It looks bleak for all General Motors dealers:

General Motors Corp. shares fell to their lowest level since 1954 after a Merrill Lynch & Co. analyst said the automaker may need to raise as much as $15 billion and faced the possibility of bankruptcy.

The ``dramatic drop-off'' in the U.S. sales market probably will continue through 2009, forcing GM to find additional funding, analyst John Murphy, who lowered the shares to ``underperform'' from ``buy,'' said in a report. ``Bankruptcy is not impossible if the market continues to deteriorate

http://www.bloomberg.com/ap...

Economy is bad in Bakersfield right now. I went to Outback tonight, walked in at 7ish, we got a table immediately. Place wasn't even 1/2 full. I have never been able to walk in Outback, regardless of what night it is, and gotten a table so fast! I hope they don't close the N. Bakersfield Toyota dealership soon, but it's bound to happen - they are deader than a doornail!

With gas prices skyrocketing and wages not increasing, we're going to see a lot more dealerships closing or laying people off.  Watch the ripple effect of people cutting back in all areas because they can't afford to fill their tank and then go to an expensive restaurant and fill their bellies too.

I've cut back so far on everything that the next cut will have to be in cable service.  I can't think of any place else to cut.  I stay home except for absolutely necessary runs and that increases my a/c bill.  You can't win..all we can do is tread water and hope it doesn't get much worse.  Sure makes me wish for my old neighborhood.  Everything I could possibly need was in the neighborhood at CA and Stockdale.  I sure miss that.

Know what you mean Nancy.  My husband and I stay home almost all the time now.  We never go out to dinner and have not for the last 1 or 2 years.  Of course we do visit cheap places, like Lie-N-Den -- his favorite place to go.  Also on East side of Bakersfield we go to Cesar's Deli, because he does electical work for them and we get a discount.  By the way, my husband is retired now, but he still does electrical work at less than half of what regular electricians charge.  Even with extra money from these side jobs, we still struggle to pay our bills.  Also I work fuil time for transcription company and make almost the same as when I worked on the outside.   WOW, I feel for all employees of Three Way Chevrolet.  Also I hear that Airline companies are laying off still more employees, because of high cose of fuel.  Where does it end???   

Anyway, HAPPY 4TH OF JULY TO ALL YOU BLOGGERS OUT THERE.   HAVE A HAPPY AND SAFE HOLIDAY.   

My wife & kid volunteered their time at a fireworks stand yesterday, for a non-profit.  I asked how it went. Wife said "We got five." Five hundred dollars? "No. Five sales."

We are staying home as well and have been for some time. I don't care what the terminology and definition news anchors use, we are headed for a depression.

My ex just got laid off from there (we still are friends :) ) and he said alot more are going to be too.  He told me this awhile ago, so I knew it was coming.

Local news says 3-Way will be selling its business by Sept.

Just the one on California Ave...from what I understood.....

HAPPY 4th to EVERYONE out there

I was just at 3 Way at Auto Mall last week. I couldn't help but notice the huge number of new SUV's, some from 2007, sitting on the lot. I thought at the time, how can they afford to floor all of these expensive vehicles for so long, and how much longer can they do it? Well, there's the answer. Although, it makes sense to close the California Ave store, since they now have the auto mall location. I wonder if they'll keep the paint and body shop open.

 The news I heard didn't say they were selling, it said they were closing.  Big difference.  Selling would mean a plan for that location.  I'm not surprised at all about them closing that lot on California and just wondered why it took them so long.  It's a terrible location and always has been.  Once they opened at the Auto Mall it was only a matte ro f time.  Then they opened in the NW and the CA closing was inevitible.  My thinking is that this is a perfect time to bail out on the one and focus on the other two.

Going with the closing and not the selling, now we'll have another big empty lot, offices, and garage sitting waiting for a tenent.  Hopefully it won't be another "We Tote The Note" 99 dollar car lot. 

Could be reporters got it wrong. I'm sure the anchor said "selling." However, if your source said closing, then that does confuse the whole issue.  

I believe it was yesterday's Bakersfield Californian that reported 68 Three Way Chevrolet employees were being laid off due to the California Ave location closing.  They said some employees would be transferred to the Auto Mall. 

This is what was in the paper yesterday. 

"Last Updated: Thursday, Jul 3 2008 7:17 AM

Three-Way Chevrolet Co. announced layoffs Wednesday of 68 full- and part-time employees — a fifth of its Bakersfield workforce — amid slowing vehicle sales and plans to sell its California Avenue location."

I think the misunderstanding is the part where it says they are planning to sell.  Not the same as saying they have a buyer.  I'll betcha they don't and that area will sit empty for a long time, expecially in this economy.

I'll betcha they don't and that area will sit empty for a long time, expecially in this economy

I think you are correct.

They have the location on the market and are TRYING to sell it, but no buyers yet. Closing this locatoin is cost cutting move.

"They have the location on the market and are TRYING to sell it, but no buyers yet. Closing this locatoin is cost cutting move."

Perzakly.  It just happened to be a very opportune time where no one will blame them for closing.  Like I said, I wondered what was taking them so long.

" Also I hear that Airline companies are laying off still more employees, because of high cose of fuel.  Where does it end??? "soxford

It ends when a adjustment is made in the US to live at what you can afford, not with a American Express card,,, the party is over and now you gotta clean up the mess, Took years to happen and will take years to clean up just to get to a plus level....not the level that people think they deserve...just a Plus level......

GM may be mulling thousands of job cuts

(Reuters) - No. 1 U.S. automaker General Motors is planning to cut thousands of white-collar jobs and is considering whether it should sell or stop production of more of its brands, The Wall Street Journal said, citing people familiar with the matter.

Both moves are part of a broader re-evaluation of the company's strategy and of its ability to meet an internal projection of returning to profitability in 2010, the people told the paper.

The job cuts are likely to be approved when GM's board of directors meets in early August, the people said. The reductions would be in addition to earlier announced cuts.

Management may also present the board with options for raising additional cash, they told the paper.

The board may also hear management's latest thoughts on whether GM should trim the number of brands it offers in the United States, the people told the paper.

http://www.reuters.com/arti...