10-30-2008, 06:30 AM | #1 |
Senior Member
Join Date: Feb 2008
Posts: 1,046
|
Floor plan
I have got to get another floor plan source than CFC. I need Ideas. who out there is floored with some one else? who would be my best option at this time in these conditions?
Thanks in advance! |
10-30-2008, 10:47 AM | #2 |
Administrator
Join Date: Nov 2007
Posts: 14,869
|
I hope that you get some good responses - it's a question that I'm sure a lot of Chrysler Dealers are thinking about right now.
|
10-30-2008, 11:59 AM | #3 |
Member
Join Date: Oct 2008
Posts: 52
|
Our dealership is floored through a local bank. I don't know if any of the banks in your area have floor plan loans, but it might be worth checking into.
|
10-30-2008, 02:09 PM | #4 | |
Administrator
Join Date: Nov 2007
Posts: 14,869
|
Quote:
The store that I was at used a local bank as their flooring source and it seemed to be a good relationship. The one nice thing about working with a smaller bank is that they can take a closer look at the Dealership's Balance Sheet to determine the viability of a Dealership. Some of the larger flooring sources seem too rigid and won't look past the numbers to determine the success of a dealership. Ironically, it wasn't too long ago that dealers were getting solicited to switch flooring sources - the banks were actually looking for the business. With the tight credit markets I don't get the impression that the banks are knocking on doors looking for new accounts. |
|
10-31-2008, 05:49 AM | #5 | |
Senior Member
Join Date: Feb 2008
Posts: 1,046
|
Quote:
|
|
11-18-2008, 10:12 AM | #6 | |
Administrator
Join Date: Nov 2007
Posts: 14,869
|
Quote:
I was reading a story on the Internet where a GM dealer was trying to dump GMAC and secure a $10 Million floorline with a new lender. After an extensive search he found a bank that was willing to open a new floorline but they wanted him to put $2.5 Million in a security account. The dealer told the reporter that a year ago he had reps knocking on his door soliciting his floorline and now the best deal he can find requires a 25% security deposit. I've tried to find the link to the story but haven't been able to find it. Conclusion - I think you're stuck with CFC. |
|
|
|
Similar Threads | ||||
Thread | Thread Starter | Forum | Replies | Last Post |
Violations in Chrysler plan? | crowe | Sales | 2 | 10-09-2010 01:03 PM |
What's your Assessment of Marchionne's Plan? | XDCX | Sales | 6 | 11-09-2009 04:15 AM |
Waiting for the plan..... | XDCX | Sales | 6 | 09-23-2009 01:38 PM |
Have the GM/Chrysler merger talks reached the Showroom Floor? | XDCX | Sales | 12 | 11-02-2008 10:20 AM |