the US may fold or consolidate with other dealers this year. Capital One will stop financing auto dealers inventories in New Jersey and New York this month.
Auto finance companies were as guilty as mortgage lenders in providing loans to subprime borrowers and the nightmare is going to ravage them too. The car business depends on the availability of credit at every level. GM will have to obtain new financing from the government or private debt/equity to remain in business in North America.
Billionaire investor Kirk Kerkorian announced he has sold 7.3 million shares in Ford for an average price of 2.43 dollars per share and plans to divest his whole stake – 133,500,000 shares 6 percent of ALL Outstanding Ford Shares. Wouldn’t that mean Ford shares are going to plummet Below $2 a share?
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