$1.7 billion dollars to bail out once dominant financier
South Canterbury Finance has gone into receivership, with the government stumping up $1.7 billion dollars to protect investors.
At the same time finance minister Bill English has said loans will not be called in or assets sold quickly.
SCF was once a dominant player in the automotive finance market, through its regional branded operations it was a leader in the second-tier finance market via dealers and brokers.
In recent years it has largely withdrawn from the market, closing its subsidiaries during the 2008/2009 business year, and winding down its vehicle leasing operation Flexi Lease Ltd.
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A Christchurch dealer has been recognised for its outstanding service by the nationwide MYOB Awesome Service Award.
MTA subsidiary Vehicle Testing Group is looking for a new board member, with applications for the spot closing this Friday.
Holden has released details on the Series II VE Commodore and WM Caprice, calling the new car the ‘smart Commodore’. That’s mostly because of new technology packed into the car that introduces multimedia technology, improved fuel economy and the ability to run on bio-ethanol.
Kia has released pricing for its new Sportage model - pricing its entry level model below that of competing offerings from Mitsubishi and Hyundai.
A perfect weekend with pole position and three race wins in the penultimate round of the German ADAC Formula Masters Championship at the Nurburgring circuit has seen young Kiwi (Tauranga) driver, Richie Stanaway (18) win the seven-round German ADAC Championship with one round (three races to go).







