None of eight dealers interviewed at the convention plan to look into a new floorplan financing program offered by the U.S. Small Business Administration.
All eight dealers, from states including Texas, Florida, New Jersey and Virginia, said they were pleased with their own floorplan credit and didn't need any more.
"I've been using Bank of America for 40 years," said Lee Maas, a BMW dealer in Plano, Texas. "I'm satisfied."
The seven other dealers interviewed receive floorplan loans from captive finance companies, including those of Ford, Toyota and Volkswagen. Five of them also get such credit from Ally Bank, the former GMAC.
The SBA said Friday it was relaunching a suspended floorplan program that would be more appealing to both dealers and lenders.
The federally guaranteed loans, for which dealers can start applying on Wednesday, Feb. 9, can go as high as $5 million per dealership, up from $2 million.
Some dealers interviewed, while saying they had no need for the SBA program, said it would be helpful for other dealers who are struggling.
They suggested that the sampling of dealers at the NADA convention was tilted toward those who are more affluent and less in need of SBA-guaranteed financing.
Said Bill Schicker, a Ford and Chrysler dealer in St. Louis: "There are a lot of dealers who couldn't afford to be here."