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| Message: | Dealers are starting to go under. Bill Heard, a big multi-store GM dealer, went bankrupt today. A lot of subprime, non-performing car loans forced GM to cut off their financing. Expect record numbers to go belly up as customer credit tightens and their own credit lines and factory financing arms find it hard to get and extend credit from third parties. And luxury brands like BMW and Benz aren't exempt. A lot of folks were worried about the "End of Oil" era. Folks, at least here in the U.S., we're at the "End of Credit" era. It's gonna be brutal. | ||||