It's "Black Tuesday" for 14 Colorado Chrysler dealers - Dallas Business Journal:

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The statewide trade group dubbed theday "Blacl Tuesday." Some of the dealers are closing their doors; otherxs are planning to sell used cars or switch to othe car makes. "These dealerships have been forced to closee due to no fault oftheirf own," Tim Jackson, president of the Colorado Automobile Dealers Association (CADA), said in a statement. "Fortunately, some of thesee dealers carry other brands and haveothee dealerships," he said. "They will survive. But, others do not. Some will becomed used car dealers and others will simply be forcer outof business.
" he believes that is puttintg itself in "jeopardy" by severinfg ties with its local dealers, most of which he considers profitable and some of whicnh are among Chrysler's top salesa performers in the state. "Dealerships are a profitg center to theauto manufacturers, not a cost center," he "Dealerships are an asset to their not a liability. More than 90 percengt of an auto manufacturer’s revenus comes through the dealerships. It makes no sense to cut off the primarty income source ofthe Nationwide, 789 Chrysler dealers are being cut off from new cars by the which has filed for Chapter 11 bankruptcy Monday, U.S.
Supreme Court Justice Ruth Badetr Ginsburgdelayed Chrysler's plans to sell its assetas to Italian car manufacturet Fiat. Ginsburg put the bankruptcy court rulint allowing the sale on hold untikfurther notice, though a timeline and specific reasoh was not provided. The delay came afterr Indiana pension funds requested a stay from the court so it could hear their appealof Chrysler’s decision to sell to Fiat. It was not immediatelyt clear if the move would have any affecty on Chrysler dealers selected to be cut off fromthe Ginsburg's move temporarily frustrates Obama administratiohn hopes that Chrysler would be able to come out from unde bankruptcy protection quickly.
Separately, an estimated 13 to 15 dealershipx in Colorado that their franchises with thatautomake -- also under Chapter 11 protection -- will not be renewedd next year. "It's a sad day in America when automanufacturerws ... in bankruptcy received in excesdsof $50 billion in bailout funds from the U.S. Government and can inflict irreparable damage on profitable dealers causing increased unemployment and reduction s in the tax base tolocal communities," CADA's Jackson Jackson has said he favors congressional action to help as some lawmakers -- including -- have called for.