Help your local dealer
On November 24, we launched the Save My Local Dealer campaign. On November 25, the Treasury Department announced the Federal Reserve Board would establish a program called TALF (Term Asset-backed securities Loan Facility). When the program was announced, it extended to securities backed by SBA guaranteed loans, as well as securities backed by retail auto financings. It was unclear, however, if the TALF would also include securities backed by dealer floor plan loans.
The team behind Save My Local Dealer knew that providing a way to federally insure floor plan loans would be a primary way to help revive the auto industry. So, we sent out letters, launched an Internet video and rallied to people to our Web site to drive awareness about the industry.
The good news is, on December 19 the Federal Reserve Board confirmed that floor plan securitizations would be eligible for TALF.
We believe this was a critical step for the auto industry. The Save My Local Dealer Team is honored to have played a role in getting this message out to the public.
For more information regarding TALF, you can contact us at savethedealers@focusinc.com or visit www.federalreserve.gov or www.nada.org.
Industry News
The Auto Bailout Keeps Growing, and Growing
TIME - Jan 13, 2009
The support is being administered through the Fed's Term Asset Backed Securities Loan Facility or TALF, which was created this past autumn to encourage banks to start lending again. To further help the dealers, the Fed eased the eligibility requirements so that inventory financing (and there's plenty of inventory to finance) now qualifies as an “asset” that can be packaged into a security just like a mortgage or a car loan.
Entrepreneurs' challenge: Finding the money
Orlando Sentinel, FL - Jan 12, 2009
The U.S. Small Business Administration said recently that it is working with federal regulators to help small businesses get a tiny piece of the government bailout through the Term Asset-Backed-Securities Loan Facility, or TALF, designed to help lenders sell the loans they issue so they can use the proceeds to make new loans.
What Is the SBA Doing to Free Up Small Business Capital?
BusinessWeek - Dec 30, 2008
“Under TALF, the Federal Reserve will extend up to $200 billion in nonrecourse loans to holders of asset-backed securities (ABS) backed by consumer and small business loans in a bid to free up the ABS market,” as this story explains.
Real Time - Market Currents
Seeking Alpha, NY - Dec 23, 2008
8:25 AM New-car dealer floor plan loans will be included in the Fed's Term Asset-Backed Securities Loan Facility (TALF), providing dealers as much as $200B to keep their showrooms well stocked.
TALF Won't Budge Consumer Lending Much: TowerGroup
US Banker, NY - Dec 23, 2008
TALF is designed to revive the flagging ABS market, which essentially shut down as 2008 progressed. The report notes that U.S. credit issuers “rely on ABS for 50 percent of the capital funding for their lines of credit.”
Fed Revises Term Asset-Backed Securities Loan Facility
Wall Street Journal Blogs, NY - Dec 19, 2008
Additionally, the Fed said it has extended loan maturities under its Term Asset-Backed Securities Loan Facility from one to three years.
Campaign News
Automakers have 5 crucial issues to address to get bailout
USA Today - Dec. 2, 2008
“We're trying to get Congress to pay some attention to the dealer level,” says Vazquez, who runs SaveMyLocalDealer.org. “They're trying to solve the problem in the auto industry on the manufacturing level, but that's not what consumers are scared about. They're scared when they see their local dealers shut down.”
Automakers have 5 crucial issues to address to get bailout
9News.com - Dec. 2, 2008
“We're trying to get Congress to pay some attention to the dealer level,” says Vazquez, who runs SaveMyLocalDealer.org. “They're trying to solve the problem in the auto industry on the manufacturing level, but that's not what consumers are scared about. They're scared when they see their local dealers shut down.”
Automakers have 5 crucial issues to address to get bailout
WKYC.com - Dec. 2, 2008
“We're trying to get Congress to pay some attention to the dealer level,” says Vazquez, who runs SaveMyLocalDealer.org. “They're trying to solve the problem in the auto industry on the manufacturing level, but that's not what consumers are scared about. They're scared when they see their local dealers shut down.”
Automakers have 5 crucial issues to address to get bailout
WZZM13.com - Dec. 2, 2008
“We're trying to get Congress to pay some attention to the dealer level,” says Vazquez, who runs SaveMyLocalDealer.org. “They're trying to solve the problem in the auto industry on the manufacturing level, but that's not what consumers are scared about. They're scared when they see their local dealers shut down.”
Marketing group develops grass-roots effort to secure floorplan financing for local auto dealers
RV Industry News - Nov. 24, 2008
TAMPA, Fla. — Focus Inc, one of the largest direct response auto marketers in the country, today announced a national campaign called “Save My Local Dealer,” a movement dedicated to drawing congressional attention to automobile dealerships at local levels across the United States.
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