Nepean Motor Group - Receivership From Ge?

[GTR-N1]

Heresay Report:-

GE is moving in to install receivership control over Nepean Motor Group!!!

20 Dealerships involved!!!

Can someone confirm or deny this???

If so, Windsor Ford as well as Penrith Dealers of Volkswagon, Suzuki, Nissan, Mitsubishi, Ralliart, Chrysler, Jeep, Dodge, Suzuki, Citroen, Proton, Skoda and Fiat are at risk.

Well well... baaaad tidings??

[NYTSKY]

Yes its true,

My best mate works for Peter Warren and they are not the only ones who have fallen over.(Nepean motor group)

Due to the climate noone is buying cars. In 50 years of Peter Warren being open this is the worse they have seen.

As Peter Warren Group owns nearly half of Liverpool that offsets the bad sales and are able to stay above water.

Most dealers rent the space, which means massive overheads compared to Peter Warren Group.

I was driving a fully optioned FG XR8 the other day and sticker price is over 60k.

They are selling it for 39k!!!! Which is a bargain!!!!

The car market is one of the hardest hit at the moment.

Windsor Ford are going, aswell as the one in Hornsby i think.

[nmg]

Heresay Report:-

GE is moving in to install receivership control over Nepean Motor Group!!!

20 Dealerships involved!!!

Can someone confirm or deny this???

If so, Windsor Ford as well as Penrith Dealers of Volkswagon, Suzuki, Nissan, Mitsubishi, Ralliart, Chrysler, Jeep, Dodge, Suzuki, Citroen, Proton, Skoda and Fiat are at risk.

Well well... baaaad tidings??

Hi, I happen to work for Nepean Motor Group & yes they have appointed Administrators & receivers, the finance company behind us is Esanda not GE & they have handed over control to Grant Thornton Receivers.

As such it is "business as usual" for the moment, the dealership is on the market, so we are waiting for new owners.

We have been assured our pay entitlements are safe & trading is slowly being restored with the manufacturers, they held a creditors meeting in Sydney today.

[nmg]

More info, see attached file....

[BoyWhoCriedWolf]

Hi, I happen to work for Nepean Motor Group & yes they have appointed Administrators & receivers, the finance company behind us is Esanda not GE & they have handed over control to Grant Thornton Receivers.

As such it is "business as usual" for the moment, the dealership is on the market, so we are waiting for new owners.

We have been assured our pay entitlements are safe & trading is slowly being restored with the manufacturers, they held a creditors meeting in Sydney today.

As you are in the industry is it true that Westpac are steppin gin to finance the "floorplans" for the GE/Esanda dealers that will have their finances withdrawn early next year?

[nmg]

As you are in the industry is it true that Westpac are steppin gin to finance the "floorplans" for the GE/Esanda dealers that will have their finances withdrawn early next year?

Don't know anything about Wetpatches involvement, all I know is that Esanda is owned by ANZ, I will ask the person from Esanda who comes out every week to check our stock if she has heard anything

Regards

[JAS-25T]

Its the fact of the cars not selling but more so that the floor stock is leased and the financing on these leases has been pulled.

no one can afford to buy that many cars and just have them sitting there doing nothing.

[Duncan1]

Its the fact of the cars not selling but more so that the floor stock is leased and the financing on these leases has been pulled.

no one can afford to buy that many cars and just have them sitting there doing nothing.

Thats true to a degree, however companies like Esanda and St george etc are still lending money for floor plans. They are obviously inundated by dealers begging them for funding, but given there relative monopoly they can pick and choose who they finance. Couple this to the fact that most dealers financials look pretty ordinary at the moment, and you have some very worried DP's

Toyota however have made a promise that TFS would finance the floor plan of any Toyota dealership that has had GE funding, in addition if it was a multi franchise operation they have said that they would extend the TFS agreement to the clients Non-Toyota dealerships!

[CARSICK]

Its the fact of the cars not selling but more so that the floor stock is leased and the financing on these leases has been pulled.

no one can afford to buy that many cars and just have them sitting there doing nothing.

Yeh, my uncle is currently negotiating to get his deposit $$ back on a new leased car from NMG. Tough times. It seems as if lending institutions can't trust one another with credit.

[PIG747]

yeh i heard that the other day and was told only to sell things to them COD (i work for trivett)

I also heard that hawkesbery valley holden is starting to struggle badly aswell

[Yo-Yo]

Hi, I happen to work for Nepean Motor Group & yes they have appointed Administrators & receivers, the finance company behind us is Esanda not GE & they have handed over control to Grant Thornton Receivers.

