Auto dealerships waiting for good news

DETROIT, Dec. 17 (UPI) -- The threat of bankruptcy is cutting into U.S. car company sales while the federal government ponders how to help, a dealership owner said.

Officials at the White House and U.S. Treasury said they are working on a plan to help automakers. Last week, the U.S. Senate rejected a plan to provide $14 billion in loans to automakers.

In two highly publicized rounds of hearings, executives from General Motors Corp. Ford Motor Co., and Chrysler LLC pleaded their case for government assistance. Ford said it could survive for now without help. But GM and Chrysler have said they would run out of cash soon.

As federal officials work out a plan, "people will not buy cars when there's a bankruptcy hanging over their heads," Carl Galeana, who owns Chrysler and GM dealerships in three states, told the Detroit Free Press.

President George Bush said Tuesday that officials were "just working on options," suggesting a deal would be brought forward soon, the newspaper said Wednesday.

But, dealerships owners are finding the delays are difficult and the negative publicity detrimental.

"What we need is some positive news," said Frank Ursomarso Sr., a dealership owner from Wilmington, Del.