A surreal day in the auto industry as GM falls into bankruptcy.

The automaker has been taken off the Dow, is closing down or idling a dozen plants, and thousands of people will be losing their jobs.

Just like the rest of the country, local dealerships, auto suppliers and manufacturers like AM General were all watching what happened on Capital Hill Monday.

But at this point, it’s not completely clear what this will mean for our area. The companies are all still waiting to see how and if they'll be able to weather the bankruptcy.

“These are obviously historic times in the car marketplace, and our take is like everyone else’s, they have to do what they have to do to be competitive,” said Mike Leep, Jr.

For dealerships, hat lies ahead is almost a mystery.

“We're waiting just like everyone else how does this affect the dealers, I mean, what does it mean going forward?” Leep said.

At AM General, employees wait to hear if the Hummer line has a buyer.

A GM spokesman says they're very close to an announcement that could mean hundreds of jobs lost or saved.

Meantime, at auto parts suppliers like Nyloncraft in Mishawaka, there is some indication of what lies ahead.

“GM has taken some pretty positive steps in the last few weeks to limit exposure for suppliers,” said Jim Krzyzewski, President of Nyloncraft.

A treasury program will help companies like them keep their heads above water by paying for their receivables; lessening the blow of the bankruptcy and in turn giving GM a chance.

“All it takes is one supplier not to go along with the game and you can’t build a car or a truck,” Krzyzewski said.

Krzyzewski says one third of their business is with GM, and that they are currently owed a few hundred thousand dollars. But he says that is much less than it could have been without the programs, which allow them to get paid within 5-7 days, rather than the 2 months or so it took to receive payments in the last year or so.

Meantime, there are are high hopes for the future.

“Our theme has been survive to thrive so that's what we're trying to do,” Krzyzewski said.

Companies that can sell enough to get by may have some help on the other side.

“There are 13 million cars that are scrapped every year, that’s a known number, and you know if we're selling at the current rate of 9 million, you know there’s going to be some pent up demand on the other side of this deal,” Leep said.

Meantime, Gurley Leep says the diversity in what cars they offer may help them get through, but it may be tougher for smaller dealerships.

Every sale is one step closer to survival; an owner at a smaller area GM dealership told WNDU he was personally driving a car to Illinois Monday just to secure a sale.

While the companies say they are nervous about the coming months and even years, the consensus is they think it'll help create a stronger, more efficient GM on the other side.