As such it is "business as usual" for the moment, the dealership is on the market, so we are waiting for new owners.

We have been assured our pay entitlements are safe & trading is slowly being restored with the manufacturers, they held a creditors meeting in Sydney today.

Does one certain Mr D. Holmes still work there? He still owes me money hahaha

I worked there for 2 years sorry to hear the news. I found out a week ago when serving a customer at work who happened to be the workshop manager at Castle hill toyota, made a comment about how I used to work at nmg and he told me the news

Edited December 23, 2008 by Yo-Yo

[car-freek]

Hi, I happen to work for Nepean Motor Group & yes they have appointed Administrators & receivers, the finance company behind us is Esanda not GE & they have handed over control to Grant Thornton Receivers.

As such it is "business as usual" for the moment, the dealership is on the market, so we are waiting for new owners.

We have been assured our pay entitlements are safe & trading is slowly being restored with the manufacturers, they held a creditors meeting in Sydney today.

[car-freek]

Does one certain Mr D. Holmes still work there? He still owes me money hahaha

I worked there for 2 years sorry to hear the news. I found out a week ago when serving a customer at work who happened to be the workshop manager at Castle hill toyota, made a comment about how I used to work at nmg and he told me the news

Is that David?? He owes a friend of mine unpaid wages as well....LOL.. Although my mate did'nt pursue it coz he had nothing in writting, he just resigned.

[car-freek]

Hi, I happen to work for Nepean Motor Group & yes they have appointed Administrators & receivers, the finance company behind us is Esanda not GE & they have handed over control to Grant Thornton Receivers.

As such it is "business as usual" for the moment, the dealership is on the market, so we are waiting for new owners.

We have been assured our pay entitlements are safe & trading is slowly being restored with the manufacturers, they held a creditors meeting in Sydney today.

You know what they say... THE FASTER YOU GO UP, THE HARDER YOU FALL..LOL

They should have used their money to turn debts into assets rather than be greedy and borrow more money to purchase new businesses. The whole thing was running on borrowed money.

The only dealers that are safe now are those who have been in business for a long time and own the premises and used cars outright.

My mate works for the subaru dealer accross the road, and he tells me that Nepean Motor Group was under so much financial preassure over the last year that customers where just walking accross the road and buying a car from him coz they hated the hard-sell tactics used from the General Sales Manager.

I'm sure a well backed company (like Inchcape, Suttons, AHG) will take over soon and the workers there will be feeling more secure.

I heard they stopped the Nepean Motor Group owner trying to skip the country to Pakistan with an undisclosed sum of cash??? hahahahahahaha

[benm]

Might be time for me to drop down and see what deal they can do me on a VW Crafter....

[memyselfandi]

i just heard about the nepean motor group. wasnt there two owners of this motor group? someone was telling me that one of the owners cheated the other, is that true? what is the actuall story, do you know?

[fatz]

Nadeen the part owner of NMG made 3 600K withdrawals and then left the country. Left his family and all. Top bloke.

[memyselfandi]

Nadeen the part owner of NMG made 3 600K withdrawals and then left the country. Left his family and all. Top bloke.

what about Nadeem's wife and kids? did he leave them as well? what about the other partner?

[car-freek]

what about Nadeem's wife and kids? did he leave them as well? what about the other partner?

Apparently, he was stopped at the airport by the federal police. His cash and passport where confescated and he is now hiding his head in a hole... hahahahahaha

KARMA... KARMA

[EVO9]

i just heard about the nepean motor group. wasnt there two owners of this motor group? someone was telling me that one of the owners cheated the other, is that true? what is the actuall story, do you know?

One cheated the other??????? LOL

More like one (NK) used and cheated his way through everyone. From his ex-wife (and the sale of her fathers estate to get him started) to his latest appointment and partner of 1 month (a CEO!!!)

That place was nicknamed "the revolving door". New Managers and partners all the time. It was all building up to this. He had recently begun employing young and inexperienced people in senior accounts roles.

By the end the good people where gone and the only people he was left with where dinosaurs that could not find work anywhere else.

If it is true that he attempted to escape. Then he should be prosecuted to the full extent of the law. The last thing this country needs during difficult economic times is any amount of money leaving our shores. Specially to Pakistan..LOL

Let's admit it, when it comes to Bankruptcy, Australians can still earn a decent living.

EGG ON HIS FACE!!

Edited December 30, 2008 by EVO9