Dealers torching their own cars

Dealers torching their own cars

Last time I wrote about car repossessions being on the rise due to people just simply being unable to pay their loans. The economic woes have also hit dealers hard. A quick drive down Great North Rd and Greenlane (Boulevard of Caaarrrrrrrsssss) revealed significantly more vacant car yards than this time last year when people were in a mania, inflating as many economic bubbles as they could purse their lips around.

Dealers often borrow money to stock their yards, and with our NZ dollar tanking, and with finance harder to get, it’s made getting the cars more difficult, let alone selling them to punters who want to rip the guts out of any price for the keenest deal on the planet.

It all got too much for one Jeep dealer, Graham Colonial Motors, in Ligioner, Pennsylvania. While torching his cars, because he owed more than US$420,000 in federal tax liens and $11,000 in country property-tax liens, he died of a heart attack. He was found amidst a row of 12 fire-damaged cars. A can of petrol and some rolled-up newspaper were also found.

We haven’t seen that in New Zealand (to my knowledge) in the car industry, but I’m sure that there are people equally affected in other industries who have considered the convenience of a fat insurance policy and a box of matches.

Last time I wrote about car repossessions being on the rise due to people just simply being unable to pay their loans. The economic woes have also hit dealers hard. A quick drive down Great North Rd and Greenlane (Boulevard of Caaarrrrrrrsssss) revealed significantly more vacant car yards than this time last year when people were in a mania, inflating as many economic bubbles as they could purse their lips around.

Dealers often borrow money to stock their yards, and with our NZ dollar tanking, and with finance harder to get, it’s made getting the cars more difficult, let alone selling them to punters who want to rip the guts out of any price for the keenest deal on the planet.

It all got too much for one Jeep dealer, Graham Colonial Motors, in Ligioner, Pennsylvania. While torching his cars, because he owed more than US$420,000 in federal tax liens and $11,000 in country property-tax liens, he died of a heart attack. He was found amidst a row of 12 fire-damaged cars. A can of petrol and some rolled-up newspaper were also found.

We haven’t seen that in New Zealand (to my knowledge) in the car industry, but I’m sure that there are people equally affected in other industries who have considered the convenience of a fat insurance policy and a box of matches.

« | »

Let us know what you think

Loading Facebook Comments ...

Road Tests

Silver Sponsors

Car and SUV Team

Richard-Edwards-2016Richard Edwards

Managing editor

linkedinphotoDarren Cottingham

Motoring writer

robertbarry-headRobert Barry

Chief reporter

Ian-Ferguson-6Ian Ferguson

Advertising Consultant

debDeborah Baxter

Operations Manager

RSS Latest News from Autotalk

RSS Latest News from Dieseltalk

Read previous post:
2010 Kia Sorento revealed

The first official photos of the 2010 Kia Sorento have just been released, and from the looks of things, it's...

Close