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Discussion Starter #1
This is not necessarily a local manufacturing thing, but thought you'd be interested in the press release from VACC I saw around the traps...
Quote »
Credit Crisis: New Car Dealers Call for Leadership from Government
The Australian Automobile Dealer Association (Vic), the new car division of VACC, is calling on the Federal Government for decisive leadership, and action, to secure a solution to the dealer finance crisis.
The AADA (Vic) is urging Prime Minister, Kevin Rudd, and Treasurer, Wayne Swan, to realise the gravity of the situation and the potential for large scale job losses should a solution not be found.
“The time has come for a decisive lead from the Federal Government on this crisis,” VACC Executive Director, David Purchase said.
“Time is running out for new car dealers. Those affected by the withdrawal of GMAC Financial Services and GE Money have only until December 31, barely five weeks away, to secure wholesale finance for their dealerships. Without it, they will close.
“AADA (Vic) and VACC are calling on the Government to put pressure on the credit providers to extend their 60 day deadline.
“It can take months for a car dealer to secure new credit finance, made worse by the credit crisis affecting financial markets. There are only 37 days left of 2008. Any dealer who needs new finance and does not have it in place by now is at serious risk of closure. This could result in thousands of job losses.
“Drastic times call for drastic measures. This may be the opportunity for Government, credit financiers and dealers to explore new methods of financing the industry:
* Could new finance be fast-tracked?
* Can more credit companies, banks and financial institutions be enticed to branch into floorplan finance?
* Can existing contracts be renegotiated?
* Can GE and GMAC be prevailed upon to extend the December 31 deadline?
* Can interest payments be suspended?
“VACC and AADA (Vic) have written to GMAC Financial Services, GE Money, State and Federal Governments laying bare the gravity of the situation. We are exploring every means possible to alleviate this situation.
“We need a solution, and we need it quickly. For that we may need the intervention of Government,” Mr Purchase said.





Modified by minigolf at 3:46 PM 11-25-2008
 

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Discussion Starter #2
Re: The Credir Crunch and Australian car industry (minigolf)

Sloth, if you're able to fix my typo
in the headline that would be great. http://****************.com/smile/emthup.gif
 

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Re: The Credir Crunch and Australian car industry (minigolf)

Fuuuck them... dealerships should have saved the money from their $3000 car wash "dealer delivery" fee and spent less money keeping wankers in snake skin shoes and fancy suits in work.
 

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they should do the interest free period thing for new cars me says... but then again if everyone looses their jobs then cars get reposessed and more credit crisis on our hands... its a tough one.
 

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Re: The Credit Crunch and Australian car industry (minigolf)

So what do they want now? Government finance?
They will close their businesses or go to the wall if they can no longer make a profit. Check.
The problem effects the whole vehicle retail industry. Check.
The cynic in me suggests that they will find a solution by putting their prices up to cover the higher cost of finance. Or maybe they are suggesting that Australians don't need any more new cars from now on?
It's amusing to watch all the losers run off to the government with their caps out now that it is Labor.
 

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Re: The Credit Crunch and Australian car industry (auR32)

"General Motors well understands the challenges to energy security and the climate from worldwide long-term growth in petroleum consumption."
This is on the first page with text. If they understand this - why have they not taken up the challenge before now?
 

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Re: The Credit Crunch and Australian car industry (shogun2)

Quote, originally posted by shogun2 »
"General Motors well understands the challenges to energy security and the climate from worldwide long-term growth in petroleum consumption."
This is on the first page with text. If they understand this - why have they not taken up the challenge before now?

They did... but no one wanted to buy them, they wanted 6L V8 SUVS

Quick history lesson... GM had cylinder deactivation and diesel V8s in cars back in the early 80s. Way before japan or europe thought it trendy

Ford/GM and Chrysler developed prototype hybrids (both diesel and petrol electric) in the 90s when Clinton was in power. Canned them as the the economy boomed and petrol prices dropped.
It's not technical ability GM/Ford/Chrysler lack... it's vision and leadership.
 

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Re: The Credit Crunch and Australian car industry (pologti18t)

I didn't know about their early work, but I agree on the lack of vision and leadership. Same could be said for the locals as well.
 

