One of the problems with owning a collector car, aside from spousal nagging, is where to store it, especially in the off-season of winter storms in certain latitudes. Even the South has been buried in recent weeks under two-foot snowfalls.
There is a truism along the lines that one man’s misfortune is another’s good luck. And so it is with storing your four-wheeled treasure: a former auto dealership facility.
As everyone knows, the current economic recession’s effects are especially hard-felt around the Motor City, on account of the roughly 38% drop from a 16-million-unit sales year to one of “merely” 10-million cars and trucks. This is on top of the nationwide real estate burst bubble from fraudulent mortgages that is highly concentrated in Florida, Nevada and California—and Detroit.
There is now a new, and nationwide trend as a result of the auto industry’s anguish about 2,000 closed auto dealerships from coast to coast are in play. These came about from (1) GM and Chrysler being forced to cut off low-selling franchises (although a “cash and carry my vote” Congress is meddling some here), (2) GM eliminating complete dealership networks by discontinuing Pontiac and Saturn, and (3) just the normal friction of business failures as the economy is in the deepest and longest recession since the great depression. (more…)