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700 Auto Dealers to Likely Close
10/07/08 - 12:14 PM

Associated Press

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DETROIT (AP) - The chairwoman of the National Automobile Dealers Association says the credit crunch and economic problems are likely to cause 700 auto dealers to go under this year.

Speaking to the Automotive Press Association in Detroit, Annette Sykora on Tuesday urged fast government action on putting a $700 billion financial industry rescue plan in place.

The Texas auto dealer says quick action will thaw frozen credit, restore consumer confidence and help the auto industry.

(Copyright 2008 by The Associated Press.  All Rights Reserved.)