AM I NEXT? NO LOVE AT OFF LEASE ONLY

West Palm Beach, Florida-based Off Lease Only, a high-volume, pre-owned car dealership group, has declared bankruptcy and shuttered all of its locations.

The abrupt closing will impact 446 employees.

According to the company, "The Company made this decision due to the significant challenges and competitive pressures resulting from unprecedented changes to the automotive retail landscape. The industry has been impacted by inventory scarcity, and vehicle price inflation stemming from supply chain disruptions and multi-year declines in new vehicle production. Elevated pricing and rising interest rates have further deteriorated conditions in the automotive retail market, weakening consumer demand and affordability."

"Off Lease Only has explored a range of strategic options; however, industry headwinds coupled with the decreased affordability of used vehicles have necessitated the decision to pursue an orderly wind-down of the business."

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT TRIN

Ashley, Indiana-based TRIN, a subsidiary of Plymouth, Michigan-based TRAM, itself a subsidiary of Nagoya, Japan-based Tokai-Rika, and a manufacturer of automotive switch components, has announced the closure of its plant in Ashley, Indiana. All production will be transitioned to TAC, an affiliated company located in Jackson, Michigan.

The plant produces automotive switch-related components such as steering pad switches, power seat switches, hazards, and door lock switches.

The closure will impact 155 employees, with layoffs beginning in late January 2024 and continuing until the closure planned for March 31, 2024.

According to a company statement from the company's U.S. parent, TRAM Inc., "TRAM has been working to maximize our manufacturing capacity and production in North America. Based upon available space, manpower, process capabilities, and restructuring, TRIN Inc. will be ceasing operations effective March 31, 2024.”

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT NIKOLA CORPORATION (10/14/24)

OCTOBER 14, 2024 — 135 EMPLOYEES GONE

The financially challenged company has laid off 135 employees, approximately 15% of its workforce, as it struggles to preserve cash and raise additional funding.

CEO Steve Girsky noted, “Nikola is a pioneer in the zero-emissions trucking and hydrogen infrastructure solution arenas, and to ensure long-term viability and maintain our first-mover advantage, we must scale our business appropriately for the future. To extend our runway, we are adjusting and rescaling our staffing needs. This is a difficult but necessary decision, and we thank those team members who helped build Nikola and wish them the best moving forward.

JUNE 29, 2023 — Original post…

Phoenix, Arizona-based Nikola Corporation, a designer and manufacturer of heavy-duty commercial battery-electric vehicles, fuel-cell electric vehicles, and energy solutions, has announced a cost-cutting initiative featuring a 23% workforce reduction and further restricting its electric truck efforts to North America.

The reduction in force will impact 270 employees, including 150 employees supporting the company’s European programs and 120 employees located in Arizona and California plants.

CEO Michael Lohscheller noted, “We are proactively managing costs and reducing expenses. We are streamlining operations, including our organizational structure, to efficiently execute our objectives.”

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?