Mercedes dealership files for bankruptcy?

ShinyF1

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Dead right. Yet the govt wants the banks to go back to lending just as before at 2007 levels so we can start the game all over again!

and of course Joe Public to increase their personal borrowing to kickstart spending.....
 

ShinyF1

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I did say I agreed with your comment, but there does need to be some spending taking place.
If everyone is out of work because no one is spending any money it won't matter what house prices are.
People do still need to keep the economy circulating money otherwise we will all be collecting our P45.

House prices will sort themselves out due to less available funds.
I take your point, but if all personal spending is fuelled by increased credit, what is the conclusion?
 

Rory

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It's become apparent that my dealership's Service Manager has "gone" and now the Parts Manager is doubling up.

Apparently in the groups which own several dealerships this has happened a lot recently, or the relevant manager has become responsible for mutliple sites.
 

C240Sport97

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Also see on the BBC website that Aston Martin are shedding 600 jobs which is about third of its work force.

not surprising as they have not sold many cars at all ...
 

Dryce

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I take your point, but if all personal spending is fuelled by increased credit, what is the conclusion?

It's really about confidence.

Has the availability of credit for vehicle purchases dried up? I don't think it's credit availability that's holding back the car market.
 

Vlad

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Certain aspects of the car market are holding up strongly, ie the Sub £5k market. People are trading down and at this end of the market you will only need a small loan, if any at all, and you can get a more than respectable car in this price range which will tie you over until things get better....which I suspect won't be for another 18-24 months.
 

Dieselman

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Sidlow went bang about a month or so ago around here, that took 5 dealerships with it.

Things are bad, very bad, I've not seen anything like this before.

I guess UK PLC is now paying the price for living on endless credit.

The music's stopped...and not a chair in sight.

You must be too young to remember the early '80's then. This is a storm in a teacup.

The only reason this is making news is because there has been too much easy credit which has now been withdrawn
In reality it should be business as usual but people need to live within their means.
 

Howard

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Yeah , my dad was grizzling to me the other day about the interest rates in the 80's .... i was no doubt moaning about mortgages or something ...

Was really bad apparently , interest rates of 15%+ .... if that happened nowadays , i'd be living in a telly box under the bridge.
 

Mudster

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You must be too young to remember the early '80's then. This is a storm in a teacup.

The only reason this is making news is because there has been too much easy credit which has now been withdrawn
In reality it should be business as usual but people need to live within their means.

Nope, I lost a house in the last crash with negative equity etc etc....

This is a whole different ball game, I'm suggesting it's bad becasue we're not even into it completely yet.....We're only at the start.
 

Dieselman

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I don't mean the house price bubble in 1988, I mean the deep recession from 1980 to 1986. It was bad, people really were living in Cardboard City.
 

Howard

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That's an address you don't want , along with Death Row ...
 

richard

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Hi,
I really hope this is not true. Does anyone have any further information?

I am pleased to report that this is not true.

I was told by a very senior person there: - "I'm pleased to confirm that Greenoaks is a privately owned company, which is very well funded. There is no truth in this rumour."

Cheers
Richard
 

hawk20

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I take your point, but if all personal spending is fuelled by increased credit, what is the conclusion?

It isn't.

Most personal spending comes out of earnings or pensions and some from withdrawing past savings. Some from selling assets.

Spending based on borrowing is different. If you buy a meal out and go to a show and put it all on a credit card it increases your standard of living while you borrow (you get a meal etc you didn't have before), but when you come to pay it back it reduces your standard of living by the same amount you borrowed -PLUS the interest you pay.
 

SL300-24

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and so it is your duty, nah, obligation to the british economy to go out there and buy V8 and V12 powered cars! the purchases, along with fuel, insurance and servicing will be what drags this economy back to life!

you'll be a hero :)

dave

I have just done that Dave.....:bannana: :bannana:
 

Wish

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I am pleased to report that this is not true.

I was told by a very senior person there: - "I'm pleased to confirm that Greenoaks is a privately owned company, which is very well funded. There is no truth in this rumour."

Cheers
Richard


If this is the case then I would suggest getting rid of this topic. Business is hard enough with out false information like this.
 

Alfie

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I am pleased to report that this is not true.

I was told by a very senior person there: - "I'm pleased to confirm that Greenoaks is a privately owned company, which is very well funded. There is no truth in this rumour."

Cheers
Richard

Excellent.

We should perhaps seek out the source of this 'rumour' and pass their details onto Greenoaks;)
 
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Robbo

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Excellent.

We should perhaps seek out the source of this 'rumour' and pass their details onto Greenoaks;)

Yes, that is very good news.

The source was quoted on another forum and allegedly originated from an insider at the local Chambers of Commerce. Sounds like it is a load of rubbish.
 
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