The economic impact of the nationwide recession has had a mixed impact on area businesses. Charles Selby, Daviess County Chamber of Commerce and Visitor’s Bureau executive director, said his impression since the Sept. 15 economic turmoil on Wall Street began is that Daviess County is suffering a little, but overall business is still doing OK.
He characterized it as a “minor slowdown,” noting that more small businesses have been opening than closing overall in the last three years.
“Construction is still happening and contractors seem to be very busy,” Selby said. He added that auto sales are down.
Glenn Horney, sales manager at Washington Chrysler, said his business has been off but not by huge amounts.
“People are more cautious,” he said, adding that his service business in auto repairs has been very strong.
When asked about the merger talks concerning Chrysler and GM Horney said that local dealers are not being informed by Chrysler about those talks.
As talks between the two companies broke down earlier this week, General Motors shares remained weak Thursday as the nation’s automakers wait for President-elect Obama to push Congress to approve a bailout of the struggling industry. There are also reports that Obama will move to appoint a czar or board to oversee the companies. GM dropped 13 cents, or 4.2 percent, to $2.95. Ford shares rose 6 cents, or 3.3 percent, to $1.90.
Horney said that credit has tightened, but that people with good credit are doing fine.
It has affected some people with marginal credit.
“Sub-prime financing has tightened up,” Horney noted. “Since the election, sales have picked up and we have been relatively busy the last 10 days. There are some really good deals right now and it is definitely a buyer’s market.”
Blesch Brothers Equipment Company in Odon sales have been steady, according to manager Brandon Hess.
“We have noticed a slowdown and the cost of money has gone up with higher interest rates for our customers,” Hess said. “But sales have been steady; we have had an outstanding year in the ag sector.”
Dick Sargent of Sargent’s Power Equipment in Odon said business has been OK.
“Last year was down, but business this year has been very good,” he said.
Terry Jones of Belt Tech in the southern part of the county said business has been good there.
He noted that the rock quarry business was down but that coal mines and the power plant have picked up. He added that the business slowdown nationally has not affected their sales yet.
Dave Yoder at Paws-N-Pals Pet Center, SR 57, noted that sales in the week after Sept. 15 “were really dead.” He said sales have picked up since and he noted that Oct. 31 was very busy.
Jerry Stoll commented on two different businesses. He is vice president of K & K industries north of Cannelburg and owner, along with his wife Lynn of Outdoor World LLC. Stoll said that K & K has been running close to even since last year in sales.
“In order to stay even we have had to expand our customer base and diversify a little bit to maintain our sales flow,” Stoll said.
Outdoor World LLC, SR 57, has been up in sales. Stoll noted that the sporting goods shop, which sells bait, boats and fishing supplies, had fallen short of its October sales target, but that sales were still up from last year in October.
“Our people at K& K and at Outdoor World have come together and worked hard to keep things going and I want to thank them,” Stoll said.
Local News
Related Photos
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Washington Chrysler received more new cars Thursday. The business has been off some with the slow economy, but not as much as some national firms, according to Sales Manager Glenn Horney---Photo By Nate Smith.
Discussion
Hard times ahead?
- Local News
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Hill arrested on $100K bond
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ND commencement is Friday evening
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