The prospects for the car industry
dd
Credit is the lifeblood of the car business. More than two out of three sales in Europe are credit-financed. In America more than 90% of new cars are bought with some form of financing. For most customers, no credit means no new car.
What has made the credit crunch so painful for carmakers is the almost total dependence of their captive financial-services subsidiaries on wholesale funding, which has become scarce and expensive.
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