Fiat Now Owns Chrysler

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Late Tuesday the Supreme Court rejected an appeal that tried to block the deal between Chrysler and Fiat.

The White House has backed the sale.
It will save Chrysler from liquidation and clear the way for a speedy exit from bankruptcy protection.

"It is too important for Fiat and it is too important for Chrysler too, that this process ends successfully," said Luiss University of Rome's Giovanni Fiori.

What many Americans will notice is the termination of almost 800 Chrysler dealerships. Tuesday, a bankruptcy judge ordered that the franchises can no longer act as Chrysler, Dodge and Jeep dealers -- effective immediately.

"It's a betrayal.  It's a tragedy" said Cheryl Nelson of Continental Chrysler Jeep.

"It's very sad actually. It's like going to a funeral" said Stanley Balzekas of Balzekas Motors.

But testifying on Capitol Hill, Chrysler's president claimed that unprofitable dealers cost the company over a billion dollars last year.

"Unprofitable dealers can't afford to invest in advertising, facilities, people, training or a high level of customer satisfaction," said James Press, President of Chrysler, LLC.

Today, Congress will take a close look at how taxpayer money is being used to help Chrysler and General Motors.

Members of the White House Auto Task Force will head to Capitol Hill to face tough questions from the Senate Banking Committee.

Among the questions will probably be the most important one: when will taxpayers start to see a return on their investment?

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CBN News
Heather Sells

Heather Sells

CBN News Reporter

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