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Marc Spizzirri Published in Automotive News for Commentary on Dealerships Surviving COVID-19

Marc Spizzirri Published in Automotive News for Commentary on Dealerships Surviving COVID-19

Marc Spizzirri was published in the current issue of Automotive News for his opinion piece titled "Joint effort needed to face new normal". Marc discusses the impact that COVID-19 has had on dealerships and the lessons he learned from working with those facing financial hardships in 2019. Spizzirri believes that the key to dealers' survival is creating liquidity and/or managing illiquidity. He says that dealers and lenders must work together to return to a new sense of normal.

See below for an except from the piece.

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Even with all of that enthusiasm, auto industry sales had leveled off prior to anyone hearing the term COVID-19, peaking in 2016. The most savvy did not see this crisis coming. No one budgeted for the apocalypse.

As a result, many dealers have been caught without adequate working capital to weather the storm. No lenders conducted stress tests to prepare for a cataclysm of this magnitude.

Just as dealers are forced to face this hurdle head-on and not hide from the inescapable, this is not a time for lenders to pull their boilerplate forbearance agreements of the shelf, follow their generic workout checklist or play hardball. It is not a solution for dealers to go out of trust and hope good times are on the horizon.

To read the full piece, please click here.

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