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Front Page
Ford Credit Celebrates 30 Years in Australia
Staff, Thursday November 29, 2001.
Page 1 of 1
Today the company is celebrating its 30th anniversary of operations and the achievement of putting over one million Australians on the road by financing their new or used cars.
From humble beginnings with one dealer on its books and 15 staff, the company has grown to become one of Australia's biggest automotive finance specialists with 300 employees across five capital cities, receivables of $4.1 billion and over 162,000 accounts serving Ford and non-Ford customers.
In the current 2001 year, Ford Credit Australia Managing Director, Mr Geoff Green, said the the company expected to return record profits and to exceed financing of 70,000 new and used vehicles for the first time in the company's history.
The local operation was formed in 1971 as a subsidiary of the US-based Ford Motor Credit Company when eight local Ford dealers were faced with the threat of having their finance sources terminated.
On 29th November 1971, the company was officially incorporated, with paid up capital of $9 million. Australia became the sixteenth country in which Ford Motor Credit Company set up operations ? today it operates in 40 countries and is the world's largest automotive financier.
The months following incorporation were spent setting up procedures and plans before the first dealer signed on the dotted line.
In April 1972, Victoria's then largest Ford dealership, BS Stillwell Ford in Kew, signed up. The first retail contract was written in March 1972, with the vehicle financed being a used 1971 Falcon 500, for $2,212.
At that time Ford Credit Australia's staff numbered 15 ? all based in Melbourne ? with American John Curry as Managing Director.
At the time, Mr Curry summed up the company's business: "Ford Credit is an independent finance company for the benefit of the independent Ford dealer organization and its retail customers."
Today, the major share of its operations are still dedicated to providing retail and wholesale financing and capital loans to over 200 Ford affiliated dealerships Australia-wide and their customers.
However, in 1996, the company diversified its operations with the establishment of Primus Automotive Financial Services to finance non-Ford franchises.
Primus operates Mazda Finance, Landrover Financial Services, Volvo Car Finance and Jaguar Financial Services.
Other highlights for the company over the past 30 years: introduced a commercial paper program in Australian financial markets in 1978, issued first floating rate corporate bonds in 1993, launched innovative Red Carpet Options finance product in Australia in 1994, and formed Ford Credit Racing in the Australian V8 racing car series in 1996 with this sponsorship continuing today.
"Ford Credit Australia has grown to become the acknowledged innovator in automotive financing in Australia and we look forward to another 30 years and beyond filled with success," said Geoff Green.
"Our history is a remarkable story of growth and achievement and all our employees can be very proud of the contribution they have made," he said.
"For the Ford Motor Company in Australia, the formation of Ford Credit Australia has ensured a reliable and consistent partner ensuring Ford dealers and their customers receive innovative financial services. Ford Credit is more than a partner of Ford ? we are a family."
For further information contact:
Ford Australia Communications
Phone (03) 9359 8491
Ford Credit Australia's Marketing Manager,
Ross Booth
Phone (03) 9868 8889
Mobile 0403 260 260
