Sunday, December 28, 2008


Losing their inventory.

A half-dozen trailers rolled up to Eckenhoff Cadillac Buick Pontiac GMC in Jenkintown bright and early and wiped the lot clean of $8.4 million in inventory - Hummers, Cadillacs and all.

"Load up, leave. Load up, leave. . . ." The funereal rhythm of repossession transfixed the sales guys next door at Hopkins Ford Lincoln Mercury, who watched through their showroom window as the devastating news descended on their neighbor.

GMAC, the beleaguered financing arm of General Motors Corp., had called the loan that had enabled Scott Eckenhoff to stock new and used vehicles. Big trailers carted away the collateral from a Big Three retailer that had been hanging on by a thread.

GMAC also cleared out Eckenhoff's used-car lot in Maple Shade, which held another batch financed by a GMAC "floor-plan" credit line.