Bruce Cavanaugh closes up shop
Bruce Cavanaugh has closed his auto sales business. The problem is financing, more specifically the lack of it.
The shut down has hit the remaining 35 employees hard. “I loved it here. It was one of the best places I’ve worked in the car business,” said Roland Johnson.
Bruce Cavanaugh has been spending a lot of time on the phone trying to find financing for his car business.
The official statement reads this way: ‘Due to the current business climate our inventory lender has decided to discontinue the line of credit we use to purchase our inventory. We have not been able to secure other financing at this time. Therefore, we regret to say that we must close until we are able to secure such funding.’
His problem is not unique. Auto dealers across the country have been wrestling with the same financing issues.
Cavanaugh has been fighting the good fight, closing other lots earlier and consolidating operations at one Market Street location.
Caught in the perfect storm of declining sales, tightening credit, and rising used car prices at the wholesale auto auctions, Bruce Cavanaugh has cried uncle, at least for now.
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