Alliance Inspection Management Inc. (AiM) struck an agreement with Ford Motor Credit Company to takeover floorplan audits at dealerships with wholesale financing from the captive lender. The vehicle inspection company will also conduct lease-end inspections of vehicles financed by the captive finance company.
The auto finance industry struggled through the first quarter of this year, but several companies reported lower losses compared to the fourth quarter 2008.
Ford Motor Company announced Monday the completion of debt restructuring initiatives that will reduce its debt by $9.9 billion from $25.8 billion. The move was viewed as a positive step, although ratings agencies believe Ford’s fundamental business risks remain unchanged.
Ford Motor Credit Company said it will take a bigger chunk out of Ford Motor Company’s $2.2 billion in term loan debt by increasing last week’s $500 million pledge to $1 billion.
Experian Automotive’s AutoCount has ranked the top auto finance lenders for 2008, listing Toyota Financial Services at the No. 1 spot and revealing that GMAC, Ford Motor Credit and Chrysler Financial Services lost significant market share in a watershed year for the U.S. automotive industry.
Ford Motor Credit Co. said Thursday it expected to cut 20 percent, or about 1,200 employees, of its workforce. The reduction was partly due to a decline in sales at Ford Motor Co., but the move was also attributed to the sale of several brands previously owned by its parent company.
I was asked at the magazine’s September F&I Conference and Expo when I thought this mess we’re in would turn around. My response was, “Ask me again this time next year.”
The media, attorneys and consumer advocates are waging war on finance reserve. Arm your dealership to weather the battle unscathed.
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