MERCER COUNTY Auto dealer closes two lots for lack of cash

The decision was made jointly by the dealership owner and his bank.
MERCER, Pa. -- The Snyder auto dealership has permanently closed both its Mercer and Grove City car lots.
"They simply ran out of working capital," said Atty. Peter Acker, representing the company owned by F. Alan Snyder.
The dealership operated Snyder Odsmobile-Pontiac-Cadillac Inc. at 710 W. Main St., Grove City, and Snyder Pontiac-Buick-GMC Truck on U.S. Route 19 just north of Mercer.
Both lots ceased operations with the end of the business day Monday, Acker said.
It was a closure, not a foreclosure, Acker said, explaining the decision was made jointly by Snyder and Sky Bank, which held loans the company had secured to buy new and used cars.
Sky Bank removed all vehicles from both lots late Monday and will sell them at some point to recover the loans, he said.
The situation had been developing for a number of days, and the final decision to close the business was made at a meeting with the bank Monday morning, Acker said.
The company had 40 employees, all of whom have been released, he said. They will be paid through the end of work Monday, he said.
Snyder had operated the Grove City lot since 1985 and the Mercer lot since 1990, he said.