Auto Industry Awaits Bailout Decision, Including Here on the South Plains - KCBD NewsChannel 11 Lubbock

12/17/08

Auto Industry Awaits Bailout Decision, Including Here on the South Plains

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The chairman of the National Automobile Dealers Association is from Slaton and has spent the last few weeks in Washington. She has testified in Congress in hopes of getting the auto industry back on its feet.

It's no secret that the "Big Three" have been stuck in neutral for quite some time now. "We were discouraged that Congress didn't come to a conclusion and pass the bridge loans," said Sykora. 

Annette Sykora, the chairman of the NADA and a Slaton native, says that while it may seem like Detroit will be the only place affected by the unstable auto industry, that's not the case and even West Texas could feel the effects. "It's 20% of all retail across the country so it has the tremendous domino effect. We would like to start standing those dominos back up," said Sykora. 

Over 700 dealerships have shut down across the U.S., and dealerships across the South Plains contribute to that number. "Even in West Texas you know we have lost a couple of dealerships in the area and what you lose is their support of the community those people that had jobs that were purchasing goods and services in those communities that won't be there anymore," said Sykora.

Sitting at a constant red light, like the auto industry has been for weeks is no longer an option says Sykora. "Time is of the essence it is a must act now. Most of the auto makers, the Detroit three and even the others Toyota, Honda, Hyundai, they use a lot of the same suppliers. So a failure in an auto maker is going to cause a failure in supplier that is going to affect every automaker," said Sykora. 

Sykora says one option the Bush Administration is considering is to use some of the financial bailouts' money for the auto industry and this would certainly help in getting the "Big Three" back on the road to success.

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