The ‘Special Purpose Vehicle’ (SPV) plan announced by Treasurer Mr Wayne Swan, with support from leading Australian banks, will provide liquidity to car dealer financiers and the dealer sector.
The peak automotive industry body in Victoria, the VACC, has welcomed the break-through in the Australian car dealer finance crisis.
“Today’s outcome is a creative solution to the problem, and the Federal Government and banks involved are to be commended.”
“The SPV, with the support of ANZ, Commonwealth Bank, NAB and Westpac, and with technical support to be provided by Credit Swisse, will allow viable dealerships who were affected by the withdrawal of GE and GMAC, to keep trading.”
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