Car dealer survey says Cash-for-Clunkers is a lemon

The National Automobile Dealers Association, a nationwide trade group, wants the federal government to put Cash-for-Clunkers out of its misery immediately.

NADA surveyed nearly 800 dealers and the results may be the Obama administration’s worst nightmare:

• 97% of dealers who responded, say the government is not reimbursing fast enough
• 13% of dealers have dropped out the program because the government is not reimbursing fast enough and overall concern payment problems
• 87% percent of dealers are concerned the money will be exhausted
• 3% of CARS program deals have been reimbursed
• 66% of dealers have not received one payment from the government
• 25% of dealers are experiencing servere cash flow problems that require short-term loans to fix
• 11% of submitted applications have been approved (though dealers still are waiting for the money)
• 16% of submitted applications have been rejected
• 55% of dealers are not confident they will get reimbursed for every deal
• 40% do not want the program to continue, even if changes are made to the CARS program

Hell, times are tough. It’s time for the President to improvise. Let’s consolidate two less than successful Obama programs and turn the out-of-business car dealerships into death counseling centers.

Two birds, one stone.

Source: CarDealerReviews.org