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Strategies & Market Trends : Ride the Tiger with CD
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From: Rocket Red1/28/2009 5:37:53 PM
   of 313275
 
Auto analyst says 500 Canadian car dealerships will close over next five years
THE CANADIAN PRESS
January 28, 2009
TORONTO - Auto industry analyst Dennis DesRosiers says he expects 500 car dealerships in Canada to close over the next five years.
Despite $12 billion in yesterday's federal budget to help consumers finance new vehicle purchases, DesRosiers says the Detroit Three's dealerships will experience a major downsizing.
He says tight credit markets have hurt dealers as much as consumers and manufacturers, and Ford, General Motors and Chrysler have too many dealers as it is.
But Huw Williams of the Canadian Automobile Dealers Association says he expects 2009 will be a "solid" year for Canada's car dealerships.
All three North American automakers saw their share of the Canadian vehicle market shrink in 2008.
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