F&I Management & Training

Rybrook Jaguar at Llandudno Junction in Wales has closed.
The dealership ceased trading just before Christmas.
Around ten jobs were understood to have been lost from the outlet and nearby Conwy Land Rover, also part of Rybrook Holdings, ranked 37 in the AM100.
Also before Christmas, in Bournemouth, Horizon Honda ceased trading.

DATED: 02.01.09

FEED: AM

Inchcape is closing its James Edwards Land Rover dealership in St Helens.
The dealer group says its nearby Land Rover outlet in Chester will remain open.
Inchcape has been restructuring its business across Europe in order to reduce costs.

DATED: 02.01.09

FEED: AM

The US government has paid a $4bn loan to General Motors as the first part of its emergency loan to support Detroit's carmakers.
The funds were transfered on New Year's Eve. GM had warned that by the New Year its cash would have fallen below the $11bn it needs to continue operating.
The US's loan of $4bn to Chrysler is expected to be finalised soon. Chrysler had asked for $7bn.
GM has been promised another $9.4bn in government loans. Ford has not sought loans, but has requested a $9bn credit line to tap into in case business conditions worsen.

DATED: 02.01.09

FEED: AM

The economic downturn has pushed credit hire and claims management group Accident Exchange into the red.In six months’ trading to November 1, the company swung to an £15.4m pre-tax loss, against £6.5m profit in the same period in 2007. Turnover grew 11% to £86m.Cash collections have improved and cost-saving measures are being implemented to re-balance the business to its forecast lower market activity levels.The group has been hit by the triple blow of a slowdown in referrals, often generated by franchised dealers as customers suffer a crash, shorter credit hire rental periods due to available capacity in bodyshops, and the severe drop in residual values of the prestige vehicles.

DATED: 02.01.09

FEED: AM