A BELOVED car dealership has been forced to shutter its doors after nearly two decades in business.
The closure comes after the dealership — like many others — struggled to adapt to a post-pandemic world.
Shults Resale Center of Olean owners, Tim Shults and Matthew Kahm, announced the tragic closure in a Facebook post.
“It has been an incredible journey but due to current market conditions and various factors, particularly in the post-pandemic landscape, our business has not rebounded as strongly as we had hoped,” the owners wrote.
“After much careful consideration, we have made the difficult decision to close our sales operations, effective immediately.”
The dealership owners also thanked their customers in Olean and Allegany, New York for their continued support.
Shults customers were saddened to hear about the news on social media .
“That’s a awful thing. I’ve had nothing but good experiences through them,” Amy Davis commented on the Facebook post.
“That’s horrible. I was thinking about buying a second vehicle this spring,” Davis added.
“Whaaaaat! This is where I’ve always gone. Purchased 3 vehicles, sent fam & friends, at least 2 purchased… omg I’m gonna miss u guys sooo much,” another customer said.
The post has received nearly 40 likes on the social media platform.
According to the statement, Shults will continue to operate at their other locations including Jamestown, Lakewood, Warren, and Dunkirk.
Shults Resale Center of Olean is located in Allegany, across Independence Avenue.
Remaining cars at the dealership were driven away on Friday afternoon, as reported by Olean Times Herald .
The closure will not affect Shults Express Lube and Tire, which is located close to the dealership site.
“We want to reassure our valued customers that Shults Express Lube and Tire will continue to operate and provide excellent service,” the owners said.
What to do if a dealership closes
If you recently bought a car or motorcycle from a dealership that suddently closed, you may feel anxious about how that affects you.
When you finance a new car or motorcycle or need warranty repairs done at an authorized dealership, a sudden closure can make some people think they’re out of options or worry their car will be repossessed.
If you’re in a situation that sounds like that, here are a few things you can do after receiving an official notice:
- Notify the bank hosting your loan of the closure to make them aware. If the financing is done through the dealership itself, it’s important to contact the dealership or your salesperson to ask how to keep up your payments. Many dealerships will send the lien (the title and registration that will only be released to the buyer after the debt is paid) to a financial institution to keep.
- If the dealership cannot be contacted through traditional means, most states allow drivers to apply for the title and registration through the DMV.
- If you leased a car from a dealership that went out of business, instructions should be sent as to which dealership to bring your vehicle to when the lease expires. If not, contact the dealership.
- A factory warranty through the manufacturer will be honored at any other authorized dealership. However, an extended warranty through the dealership may not be honored at other repair shops, so it’s important to seek that information from the dealership as soon as possible.
Source: Consumer Law Group
“All extended warranties and ancillary products purchased will remain valid until their respective expiration dates. If you have any questions about services or coverage, please don’t hesitate to reach out to us directly at (716) 372-1400,” they added.
Shults isn’t the only business struggling to survive after the pandemic.
“Small businesses have long played a critical role in our economy, but that role has grown in the post-COVID expansion—even as businesses face the headwinds of still-too-high costs,” as stated in a report by the US Department of the Treasury.
There are significant challenges facing small businesses that are still recovering from the pandemic .
A major concern for entrepreneurs is being able to meet a lender’s credit standards.
The report states that credit standards are preventing small businesses from growing, especially after pandemic-era federal support ceased.
The Treasury Department cited that ongoing support like the Small Business Administration’s (SBA) 7(a) and 504 guarantee programs would significantly benefit small business owners in keeping them afloat.
This article was originally published by a www.newsbreak.com . Read the Original article here. .