The largest source of funding for New Zealand dealers, UDC, says it is still fully operational and writing business for essential services in need of vehicles.
Lawrence Proffit, general manager of dealer business for the ANZ owned company, says payments have continued to be made to dealer customers for business written in the lead-up to lockdown and for a small amount of business transacted since.
Vehicles can still be sold to those businesses that are providing essential services. We anticipate trucks, vans and farm vehicles likely to be the most in demand.
“UDC is open for business as usual,” says Proffit.
“Customers are still looking to purchase vehicles online, where the end customer is an essential service provider.”
“Obviously our focus is on ensuring both our dealers and consumer customers get through this initial period of lockdown with a level of certainty,” he explains. “We will continue to work closely with all of our dealers over the coming weeks.”
Dealers with UDC floorplan products are being offered a range of extensions to ease their pain at a time when cash is in short supply.
The biggest move is that UDC will extend curtailments on all bailment and floorplan facilities by three months, though it notes it may take time to action this – your account manager will be able to keep you up to date.
For other debt, account managers are again the best person for dealers to speak to.
“Our teams are ready to work with business customers to tailor the right kind of support for them,” UDC says in its guide to the assistance offered.
The same applies to the customers of dealers who may call with questions about their own loans. Specific details can be found at https://udc.co.nz/about-us/covid19
“Our phone team has been inundated with calls, but the best option is for our mutual customers to seek assistance by accessing.”
Proffit explains that UDC is working hard to help all customers during this uncertain period.
“Key for us is to make sure our dealers make it through this in the strongest possible position, ” he explains. “The best way of doing that is ensuring our mutual customers get the best assistance they can so they in good shape when this finishes.
