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On 5 December 2008, the Australian Government announced the establishment of a Special Purpose Vehicle (SPV) with the support of leading Australian banks to help provide critical wholesale floorplan financing to those viable car dealers that are currently financed by GE Money Motor Solutions and GMAC, both of whom have announced an intention to exit the Australian dealer floorplan financing market in the near future as a result of ongoing global financial challenges. This Information Guide sets out what the SPV is, how it will work, who is eligible and what eligible dealers should be doing in trying to secure wholesale floorplan financing.
more>This afternoon the Treasurer, on behalf of the Government, released a comprehensive statement on this matter which followed the Government’s announcement of intervention in this failed market of two weeks ago. The Australian Automobile Dealers Association (AADA) and the Motor Trades Association of Australia (MTAA) welcome this announcement and recognise that the “fine-tuning” that has occurred, and which is described in the statement, which has taken the last two weeks, has been unavoidable, albeit a difficulty for all.
more>On 5 December 2008 the Treasurer announced the establishment of a Special Purpose Vehicle (SPV) with the support of leading Australian banks to provide liquidity to car dealer financiers who have encountered financing difficulties as a result of the global financial crisis. The SPV will provide critical wholesale floorplan financing to commercially viable car dealerships that are currently financed by GE Money Motor Solutions or GMAC, both of whom have announced an intention to exit the Australian dealer floorplan financing market.
more>The Australian Automobile Dealers Association (AADA) and the Motor Trades Association of Australia (the latter being the national federation which includes AADA), today welcomed and thanked the Australian Government, the Prime Minister and they hope the Australian Opposition for the co-ordinated, over-arching resolution of the financial and liquidity crisis for motor dealers and traders arising from the global financial crisis and the market liquidity evaporation.
http://www.mtaa.com.au/media-detail.asp?mID=52The Parliamentary Joint Committee on Corporations and Financial Services Report Opportunity not opportunism: improving conduct in Australian franchising is a welcome acknowledgement by the Committee that more needs to be done in relation to the regulation of franchise relationships in Australia.
http://www.mtaa.com.au/media-detail.asp?mID=51more>