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Posted: 9:51 PM Jan 6, 2009
New Car Dealership Opens Despite Tough Times
More people are driving their cars longer and holding off on buying that new car. Car dealerships, as a result, are feeling the pinch -- with some even closing their doors. It might seem strange that a new car dealership is celebrating its grand opening in Jackson County, W.Va.
Reporter: Will Jones Email Address: will.jones@wsaz.com |
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4 Comments
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RIPLEY, W.Va. (WSAZ) -- More people are driving their cars longer and holding off on buying that new car.
Car dealerships, as a result, are feeling the pinch -- with some even closing their doors. It might seem strange, as a result, that a new car dealership is celebrating its grand opening in Jackson County, W.Va.
Despite seeing the lowest vehicle prices in years, dealers said they're still struggling to move them off their lot. With car sales at their lowest in decades and dealerships closing down across the country, Mark Porter and Don Tate decided to buy a dealership in Ripley.
"It's the right time to buy a dealership," Tate said. "You can buy them at 60 cents on the dollar, but when times are good you'll pay a premium.
The owners said in the first quarter of this year the car industry will continue to struggle, but they believe business will start to pick up this spring.
Latest Comments
Posted by: Anonymous
on Jan 7, 2009 at 10:20 AM
Personally, I don't believe this was a wise business choice. If they had been listening to the news, the nation is going to bleed jobs well into 2010. No one is going to buy a car with that fear over their heads. At least not a sane person. If someone wants or needs to buy a car and is in fear of their job, they need to check out the recent article I saw on CNN Money. Apparently Hyundai is feelin the squeeze like everyone else, and is offering to take the car back within 1 year of purchase if you're laid off. I don't know all the details, but it gives someone a little peace of mind. Not having to worry about payments or a repo if there is a job loss. I have a Hyundai, and love it. I bought it 2 years ago though. No problems.
Posted by: Daryl
on Jan 7, 2009 at 10:20 AM
Same old car lot just under a different owner..Tom Peden to Don Tate.
Posted by: Anonymous
on Jan 7, 2009 at 10:15 AM
Glad to see someone other than Tom Peden owns it now. Last time we tried to buy from Tom Peden, The salesman didn't tell us about the rebates that were available and they wouldn't deal. Bought our last 2 new cars from Joe Holland and our truck from I-77 Ford, even though we live in Jackson county. Now wonder Tom Peden went bankrupt.
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