Car Dealer Insider Nov 15, 2008
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Car Dealer Insider Nov 15, 2008

Dealer traffic, used vehicle values poised to pick up in post-election period

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Dealer traffic, used vehicle values poised to pick up in post-election period

President-elect Barack Obama has a long road ahead of him to help fix the U.S.'s financial woes and other troubles, but having the election behind us - coupled with lower gasoline prices - could help resuscitate dealership traffic that's been nearly dead in recent weeks.

"Regardless of anyone's political affiliation, the fact that the election is finally over is clearly positive. That's what's been affecting us - uncertainty. Nothing's worked in the past two weeks," John Schenden, president of Pro Chrysler Jeep Denver, told _Dealer Business Briefing in the hours following the election.

"The election is one hurdle behind us. Although there are a lot of hurdles ahead, a number of people will say with almost a sigh of relief, 'Now maybe I can go out and look at that car,'" says John. The country will also be able to move on, he says, though, "it'll take both sides of the (political) aisle to get through the financial and credit issues."

Sid DeBoer, chairman and CEO of Lithia Motors, one of the nation's largest new vehicle retailers, also shared his optimism with _DBB. "It's a great thing (that the election) is over and to see the country come together for change…especially young people," he says.

"(Obama) has the opportunity to do something real wonderful for this country…We're all nervous he's young and inexperienced, but if he can follow through and build a better team," he can help alleviate fears in the marketplace, says Sid. "Leadership can make a difference."

The increasingly Democratic House and Senate, coupled with Mr. Obama's leadership, are also expected to bode well for the ailing Detroit Three, notes Sid, whose roughly 90 stores pretty much represent every car manufacturer. "They need loans and credit availability. They can survive but they need time and money to get it done," he says of the domestic auto... (312 of 1246 words)

Also in this Issue:

  • BENCHMARKS: Dealership buy/sells - It's not as bad as you may think… at least not yet! (256 words)
  • From recycled paper to rubber bands, dealerships pinch every penny (305 words)
  • New Ideas (297 words)
  • News You Can Use - Dates to Save, Trends to Watch (200 words)
  • Trend Spotting (297 words)
  • What if your manufacturer goes bankrupt or withdraws from the marketplace? (993 words)