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Finance withdrawn from GM and Ford suppliers

Monday 17 November 2008, 11:18
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Two finance companies have refused to insure British firms supplying Ford and General Motors in the UK.

The decision will force hundreds of manufacturers across the country to consider whether they wish to consider taking the risk of supplying parts to the US car giants, who have been hit by a sharp fall in sales, reported The Independent.

Euler Hermes and Atradius withdrew policies that guarantee payments from the companies, due to concerns about their financial standing.

A third credit insurer, Coface, is considering removing the cover.
 


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Your comments:
This will give way to ultra competative pricing leading the Franchised Dealer to purchase more and more from the aftermarket to retain a level of GP from an already eroding margin....

Dubai
17 November 2008, 17:21

Just another nail in the GM/Ford coffin...... these guys are history.

iceage
17 November 2008, 19:23

This really is a case of “The Ice burgh melting” the trouble is very few people seem to realise the implications of this move. Has every body forgotten the demise of Rover Group? The shock waves to UK industry will be incalculable

Dreadnought
19 November 2008, 19:36

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