Car dealers suffering huge losses

As General Motors Corp. and Ford Motor Co. prepared to announce massive financial losses for the third quarter — numbers that could help them make a case for federal aid — the nation's largest seller of domestic cars and trucks, AutoNation Inc., reported Thursday an ominous financial plummet of its own.

Ft. Lauderdale, Fla.-based AutoNation, which owns 311 dealerships in 15 states, said that its net income during the quarter had swung from a $72.1-million profit in the same quarter a year ago to a $1.4-billion loss. AutoNation's net income from GM, Ford and Chrysler stores alone plummeted 57.4%, while it declined a lesser 23% for import and luxury brands.