Marine, auto dealers in the same boat - Trade Only Today

Marine, auto dealers in the same boat

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The marine industry, by some estimates, has lost half of its jobs in this downturn, but the auto industry is taking an even harder hit.

Chrysler this week announced that it wants to eliminate nearly 800 dealerships around the country as part of its bankruptcy proceedings, and GM today is notifying 1,100 of its 6,000 dealers that it is terminating their contracts.

Chrysler executives said the company is trying to preserve its best-performing dealers and eliminate ones with the weakest sales. More than half of the dealerships being eliminated sell less than 100 vehicles per year and account for 14 percent of U.S. sales, according to a report by the Associated Press.

Click here for more on Chrysler.

GM's move is part of a plan to cut 40 percent of its dealer network, according to a report on CNNMoney.com. The dealers that received notice are being told that their contracts will not be renewed in October 2010, according to the report.

Click here for more on GM.

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