While the Detroit 3 CEOs fly on private corporate jets to Washington D.C. asking for money, Britain’s two biggest motor trade organizations are busy lobbying on their side of the Atlantic as well.
Britain’s Society of Motor Traders and Manufacturers (SMMT) and Retail Motor Industry Federation (RMIF), the two biggest motor trade organizations in Britain, have launched a joint effort to ask for government backed loans for the British auto industry.
In a letter to Chancellor Alistair Darling and business secretary Lord Mandelson, the two organizations asked the government to provide loans for the financial parts of the automakers as well as the automakers themselves. The organizations are asking for loans similar to those available for banks in the U.K. already. The proposals are supported by many of Britain’s car makers including Jaguar Land Rover.
The proposals from the SMMT and RMIF come at an interesting time as the Detroit CEOs were in Washington yesterday and seemed to lose ground with their plea for help. The news of more automakers asking for government assistance and the slumping sales figures shows that something needs to be done before it’s too late.