No Car Credit
Author: Haje Jan Kamps
Published: 14 December 2005
Yes Car Credit, the as-seen-on-TV car dealership chain aimed at car-buyers with less-than-optimal credit ratings, is closing its doors permanently. Over 800 people lose their jobs.
Owned by Provident Financial, the green-and-yellow logoed Yes Car Credit were operating 27 showrooms all over the UK. Today, the company is closing down all the showrooms, causing around 820 redundancies. The company blames tough competition from dealers, and cites insurance regulations to be another nail in their coffin.
The company has been struggling with financial hardship since the middle of this year, and it was revealed earlier this year that the company has been trading at a loss for several years. Provident has been trying to sell the business for some time, but received no viable bids for the business.
"If you have bought a car from Yes with a loan then nothing changes, you keep the vehicle and make repayments," a Provident Financial spokeswoman said.
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