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Updated: 7:58 AM Jul 10, 2009
Local Ford and Toyota dealerships weather the auto industry storm
Between last summer's high gas prices and the economy's major dip, local car dealerships have had to work hard to stay afloat. While the auto industry on a whole has taken a hit, many believe it will emerge stronger than ever.
Posted: 7:58 AM Jul 10, 2009Reporter: Meredith TerHaar Email Address: Meredithterhaar@wjhg.com |
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Panama City- Between last summer's high gas prices and the economy's major dip, local car dealerships have had to work hard to stay afloat. While the auto industry on a whole has taken a hit, many believe it will emerge stronger than ever. The sole member of the Big Three who did not accept federal bailout money or declare bankrupty is Ford Motor Company. If Ford is your car or truck, Cook-Whitehead Ford is the only game in Bay County. "Thank goodness we are with Ford because ford is doing well, they have alot of new product out, they are fuel efficient and green so we are doing well," explains Jimmy Darnell.
Darnell says Ford had the foresight to see demand increasing for hybrids and vehicles with better fuel efficiency. "They were prepared. They had in the works fuel efficient vehicles, the hybrids, the Fusion is the #1 hybrid vehicle produced right now." While many Americans are looking for greener vehicles, pickup trucks remain the top-seller at Cook-Whitehead. "The Ford F-Series has been the bestselling truck in America for 32 years, going on 33, so they have alot of good produce out there and people like good product."
But the title of best selling car in the US belongs across the street, to the Toyota Camry and Panama City Toyota. "People ask me all the time every day, "How is business?" It's excellent. There are two ways you can go, you can stick your head in the sand or you can be proactive and make it better yourself," explains Rusty Hill. Hill says he's weathered the auto industry storm by reinvesting in his employees. "It's the trickle down effect, we keep our employees happy and that keeps our customers very happy." And he is happy to be tied to Toyota. "I hate to say this but we've had huge support from the manufacturer. I feel for the dealers, there are guys who have worked hard for 30, 40 or 50 years and the next thing you know they are out of business."
But it hasn't been all roses for Hill either. "Sales are down across the board, you just have to make income, margins are down, sales are down about 33% on new, but they are up on used," explains Hill. Despite the slump Hill sees a bright future for his dealership and the area on a whole. "I've been here for 18 years, to stay successful you have to be excited all the time. I think Panama City is just going to continue to grow. I look forward to staying here and doing alot of business."
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