In Credit drought, U.S. car dealers battle to survive. (Reuters)
March 24th, 2009 | 
Author: By Nick Carey
LANSING, Mich., March 22 (Reuters) – Deep in the last stronghold of the struggling U.S. auto industry, Rosario Criscuolo says he owes the survival of his business to Toyota Motor Corp (7203.T).
“If it weren’t for Toyota, I’d be gone,” said the owner of Spartan Auto Group, which runs three auto dealerships selling Toyota, Lexus, Infiniti, Volkswagen (VOWG.DE) and Mazda brand cars. “Without them I’d be selling papers on the corner.”
To fund the $25 million worth of gleaming new cars at his showrooms, including here in Michigan’s capital, Criscuolo needs floorplan financing, or inventory loans.
Floorplan financing is the lifeblood of U.S. auto dealers because it allows them to pay for vehicles when they take delivery and carry them until they find a buyers. Full Article at Reuters
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