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-   -   Aston Martin sues car dealer in cash wrangle (https://www.englishforum.ch/transportation-driving/304706-aston-martin-sues-car-dealer-cash-wrangle.html)

Medea Fleecestealer 22.06.2021 13:17

Aston Martin sues car dealer in cash wrangle
 
Hm, I wonder what's been going on?

"Aston Martin has begun legal action against a Swiss dealer, accusing it of withholding customer deposits for its £2.5m Valkyrie sports car.

The carmaker says it will no longer work with the dealer, Nebula Project, and will now take deposits directly.

Nebula signed a deal in 2016 to help finance the Valkyrie and took some deposits from customers, to be used to fund development of the car.

Aston Martin said customers affected would still get their cars on time.

It also asked Swiss prosecutors to consider a criminal investigation."

https://www.bbc.com/news/business-57567068

bowlie 22.06.2021 14:15

Re: Aston Martin sues car dealer in cash wrangle
 
Ho does this make any sense with negative interest rates?

newtoswitz 22.06.2021 16:56

Re: Aston Martin sues car dealer in cash wrangle
 
Quote:

Originally Posted by bowlie (Post 3320220)
Ho does this make any sense with negative interest rates?

You're assuming they've done something legal with the deposits in a segregated account; this sort of story tends to end up with the money having been spent by the (usually former) directors on absurd salaries, or invested badly in some pyramid scheme and now the directors turn out to be living in the Cayman Islands or similar.

eyebeebe 22.06.2021 17:51

Re: Aston Martin sues car dealer in cash wrangle
 
Whatís quite interesting in the article is that the company in question are strongly associated with the AM dealership in St. Gallen, who based on their building and stock arenít a fly by night operation.

I suspect there is far more to this story than the bbc article is reporting.

Axa 22.06.2021 18:25

Re: Aston Martin sues car dealer in cash wrangle
 
It doesn't look nice. Apparently some people invested 5 years ago in the company and today some new people at the head of AM decided the contract was not good.

Quote:

Under a 2016 agreement, the Swiss company Nebula had helped to finance the development of the Valkyrie and other mid-engine cars, an area of focus for Aston Martin, in return for royalties from the carmaker. Aston Martin said ending that contract meant it no longer had to pay future royalties, a claim Nebula disputes

“We consider Aston Martin’s alleged unilateral termination of the contractual relationship with Nebula Project AG as illegitimate and unjustified and are prepared to pursue the necessary steps to preserve our rights,” Nebula said in a statement.

Analysts at A.J. Bell said in a note that the royalty component of the dispute was likely to be hard fought in court as Nebula had stepped in with funding during a “very rough patch financially” for Aston Martin.
https://www.reuters.com/article/asto...-idUSL3N2O418M

Urs Max 22.06.2021 20:48

Re: Aston Martin sues car dealer in cash wrangle
 
Astongate (wiki).

Further, it looks like AM had to lay off 500 employees last March. And an additional 95 this March. According to Wiki some 3000 employees remain.

Looks very ugly indeed.

GParker 22.06.2021 20:57

Re: Aston Martin sues car dealer in cash wrangle
 
Quote:

Originally Posted by eyebeebe (Post 3320313)
Whatís quite interesting in the article is that the company in question are strongly associated with the AM dealership in St. Gallen, who based on their building and stock arenít a fly by night operation.

I suspect there is far more to this story than the bbc article is reporting.

Their dealership agreement has also ended.

Axa 25.06.2021 10:07

Re: Aston Martin sues car dealer in cash wrangle
 
Noticed a couple days ago there's an Aston Martin dealership near home. Considering Emil Frey is one of the largest car importers to CH. How come AM works with 2 importers for a relatively small country as CH? :confused:

https://www.google.com/maps/@47.3237...7i13312!8i6656

st2lemans 25.06.2021 10:27

Re: Aston Martin sues car dealer in cash wrangle
 
Quote:

Originally Posted by Axa (Post 3321177)
Noticed a couple days ago there's an Aston Martin dealership near home. Considering Emil Frey is one of the largest car importers to CH. How come AM works with 2 importers for a relatively small country as CH? :confused:

They sell a lot here, same with Ferrari (as I recall, 10% of Ferrari sales are in CH)

Tom

NickGB 25.06.2021 11:44

Re: Aston Martin sues car dealer in cash wrangle
 
Quote:

Originally Posted by st2lemans (Post 3321184)
They sell a lot here, same with Ferrari (as I recall, 10% of Ferrari sales are in CH)

Tom

I think that it is more like 5%

Axa 25.06.2021 11:46

Re: Aston Martin sues car dealer in cash wrangle
 
Quote:

Originally Posted by st2lemans (Post 3321184)
They sell a lot here, same with Ferrari (as I recall, 10% of Ferrari sales are in CH)

Tom

Indeed, but risk aversion? Buy a 1+ million CHF car from people in St. Gallen or from Emil Frey? It's not like the people in SG will sell it cheaper.

The thrill should be in the driving, not in the money handling.

st2lemans 25.06.2021 11:55

Re: Aston Martin sues car dealer in cash wrangle
 
Quote:

Originally Posted by NickGB (Post 3321205)
I think that it is more like 5%

Yes, 5% of world-wide sales, 10% of EMEA.

https://www.best-selling-cars.com/br...les-worldwide/

Tom


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