Thursday, March 19, 2009

Auto Suppliers Get $5 Billion Aid

I have raised the issue in prior posts that the U.S. auto suppliers are in as desperate financial shape as the U.S. auto manufacturers. It is critical that auto manufacturers have the necessary parts to build cars. Apparently, the U. S. Treasury is coming to the rescue! The information just came in this article from the Associated Press by author Ken Thomas.

The U.S. Treasury Department will assist troubled auto parts supplies with up to $5 billion in financing. The funding will be from the Troubled Assets Relief Fund or TARP.

In a statement, Treasury Secretary Geithner said the "Supplier Support Program would help stabilize a critical component of the American auto industry during the difficult period of restructuring that lies ahead. The program will provide supply companies with much needed access to liquidity to assist them in meeting payrolls and covering their expenses, while giving the domestic auto companies reliable access to the parts that they need."


  1. Hi Pete .. we are in a mess .. let alone the car industry. The recession forced the announcement of the cancellation of the international motor show in 2010 here in the UK yesterday.

    Thanks for the information ..
    Hilary: Be Positive Be Happy

  2. Hilary,

    Thanks for your comment! Sorry to hear about how difficult it is in England.

    Wow..they canceled the auto show! That is big! It shows how bad this economic disaster is impacting the world.

    My concerns in that a number of car companies will go under!

    Best Regards


  3. Hi Pete .. see my new comment on your Austin 7 post .. it is pretty dire here .. it'll be interesting see what comes out over the years ahead ... you'll enjoy the new technical advances that will be made & history is being made, while the old history of vehicles can be told too .. I want to bring some of those in to my blog ..

    Thanks Hilary: Be Positive Be Happy

  4. Hilary,

    Currently we are going thru some major changes! I have a post coming up that maybe my best ever.

    This period is so similar to the 1920's it is scary! It is the same with autos, the 1920's had some fabulous cars but there was a long dry spell after that.

    I would really like to see you do some posts to your blog on the cars that you have owned! You have a rich auto history!