|
Friday, 21 November 2008 13:41 |
|
 A proposed bailout of the auto industry is on hold for now, but the only Kentucky auto dealer at this week's congressional meetings remains optimistic.
Paul Cleaver, president of Freedom Dodge and Chrysler in Lexington, says he heard lots of support in Washington for the proposed $25 billion economic aid package.
Cleaver also warns of the danger Kentucky faces if nothing is done.
With so many auto part manufacturers, as well as auto making plants, many Kentuckians would face a dire future without what Cleaver says is not a handout.
"They're asking for a bridge loan to possibly get through the next quarter when we feel like the credit markets may open up again because of the $700 billion bailout that was approved a few weeks ago. If the banks will open up the credit markets I am certain the car industry will take care of itself," he tells WTVQ 36 News.
90% of people who buy cars and trucks, finance their vehicles, so if the credit market doesn't turn around the auto industry won't either.
The big three auto makers will go back to Congress in early December to tell lawmakers how they would use the loan money.
 |