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Re: The Credit Crunch and Australian car industry (Philthy_)

Quote, originally posted by Philthy_ »
So Kev is going to underwrite dealer credit:
http://www.news.com.au/busines....html

Looks like David Murray is still working hard even though he left CBA a few years ago now. I understand he drives a base Commodore despite being worth $$$$
 

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Discussion Starter #12
Re: The Credit Crunch and Australian car industry (Tank Engine)

Quote, originally posted by VACC »
Thinking of Buying a New Car? Now is the Time to do It
“There has never been a better time to buy a car,” VACC Executive Director, David Purchase said.
“Last week’s new vehicle sales figures, released by VFACTS, reported 71,647 cars, trucks and light buses were sold in November – down 22.2 percent compared to the same month last year.
“Clearly, everyone connected with the automotive industry would like to see better figures, but it is not all doom and gloom.
“In fact, the fundamentals are good – Australia is uniquely well-placed to ride out this global downturn.
“There is no reason for Australia to slip into recession. We need to get that message out. We simply need people to keep spending, to keep money circulating through the economy. That is the best way to protect jobs and defend the strong economic position of this country.
“It is highly likely that total Australian car sales in 2008 will be close to one million. This does not signal an economy on the brink of recession.
“But right now, new car dealers must reduce their inventory. Slowing sales and overstocked dealerships means that it is now a car buyer’s paradise,” said Mr Purchase.
“There is a lot of stock on the forecourts, interest rates are down and dealers will be keen for business.
“For car buyers, we advise them to seize the opportunity while they can, because this situation will not last forever. The fall in the Australian dollar means that prices for imported cars must rise once dealers clear current stocks,” Mr Purchase said.

Haha.
 

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Re: The Credit Crunch and Australian car industry (IML337)

Wait til the 08 models become last years stock... its going to be a BLOOD BATH!
 

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Discussion Starter #16
Re: The Credit Crunch and Australian car industry (minigolf)

Quote, originally posted by Subaru »
Subaru And Esanda Join Forces
Subaru Australia and Esanda today announced a new retail and wholesale automotive finance partnership.
Esanda is a wholly-owned subsidiary of ANZ and one of Australia’s leading providers of vehicle finance. In early 2009 it will become a partner in the co-branded Subaru Finance, which will be available to the Subaru network of 108 retailers.
Nick Senior, Managing Director, Subaru Australia, said: “We are delighted to be forming this partnership with a quality organization like Esanda.
“To have reached this milestone in just two months is testament to the synergies between the organizations. It is also a reflection of the quality of the Subaru book and the brand’s strength.”
Andrew Sinclair, Subaru’s National Manager - Corporate Sales and Financial Services, said: “This partnership is a means of addressing both the immediate and future needs of the Subaru retail network and the company, from both a retail and wholesale perspective.
“Based on Esanda’s broad industry knowledge, it represents a real opportunity to grow our finance offerings.
“Our negotiations took place during a time of great turmoil in both the finance and automotive sectors. However, we remained confident that due to the quality of our book and brand, and the commitment of the Esanda management team, we could reach our mutual goal in a timely manner.
“Our long-term partnership with Esanda ticks all the boxes.”
Esanda Head of Dealer Relationships, David Hannah, said: “Esanda and Subaru Australia, a well recognised and highly regarded dealer network, fit well together.
“After the withdrawal of GMAC, it is pleasing that Esanda can work quickly to create a strong partnership which will benefit Subaru dealers and customers.”
Esanda, has been in the auto finance industry for more than 50 years and is one of Australia’s largest providers of retail finance through vehicle car dealerships.
“Our business has continued to grow in an uncertain environment and has been strengthened in 2008 through the introduction of Esanda Edge,” Mr Hannah explained. “Esanda Edge allows dealers to offer competitive finance rates to customers with applications approved quickly within the dealership. This makes the process of buying a car easier for the customer and helps dealers sell more cars.”
The new agreement will span three years and will be in place before the termination of GMAC’s agreement with Subaru Australia on April 16, 2009.
 

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Discussion Starter #20
Re: The Credit Crunch and Australian car industry (Manny Bothans)

What crisis?
Looks like Audi Australia has followed the path of our local dealer who had a cracking January too. http://****************.com/smile/emthup.gif
Quote »
Historic January High for Audi
* All-time record month for Audi Australia in January 2009
* 5.5% growth against market trend
Audi Australia has continued its strong sales run from 2008 into January 2009, growing by 5.5 percent compared with the previous year.
An all-time historic high of 1081 cars were sold in Australia last month (January 2009 vs 1025 January 2008).
Audi’s managing director, Joerg Hofmann, says the result is testament to Audi’s growing image in Australia on the back of four years of record growth and the strong products on offer.
“Audi is the fastest-growing premium brand in Australia. Our growth is both profitable and sustainable. We are also the No. 1 growth market for Audi worldwide,” Mr Hofmann said.
“There is no doubt we are currently operating in a very difficult economic environment, however our sales are up, our network is investing for the future and our customers are positive about our vehicles. We are in good shape for 2009, and with such a strong January result – our highest sales month on record, an increase of 5.5% on last year’s historic January high – we feel quietly confident in the market.”
“We have exceptional new product on the way Downunder – from the Audi Q5 compact SUV to the new A6 range, and the Cabriolet version of the popular A5 model, along with new engines for the A4 and TT. Audi is a growing brand in Australia, and we expect to continue to grow market share,” he said.
 
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