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“We’ve never seen anything this the 20-year veteran of the auto industry “It’s just staggering.” That’s saying something, as this was the industry’se sixth straight year of declining Afterselling 168,000 new vehicles in 2007, Minnesota auto dealera will be lucky if they reach 150,000 this year, Lambergt said. Dealers used to sell 210,000 a year. The declining marketg forced 40Minnesota new-car and truck dealershipas to close in cutting the ranks to 416. In the state lost more dealers this year than in the past fouryearsw combined. Even Denny Hecker, one of the state’s largesyt and most high-profile auto dealers, stumbledx upon hard times.
He closed six dealershipd and sold three others after Services America frozer credit to several ofhis dealerships, leaving them unabl e to buy new cars. “The decision to realign our dealershipw came as we found ourselves in the midstg ofa ‘perfect storm’ of economic bad a financial crisis on Wall Street, chaoa in the housing market, consumer confidence at an all-time low and the sight of the Big Three on their knees in Washington asking for a bailoutg loan,” Hecker said in a statemen t announcing the realignment in November. “We neede d a new business model built around our dealerships with the most potentiap volumeand value.
” Hecker is suinh Chrysler Financial, alleging that the lendeer acted in bad faith and significantly damaged Hecker’ws business when it “suddenly and without notice” placed a hold on his Hecker’s business filed for Chapter 11 bankruptcy protectionm in early December and closed about two-thirds of its The company, which Hecker bought in 2006, is “exploringb strategic alternatives including reorganization of the business, a sale or the company said in a statement.
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