Car Dealership | featured news

GM asked a bankruptcy judge to cancel 70 dealer contracts, eliminating the last holdouts in a plan to shutter as many as 2,400 stores.

CarMax posted only a 2.7% drop in profit despite sharply lower sales and losses at its auto-finance unit, as the used-car dealer's profit per vehicle sold rose.

Jack Fitzgerald, who faces the closure of 7 of his 11 auto dealerships, pleads his case to lawmakers.

The clock is ticking for Ray O'Bryhim: he has less than a week to sell his last 40 cars.

AP - Top executives from General Motors and Chrysler face tough questions from lawmakers about sweeping plans to close hundreds of car dealerships as the auto companies undergo government-led bankruptcies.

Some auto dealers that Chrysler LLC plans to close are beginning a challenge to the automaker's plans to quickly sell itself in bankruptcy.

General Motors Corp is expected to slash up to 1,200 dealers as it struggles to dramatically pare down its operations and eliminate billions of dollars of costs ahead of an anticipated bankruptcy filing by the end of this month.

The carmaker, which filed for bankruptcy protection two weeks ago, sent letters to 789 of its 3,200 American dealers revoking their franchises.

Police have located three missing executives from a car dealership where 81 new vehicles worth roughly $2.5 million vanished, and at least one of the three has been arrested.

Scores of new cars vanished from a western Nebraska car dealership and a prosecutor said Wednesday that some had turned up in other states and warrants had been issued for three missing executives. The 81 Fords and Toyotas taken from Legacy Auto Sales in Scottsbluff were valued at about $2.5 million.