As we have covered in some detail previously, many Australian new car dealers are facing their own credit crisis, with GE Money and GMAC Financial Services pulling out of the Australian floor-plan credit marketplace at the end of this year.

Dealerships that are currently financing their stock through GE Money and GMAC have until December 31, [...]

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The bad news is set to worsen for the new car dealer sector. When GE and GMAC announced their intent to withdraw from dealer ‘floorplan’ financing, they set affected dealers a December 31 deadline to find alternative financing arrangements.

That deadline is coming at them like a train.

At least 30 percent, and possibly as many as [...]

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The crisis affecting ‘floorplan’ credit to new car dealers is wider and deeper than many industry commentators realise. The withdrawal of credit services by GE and GMAC puts at risk potentially 30 percent or more of new car dealers in Australia. This problem has the potential to compound further as the future of other financiers [...]

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