senna_T Forged Member Lifetime Members 15,818 Member For: 18y 19d Gender: Male Location: SW Sydney Posted 29/10/08 02:41 AM Share Posted 29/10/08 02:41 AM Just thought I'd bring up a little more doom and gloom so we can all depress ourselves some more!I'd like to hear from everyone how the current Economic Climate has affected your Industry (or business) whether its good or - more likely - bad.Here's my example: As most of you know I work in the car industry selling on the Retail floor. Petrol prices have obviously had an adverse effect on sales, but now that the US economy is in a relative free fall, greater issues arise. The group I work for is financed by GE, they look after our floor plan (stock holding) and also majority of our Finance business. You may or may not know that GE have announced that they are pulling out of Australia completely by the end of November. GE is not alone here, Ford Credit is also gone and GMAC (General Motors Finance) are also withdrawing their business from our shores. Both GE and GMAC actually support 50% of Dealerships in Australia, so that leaves alot of Dealers with Financial support. The other problem dealers face is actually securing a new Finance company to look after their stock - and if the dealer is struggling they will not appear as a good investment for a prospective Company. Luckily we have secured Toyota Financial Services for our Group as we are a multi francise group and will provide roughly $5mil of business per month. Other small dealers may not be so lucky...So how has your industry been affected??? Link to comment Share on other sites More sharing options...
iTec TEAM BA Donating Members 1,755 Member For: 20y 2m 19d Gender: Male Location: North of The Bridge Posted 29/10/08 02:51 AM Share Posted 29/10/08 02:51 AM food industry on the lower north shore is pretty much dead at the moment, people have to eat, but the local fruit shop is doing better then we are and that hasnt happened in about 10 years. We are still busy, but generally this time of the year business picks up about 10-20% and it definatly does not fell like that has happened.. not that I care to much, I still get payed the same Link to comment Share on other sites More sharing options...
Superdan Well-Hard Bangin' Member Member 3,422 Member For: 17y 6m 7d Gender: Male Location: Perff, WA Posted 29/10/08 02:53 AM Share Posted 29/10/08 02:53 AM (edited) Definately had a downturn in business in electrical retail. the place I work for is still doing well (so yes, I'll be fine folks!) but it's mostly non-essential products that are suffering. lot's of whitegoods and air cons etc still pumping out, panel TV's are still cranking out pretty quickly though. things like laptops/ipods/cameras etc are definately down though.GE pulling out is news to me, and I'll have to see how that's going to affect us too!Pat do you have any more info on GE? or was it just something you heard through your work?CheersDanEDIT: Nevermind, I'm safe!! The Age Edited 29/10/08 02:55 AM by Superdan Link to comment Share on other sites More sharing options...
ETM Member 1,194 Member For: 17y 11m 13d Gender: Male Location: syd south Posted 29/10/08 02:56 AM Share Posted 29/10/08 02:56 AM food industry on the lower north shore is pretty much dead at the moment, people have to eat, but the local fruit shop is doing better then we are and that hasnt happened in about 10 years. We are still busy, but generally this time of the year business picks up about 10-20% and it definatly does not fell like that has happened.. not that I care to much, I still get payed the sameI am booked out for the year.Yesterday I went into the tattoo shop and got the first available appointment, january 21 lol. So not everyone is slow, I think its more of a perception that everyone is slow, if we all turned off the tv at night the recession would go away. Link to comment Share on other sites More sharing options...
senna_T Forged Member Lifetime Members 15,818 Member For: 18y 19d Gender: Male Location: SW Sydney Posted 29/10/08 02:57 AM Author Share Posted 29/10/08 02:57 AM (edited) Lol, yes Dan - the GE thing is going to effect alot of people (I keep changing how I spell effect...) I'm expecting a letter in the mail this week about whats happening to my GE accounts (GO Mastercard and CHP car finance)Leigh - I think you are in the beneficial side of the Motor Industry at the moment. I've spoken to alot of people that are spending money on their existing car rather than buying a new one, so the aftermarket industry is still going well. Edited 29/10/08 02:59 AM by senna_T Link to comment Share on other sites More sharing options...
tmac450 Member 1,650 Member For: 18y 5m 23d Gender: Male Location: NSW Posted 29/10/08 03:13 AM Share Posted 29/10/08 03:13 AM The imact of this will effect all industries eventually.The drop in the dollar will filter through to most products once new stocks start hitting the shelves, and as more and more people find it tough, spending will drop.Lucky we've got Kev out there to protect us though Link to comment Share on other sites More sharing options...
our06t Mmmmm......BOOST Member 3,135 Member For: 17y 9m 30d Gender: Male Location: central coast Posted 29/10/08 03:14 AM Share Posted 29/10/08 03:14 AM Landscape and building supplies ,seem to be just hovering atm ,we have definatly not had the pick we normally get this time of year but things are still moving,I really don't think the effect will be felt fully for 6 months or so , a lot of people are already committed to things now but I think it will be the next round of spending that will be cut short. Link to comment Share on other sites More sharing options...
Guest Guests Posted 29/10/08 03:17 AM Share Posted 29/10/08 03:17 AM Just thought I'd bring up a little more doom and gloom so we can all depress ourselves some more!I'd like to hear from everyone how the current Economic Climate has affected your Industry (or business) whether its good or - more likely - bad.Here's my example: As most of you know I work in the car industry selling on the Retail floor. Petrol prices have obviously had an adverse effect on sales, but now that the US economy is in a relative free fall, greater issues arise. The group I work for is financed by GE, they look after our floor plan (stock holding) and also majority of our Finance business. You may or may not know that GE have announced that they are pulling out of Australia completely by the end of November. GE is not alone here, Ford Credit is also gone and GMAC (General Motors Finance) are also withdrawing their business from our shores. Both GE and GMAC actually support 50% of Dealerships in Australia, so that leaves alot of Dealers with Financial support. The other problem dealers face is actually securing a new Finance company to look after their stock - and if the dealer is struggling they will not appear as a good investment for a prospective Company. Luckily we have secured Toyota Financial Services for our Group as we are a multi francise group and will provide roughly $5mil of business per month. Other small dealers may not be so lucky...So how has your industry been affected???A little off topic Pat, but do you know what's going to happen to existing customers of GE & GMAC? My finance is through GMAC & I hadn't heard about this until now... Link to comment Share on other sites More sharing options...
AJJ Member 32 Member For: 17y 4m 17d Posted 29/10/08 03:30 AM Share Posted 29/10/08 03:30 AM Senna,Do you know how this will effect existing car loans with G.E ?I did hear they where leaving and didn't think it would have any impact on me, but as I'm 5 months into a new loan I'm wondering if it will. Link to comment Share on other sites More sharing options...
senna_T Forged Member Lifetime Members 15,818 Member For: 18y 19d Gender: Male Location: SW Sydney Posted 29/10/08 03:49 AM Author Share Posted 29/10/08 03:49 AM From what our finance guys have told me, all pre-existing loans will be taken over by another finance company - who that will be is yet to be finalised however... Link to comment Share on other sites More sharing options...
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