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Task force seeking ways to help dealers borrow

Posted Monday, Apr 27, 2009, 3:38 pm in Industry

The Obama administration is exploring ways to expand financing to car dealers, according to the head of the National Automobile Dealers Association, the Automotive News reported.

NADA Chairman John McEleney said members of the auto task force told him they are trying to find ways to let dealers borrow money to buy new vehicles from manufacturers, the industry publication said. One option the task force is looking at is working with the Small Business Administration, said McEleney, who met with task force adviser Ron Bloom and others last week, the paper reported.

The dealers group did not request a specific figure, nor did the task force offer one, he said. Task force members did not commit to providing aid or specify a deadline by which they would decide, McEleney told the paper. (Automotive News)
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