BX car dealership feels brunt of recessionPosted: Updated:
Massive layoffs and an uncertain future are hitting close to home for a Bronx car dealership as it feels the brunt of the recession.
The showroom is empty at Cox Nissan after the new cars were removed during the past several days. According to owner Keith Cox, the dealership was faced with financial problems and had no other choice. Cox was also forced to lay off 80 workers.
In addition, Cox says he recently spent millions of dollars on renovations and upgrades. He believed pumping money into the dealership would eventually drum up business. However, now he says the dealership loses approximately $300,000 a month.
The service center at Cox Nissan remains open. Pre-owned cars are also still available.