Enhancements made possible by the passage of the Small Business Jobs Act have been implemented into a variety of programs operated by the U.S. Small Business Administration (SBA). Among the programs benefiting from the bill is the agency’s dealer financing program.
F&I sits down with the three executives who have taken the reigns of the combined dealer services groups of Wachovia and Wells Fargo. Hear what they have to say about the current market conditions and Wachovia officially taking on the stagecoach name.
Lending to the nation’s 17,000 franchised dealers to purchase new- and used-vehicle inventory continues to lag, making it a top issue for the National Automobile Dealers Association (NADA). The dealer association said that a hearing on Feb. 25 by the Congressional Oversight Panel on the Troubled Asset Relief Program (TARP) highlights the ongoing need to provide more liquidity for auto business lending.
Despite signs of retail financing beginning to loosen up, dealer financing remains a major concern. It’s one of the reasons why the NADA is stepping up efforts to restart the market.
Saying the recovery of the financial system remains incomplete, Treasury Secretary Timothy Geithner extended the government’s $700 billion Troubled Asset Relief Program (TARP) to October 2010, but promised to pledge no more than $550 billion.
The National Automobile Dealers Association has urged the U.S. Small Business Administration to expand loan amounts and guaranties under the Dealer Floor Plan Pilot Initiative, which launched in July and will continue through September 2010.
The U.S. Small Business Administration (SBA) has announced a Dealer Floor Plan (DFP) financing pilot program under the SBA 7(a) loan program for qualifying small businesses including new and used motorcycle, automobile, RV, manufactured home, and boat dealerships.
John McEleney, chairman of the National Automobile Dealers Association, announced his support last week for recent changes to SBA 7(a), a Small Business Administration loan-guarantee program.
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