President Barack Obama: Chrysler and General Motors can survive

President Barack Obama has said both Chrysler -- which is hours away from a do-or-die restructuring deadline -- and General Motors can survive the US auto industry's crisis and then thrive. After earlier casting doubt on Chrysler's viability ahead of Thursday's deadline, Obama said Wednesday prospects for the number three US carmaker appeared rosier as creditors agree to concessions and Fiat works on a tie-up.

Pohanka Chrysler Dodge is one of the legions of Chrysler dealerships that are going to be closing, and the owners are not happy about it. Pohanka Chrysler Dodge will not be able to sell any of its new Dodge or Chrysler vehicles after June 9th, which means that they have to move inventory as quick as they can for deep discounts of up to 40% or more. The Chrysler bankruptcy has forced many dealerships into this position, and the dearth of funding for unsecured loans for new cars makes the problem worse. The dealership will sell used vehicles from now on, but it still means Pohanka Chrysler Dodge will need a good cash advance to move inventory.

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