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Insolvencies rise for automotive companies

24/07/2008

New analysis from Experian has found the automotive industry has suffered its highest rate of insolvencies since 2001.

In the second quarter of 2008, 72 automotive businesses declared insolvency, bringing the total for the year so far to 134.

This is a 10.7 per cent increase on last year, according to the financial information provider.

Kirk Fletcher, managing director of Experian`s automotive division, said 2008 was expected to be "tough".

"These latest figures reveal a worrying nose dive. Even those who are managing to keep their heads above water need to keep an eye on their financial and commercial profile," he said.

Mr Fletcher added sales are important but keeping a good credit score and a low-risk profile will help keep businesses afloat.

Experian analysed 34 industries in the second quarter of 2008 and found the motoring industry experienced the tenth highest rise of insolvencies.

In total, business failures increased by 19.7 per cent in the period.

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