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14 - The Oakville Beaver, Friday December 12, 2008 www.oakvillebeaver.com Auto dealers say credit crunch is hurting industry Continued from page 10 world," said Hijazi. Hijazi took the opportunity to dispel the myth that the Big Three build poor-quality cars. He noted that the days of some of the leaky vehicles are long gone. "To say that we build crappy cars is a fallacy at the very least," said Hijazi. "You can't stay in business without improving quality as your competition improves. The Oshawa plant, which manufactures the Chevy Impala, is rated one of the top three facilities for initial quality." The auto dealers pointed out that the marketing firm J.D. Power recently rated the 2009 Chevrolet Malibu the highest quality midsize sedan. While the auto dealers say the Big Three has a lot going for them, one thing that is not going their way is the economy. The credit crunch currently gripping Canada and the rest of the world has hit the auto industry hard. Banks are now much more restrictive when it come to who receives loans. Fewer loans mean fewer people "Our industry is an industry that is based on credit, revolving credit and that's what we've lost in North America and around the world. Without revolving credit you don't have an auto business." David Sanci, principle dealer Oak-Land Ford can lease or buy vehicles. "These are people that make good money, have some equity in their lives, but the banks won't touch them," said Sanci. "Our c h a rt w e l l c l as s ic o a k v i l l e l u x u r y r e t i r e m e n t l i v i n g industry is an industry that is based on credit, revolving credit and that's what we've lost in North America and around the world. Without revolving credit you don't have an auto business." Hijazi said half of his new car business involved leasing, which has now disappeared along with 40 per cent of Hijazi's volume. Again Sanci noted a considerable amount of misinformation is circulating about this issue. "It's not that the manufactures can't lease. There's no credit for it anymore," said Sanci. "But, that's not how it's presented (in the media). It's sold as we as North Americans can't do it anymore." The auto dealers contend the playing field isn't always level between the Big 3 automakers and foreign car makers. For instance, old and established companies like Ford, GM and Chrysler are responsible for supporting many retirees on company pensions. While many foreign car makers have plants in Canada, they have few retirees from those plants. While the auto dealers noted a considerable amount misinformation exists about the Big Three and their business practices, they say even more exists surround the subject of what would happen if the Big Three were allowed to go under. With an estimated one in seven Canadians affected directly by such an event, Hijazi said nothing good would come from it, particularly for a place like Oakville. "How will people feel about their property values if this place becomes a ghost town?" he said. "We've seen what's happened in Windsor. Windsor's a trainwreck. You can't sell your house and it's a stagnant community. We could have that happen in Oakville overnight." Coming soon..... · ROHDE · MEPHISTO · BIRKENSTOCK · RIEKER · ARA · ROHDE · NAOT · PIKOLINO our "home suite home" sale! Move in before January 31st and receive one month's free rent on a one bedroom Scarlet suite. Some conditions apply. · ROHDE · MEPHISTO · BIRKENSTOCK · RIEKER · ARA · ROHDE · NAOT · PIKOLINO · ROHDE · MEPHISTO · BIRKENSTOCK Our gift to you this holiday season, Ingeborgs Slipper Sale by made in Germany · ROHDE · MEPHISTO · BIRKENSTOCK · RIEKER · ARA · ROHDE · NAOT · PIKOLINO · ROHDE · MEPHISTO · BIRKENSTOCK for ladies and men DECEMBER FREE EVENTS: Tuesday, December 23: Christmas Concert ­ Tenor Gregory Cross 7-9pm Saturday, December 27: Open House - Live Entertainment, Refreshments, Tours 1-3pm 905-257-0095 www.chartwellreit.ca 180 Oak Park Blvd., Oakville, ON INGEBORG'S WAREHOUSE 1681 FINFAR COURT, MISSISSAUGA Hours: Mon.-Sat. 9 to 5 Sun. 11 to 4 905-823-7415