Floor plan

[ssdd]

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!

[XDCX]

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.

[Slo]

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.

[XDCX]

Originally Posted by Slo

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.

Slo - Welcome to DealershipForum.com - thanks for the post.

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.

[ssdd]

Originally Posted by XDCX

Slo - Welcome to DealershipForum.com - thanks for the post.

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.

Yeah this is kind of what I expect, nobody will touch us with a ten foot pole until things get better...

[XDCX]

Originally Posted by ssdd

Yeah this is kind of what I expect, nobody will touch us with a ten foot pole until things get better...

I thought of this thread the other day.

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.