NOW We Get It: It's About Trade-In Value
Responding to increasingly annoyed prompting from Rep. Carolyn McCarthy (D-N.Y.) to actually speak in plain terms about the auto bailout, which is being examined by the House Financial Services committee right now, Chrysler's Bob Nardelli put the bailout into terms that any car owner can understand.
Really, she was asking, what would happen if the Big Three went out of business?
"There are 30 million Chrysler owners in the market today and the trade-in value of their vehicles would go down significantly," Nardelli said. Further, he added, they wouldn't be able to get repair parts for their Chryslers and Dodges.
Trade-in value: That hits home.
December 5, 2008; 12:45 PM ET
Categories: The Ticker | Tags: Bob Nardelli, Chrysler, Ford, GM, General Motors
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