Post by bottlecar on Feb 10, 2009 17:59:10 GMT 12
these are friends of friends 
if they are gone what is going to happen to others.
www.stuff.co.nz/stuff/dominionpost/4839170a23918.html
Car dealer for sale: one careful owner
NICK CHURCHOUSE - The Dominion Post | Friday, 06 February 2009
Wellington car dealer Williams and Adams is in liquidation after 80 years of business.
The Williams family, whose ancestor Bert Williams started the company with Rennie Adams in 1927, opted to fold the company when debt levels became unmanageable, PricewaterhouseCoopers liquidator John Fisk said.
Ten car dealerships are set to be sold, from Wellington to Manawatu, but Mr Fisk said they would continue to sell and service vehicles as a timeline for selling them was worked out. Already one approach had been made to buy the business.
One hundred and fifteen staff would learn next week what the fate of the company meant for them, he said.
A clear casualty of the global credit crunch, Williams and Adams took a double hit from the abrupt departure of automotive finance company GMAC last year and a chronic drop in turnover.
"This has been brought about by the number of vehicles [the company had] financed and the decline in sales in the past few months," Mr Fisk said.
The franchisors for the vehicle brands were co-operating to maintain service to customers and help the receivers continue operating as best possible. Warranties and service agreements would all remain valid, Mr Fisk said.
Wellington businessman Ray Cook bought his tenth car in 10 years from the company in November and was devastated to hear of the liquidation.
He described his dealings with the company as like working with family. "I couldn't speak more highly about them, from management right down to the service guys."
Wellington Musical Theatre business manager Michael Highsted was shocked to hear why its Williams and Adams-sponsored car was called back early.
The company had sponsored cars for the theatre's productions for three years. "They've been absolutely wonderful to us," he said.
Motor Industry Association chief executive Perry Kerr said car dealers had been shedding stock for eight months to try to fend off a downturn in sales. "They've probably still got too much stock."
Dealers relied largely on used-car sales, typically eight times as high as new-car sales, Mr Kerr said. "If that dries up as well, they are in deep trouble, which is obviously what happened with Williams and Adams.
"It's horrific for Wellington. I'm really quite sad for them, it's really no fault of their own."
The closure may be just the beginning. "Everyone else will be in the same situation."
if they are gone what is going to happen to others.www.stuff.co.nz/stuff/dominionpost/4839170a23918.html
Car dealer for sale: one careful owner
NICK CHURCHOUSE - The Dominion Post | Friday, 06 February 2009
Wellington car dealer Williams and Adams is in liquidation after 80 years of business.
The Williams family, whose ancestor Bert Williams started the company with Rennie Adams in 1927, opted to fold the company when debt levels became unmanageable, PricewaterhouseCoopers liquidator John Fisk said.
Ten car dealerships are set to be sold, from Wellington to Manawatu, but Mr Fisk said they would continue to sell and service vehicles as a timeline for selling them was worked out. Already one approach had been made to buy the business.
One hundred and fifteen staff would learn next week what the fate of the company meant for them, he said.
A clear casualty of the global credit crunch, Williams and Adams took a double hit from the abrupt departure of automotive finance company GMAC last year and a chronic drop in turnover.
"This has been brought about by the number of vehicles [the company had] financed and the decline in sales in the past few months," Mr Fisk said.
The franchisors for the vehicle brands were co-operating to maintain service to customers and help the receivers continue operating as best possible. Warranties and service agreements would all remain valid, Mr Fisk said.
Wellington businessman Ray Cook bought his tenth car in 10 years from the company in November and was devastated to hear of the liquidation.
He described his dealings with the company as like working with family. "I couldn't speak more highly about them, from management right down to the service guys."
Wellington Musical Theatre business manager Michael Highsted was shocked to hear why its Williams and Adams-sponsored car was called back early.
The company had sponsored cars for the theatre's productions for three years. "They've been absolutely wonderful to us," he said.
Motor Industry Association chief executive Perry Kerr said car dealers had been shedding stock for eight months to try to fend off a downturn in sales. "They've probably still got too much stock."
Dealers relied largely on used-car sales, typically eight times as high as new-car sales, Mr Kerr said. "If that dries up as well, they are in deep trouble, which is obviously what happened with Williams and Adams.
"It's horrific for Wellington. I'm really quite sad for them, it's really no fault of their own."
The closure may be just the beginning. "Everyone else will be in the same situation."
