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NEW ORLEANS - The crisis facing the U.S. automobile industry may be its most challenging yet and the next two months will be critical, the incoming chairman of the National Automobile Dealers Association said Monday.
John McEleney, a dealership owner from Iowa, noted the industry's future hinges partly on the fate of General Motors Corp. and Chrysler LLC, the availability of credit and stability in the U.S. economy.
GM and Chrysler, as well as GM's financing arm, have all received federal bailout money. GM and Chrysler must submit viability plans to the federal government to receive additional federal loan funds they've sought.
McEleney said he believes the industry will emerge leaner and more profitable.
The industry lost nearly 1,000 dealerships — and more than 50,000 jobs — last year when 3 million fewer people bought new vehicles, and more dealers could go out of business by year's end, he said.
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