Sadly, the fact that GMAC has pulled the Floorplan loan from two Pennsylvania Dealers is hardly newsworthy, it's been happening all over the country.
What makes this news report interesting is that one dealer is closing his operation while the other has elected to file a Chapter 11 Bankruptcy.
To the extent that a Chapter 11 filing allows that dealer to continue to operate his business and re-negotiate his debt, why don't more dealers take this route? I'm sure there must be a reason, but it sure looks like an attractive alternative to closing a dealership.
Here's a link to the news report:
http://www.pittsburghlive.com/x/pitt.../s_609111.html