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Old 12-23-2008, 02:28 PM   #1
Scooby Guru
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Join Date: Nov 2004
Location: NEPA
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Default Suzuki can't find floorplanning for dealers

LOS ANGELES -- Suzuki dealers won't get floorplanning help after all from Suzuki Motor Corp.

In a letter sent to dealers Saturday, Dec. 20, Suzuki said it has been "forced to abandon" attempts to find a source of wholesale financing for its dealerships.

In September at the national dealership meeting in San Antonio, Suzuki told dealers it was seeking a new source for floorplanning.

Since then, "the economic crisis has deepened, credit has grown tighter than ever, and our own financial performance has deteriorated both within the U.S. and globally," Kevin Saito, president of American Suzuki Motor Corp., said in the letter.

Suzuki's U.S. sales in November fell 46.3 percent compared with November 2007, to 3,216 units.
Suzuki's finance company, American Suzuki Financial Services, is owned by GMAC Financial Services subsidiary Nuvell and does not provide floorplan financing.

Dealers have been floorplanning through banks or other captives such as Ford Motor Credit Co. or GMAC, says Roy Greenblatt, chairman of Suzuki's Dealer Advisory Board. But some are having trouble finding financing, he says.

Greenblatt, who owns three Suzuki dealerships in New Jersey, has been floorplanning through Sovereign Bank, of Reading, Pa. He says Sovereign recently stopped providing floorplan financing.

Says Greenblatt: "I need to get a new floorplan, but I believe I can."
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