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PR Newswire
05-04-2013, 10:04 AM
Further news on used-car dealer
The new curb on car loan hurts lots of used-car dealers, much more than i anticipated.
Rental woes driving dealers out of car marts
SINGAPORE — Hit by the poor market conditions, seven used-car dealers from Thomson Used Care Centre are trying to pull out of a pre-contract — and risk forfeiting their five-figure security deposits and the renovation work that has already been completed — to move to a newly-refurbished centre in Little India.
With the used car industry, in particular, still reeling from the new curbs on car loans, the dealers cited the need to cut costs after a failed appeal to the centre’s owner, the Singapore Vehicle Traders Association (SVTA), to lower the rent.
Should the car dealers succeed in pulling out, it also leaves the SVTA with a massive headache — last year, it suffered a loss of S$1 million in running the 6,100 sq m centre — slightly smaller than a football field, which is less than half full.
http://www.todayonline.com/singapore/ren...-car-marts
The new curb on car loan hurts lots of used-car dealers, much more than i anticipated.
Rental woes driving dealers out of car marts
SINGAPORE — Hit by the poor market conditions, seven used-car dealers from Thomson Used Care Centre are trying to pull out of a pre-contract — and risk forfeiting their five-figure security deposits and the renovation work that has already been completed — to move to a newly-refurbished centre in Little India.
With the used car industry, in particular, still reeling from the new curbs on car loans, the dealers cited the need to cut costs after a failed appeal to the centre’s owner, the Singapore Vehicle Traders Association (SVTA), to lower the rent.
Should the car dealers succeed in pulling out, it also leaves the SVTA with a massive headache — last year, it suffered a loss of S$1 million in running the 6,100 sq m centre — slightly smaller than a football field, which is less than half full.
http://www.todayonline.com/singapore/ren...-car-marts
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