With gas prices sky-high and credit extremely difficult to obtain, U.S. consumers have decided now isn’t a great time to be spending money on a new car. That’s meant big trouble for car dealers, especially retailers who sell the domestic brands General Motors, Ford and Chrysler.

As a result, dealerships are closing at a rapid rate in metro Atlanta and in the U.S. One lawyer predicts even more will close in the next 12 months to 18 months.

In the Wednesday issue of the Daily Report, corporate lawyers discuss the limited range of legal options available to the owners of struggling auto dealerships. Bankruptcy is rarely an option because of the difficulties in obtaining post-petition financing. It’s not easy to dispose of property, because a dealership’s real estate is often highly leveraged. And, other than publicly traded car dealership companies, there aren’t many dealers that have enough capital to finance an acquisition right now.

One lawyer is advising clients that if have ever seriously considered exiting the car-dealership business, now would be a great time to do so. Read about it here.