Credit still obstructing Irish car sales

Wed, 29 Jul 2009



According to car finance news reports from Ireland, the motor industry is being hampered by the restriction on credit . The lack of available vehicle finance and the difficulty in passing consumers for credit is keeping car sales low.

The Director General of the Society of the Irish Motor Industry (SIMI), Alan Nolan, was reported in the news as saying: " Dealers have been working very hard through what has been a very difficult phase in the motor industry. Used car values have really dropped down, probably permanently and with the flow of cars from the UK over the last few years, dealers have had to get more competitive. Now they are facing further problems with the availability of finance to stock their showrooms and we can’t run an economy on that basis."

He reportedly continued: " Lending institutions are advertising that they are open for business for car loans, but the reality is often very different for customers and with those people who are willing to buy new cars unable to due to lack of finance, the flow of taxation from Vehicle Registration Tax, which has already significantly reduced will almost dry up."
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