$17.4 Billion Lifeline to Automakers - KCBD NewsChannel 11 Lubbock

12/19/08

$17.4 Billion Lifeline to Automakers

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The government is pumping money into Detroit and it's just the fuel they were looking for. Some say it's good news but it might be a while before the South Plains feels any of today's bailout.

"For us locally it means we can get back to business," says Slaton native Annette Sykora. She is the Chairman of the National Automobile Dealers Association and says President Bush's announcement was good for local dealers and buyers.

President Bush addressed the nation Friday morning saying that it is not a responsible course of action to allow the U.S. auto industry to collapse. General Motors and Chrysler will split $13.4 billion and have access to another $4 billion in February.

After the announcement, Sykora says it should give consumers confidence to buy any car from any manufacturer. It may give confidence but dealers will tell you that buyers need more than that to purchase a car. John Zwiacher of Scoggin-Dickey says customers need to be able to get financing and that part of the equation is missing.  

"Everyone, all stakeholders understand how important this is to the American people and the economy as a whole. I think we're on our way to recovery," says Sykora.

Zwiacher agrees with Sykora. "Each month we get away from the crunch we hit back in September and October we are closer to getting to that time where it will turn around," says Zwiacher.

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