Whats going to happen to the stock of new cars @ Rick Damelian Dealership in Sydney

[praja6]

Hi guys,

Just curiously as we all know rick damelian dealership is under receivership. Whats going to happen to the stock of new cars in the dealership?

Do you think the administrators will try to sell it for cheap price to recover the debt ? I am looking for a 2nd car probably a brand new civic VTI auto and wondering they may able to sell it for good price and warranty still covers by Honda i believe if its brand new car.

Thanks

[marquee]

Usually deslers dont own the car is just leased to them until a customer buys it. they will be spread out to other dealers i would imagine

[Fredoops]

Back to Honda.

[praja6]

Ah ic. that means they give back the stocks to their particular manufacturers? hmm.. i thought they gonna sell it and get the money.. As per the customer FAQ in the website, it says the administrator are deciding on the current stock something..

[Lazarus]

Back to Honda.

+1 on that

[Fredoops]

Honda is not going to allow Rick to do a firesale to raise cah, imagine the bitching from other dealers

[marquee]

The administrator would more then likely be honda australia

[natnat]

The administrator would more then likely be honda australia

incorrect.

the current administrators would be the external specialists / accountants from Ferrier Hodgson.

these people will help Ricky group to manage the bankruptcy processes / liquidation / selling off assets / making employees redundant / etc.. and most importantly to make sure the bills fr Ferrier Hodgson get paid first!

most of the new cars stock on the floor would be under loans from the banks. technically when a car is sold to a customer the loan must be repaid within 24 hours. (i used to deal with these stuffs).

so, the current new cars stock could be transferred back to Honda Aust / sold to other dealers and the loan transferred to that dealer.

[Fredoops]

incorrect.

the current administrators would be the external specialists / accountants from Ferrier Hodgson.

these people will help Ricky group to manage the bankruptcy processes / liquidation / selling off assets / making employees redundant / etc.. and most importantly to make sure the bills fr Ferrier Hodgson get paid first!

most of the new cars stock on the floor would be under loans from the banks. technically when a car is sold to a customer the loan must be repaid within 24 hours. (i used to deal with these stuffs).

so, the current new cars stock could be transferred back to Honda Aust / sold to other dealers and the loan transferred to that dealer.

Thats right, I used to 'work' with administrators and liquidators.... Bunch of legalised crooks imo.

[tron07]

just wonder how they manage to end up owing so much money

[natnat]

just wonder how they manage to end up owing so much money

i think the media reported overstated loan amount, ie: incl all the floorplan / loan for cars held in stock.

but calling in a receivership (ie: the Ferrier Hodgson) is usually a last resort strategy to fix things up...

[Fredoops]

i think the media reported overstated loan amount, ie: incl all the floorplan / loan for cars held in stock.

but calling in a receivership (ie: the Ferrier Hodgson) is usually a last resort strategy to fix things up...

Fix? dude. lol