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Finance & InsuranceAPI Closes; Dealers Feel EffectsAPI Closes; Dealers Feel Effects
Dealers that have provided extended-service warranties to their customers through Automotive Professionals Inc. (API) may be headed for tough days ahead. The Chicago-area firm informed its dealers and agents it was entering assignment for the benefit of creditors. In a memo to agents, Owner James Hawk cited severe cash shortfalls from reduced service contract production and steady strong GPR (guaranteed