The government’s takeover of General Motors and Chrysler meant pink
slips for car dealers across the country. Bankruptcy proceedings for
Chrysler closed five franchises in South Florida, along with two by
General Motors, though those are expected to be the first of many. The closings eliminate jobs and will push cars off the lot for far less
than market value — and force many dealers to transition to selling
used cars or selling their properties. Veteran automobile dealership broker Gordon Page of Tampa’s Gordon Page
& Associates says these conditions mean falling prices for
dealership lots. “It has devalued the price of their real estate,” says Page, a former
dealership owner who has worked in the car industry since 1958. “We
have a lot of dealers calling asking to sell real estate; a lot of
things have come up to the front and on the table,” he says. [more]