WATERLOO - The Waterloo-Cedar Falls urban core may be losing its only Chrysler dealership.

Holdiman Motor Inc. in Cedar Falls is among 789 Chrysler dealers across the U.S. and 22 in Iowa that the bankrupt automaker listed in court papers Thursday as operations is wants to cut from its dealer network.

The decision is final by no means, said Tom Holdiman, an owner of the Cedar Falls dealership.

"We understand there's two more cuts at least, so it will be business as usual," Holdiman said Thursday afternoon.

In other words, he said, Chrysler likely will post revised lists that could give his dealership a reprieve.

"There could be people taken off the list, put on the list; a lot of it has to do with the bankruptcy court and the new Chrysler under Fiat's leadership," Holdiman said. "That's what we've been told."

Dealers slated to be closed plan to file an appeal, Holdiman added.

"Going forward, we hope we're able to (convince Chrysler officials to) reconsider their decision," Holdiman said.

In addition, as many as 1,000 pinks slips are expected come out Friday to General Motors dealers across the U.S., according to Gary Thomas, president of the Iowa Automobile Dealers Association.

Chrysler said in its filing with the U.S. Bankruptcy Court in the Southern District of New York that it needs to cut 25 percent of its more than 3,000 dealers and that its network had too many units that competed against each other.

The Auburn Hills, Mich.-based automaker, which entered Chapter 11 bankruptcy two weeks ago, informed all the affected dealers Thursday morning via United Parcel Service letters.

All of the dealers can continue to sell Chyrsler vehicles until June 9.

The late Jim Holdiman founded the Cedar Falls dealership, long a staple on University Avenue, in 1967, selling American Motors vehicles. Chrysler bought AMC and its Jeep lineup in 1987.

"I think what it means is, we're losing jobs in Iowa and across the country, and that's the concern I have," the IADA's Thomas said. "These people have dedicated their lives to the industry. For the dealers, I don't know what they're going to do. It will be an individual business decision about what it looks like for them going forward."

Iowa franchise laws won't protect the dealers, because federal bankruptcy statutes take precedence, Thomas said. However, the franchise laws would provide some protection to GM dealers, at least until that automaker files for bankruptcy protection - a move GM CEO Fritz Henderson has told reporters was "probable" by May 31.

Tim Friday, owner and lone salesman for Conrad-based Chrysler dealer Friday's Service Inc., in southern Grundy County, said he received his letter from Chrysler Thursday morning.

"I've been kind of anticipating it," he said, adding that his inventory of Chrysler vehicles "is not that large."

The dealership, which dates to the 1940s, has a connection with Chrysler going back to the mid-1950s, when Friday's father and brother secured a franchise for Plymouths.

"It's funny, because I'm looking at our 50-year plaque we got from Chrysler in 1996," Friday said.

Friday said his business likely would get out of the new-car business.

"We'll probably continue to run a repair shop and deal some in used cars," he said. "The bad part is they just had just put in a $3,500 tech computer system, which had a deadline of May 30."

Chrysler won't compensate the dealership for the equipment upgrade, Friday said.

As for his inventory of new vehicles?

"They will try and find homes for them in other dealerships," Friday said. "Your parts and special tools, you're pretty much stuck with."

The effects of the closures will go well beyond the dealerships themselves, Thomas said.

"The dealer owns the real estate, the building, the inventory, pays and trains the staff and provides benefits," he said. "So, the dealer is a contributor to the community he is in and to the state."

Thomas said the dealers' suppliers also will suffer.

"This is a domino that is starting to tip over," he said.