Another business that spent way beyond its means….
http://www.smh.com.au/business/wheels-fall-off-damelian-grou…
Rick Damelian Conks Out!
nats on 05/09/2011 - 17:42
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Living in the area, I took a wild guess, 80 mil is alot of money and my guess was that he took a huge gamble on re-developing his dealerships in the face of brands that were on the decline, its interesting another famous dealer in the Alexandria area is doing the exact same thing with a major re-development betting on good times with a brand doing particularly well for them.
Reports in the paper confirming the creditor is indeed a bank http://www.news.com.au/business/stars-dealer-fails-rick-dame….
Perhaps there's not much in a new car, profits come from selling associated products such as factory accessories, paint protection packages, finance/insurance. I guess the service department contributes more to the bottom line than new car sales, there's also the used car/trade-in business which is supposed to be high margin.
It will be a problem if a dealer turnover lots of new cars but does little in other areas, I suspect profit from a new car cannot cover the interest incurred having it sit on the floor and other day to day overheads.
There goes half of parramatta rd! 8 yards!
Geez how about his missus
http://resources3.news.com.au/images/2011/09/05/1226129/8659…And I bet a lot of his personal assets are in her name.
She's hot!!
Nah i've seen her in real life before shes not as good as she is in that photo
Beer in ye belly can make em all seem like supermodels.. LOL
Whoah. She is a bit younger than him.
Found this pic: http://www.flickr.com/photos/55096451@N03/5109905078/
Yeah looks like true love…
Whoa! that pic on flickr is less than flattering, its downright criminal.
I doubt he even cares, looking at the photo in the original article 'proud as punch', like nothing ever happened.
Hell if I was up to my neck for 80 mil i dont think i would be smiling.
They are good at hiding the $$'s, broke on paper but there would be a nest egg somewhere.You realise theres a difference between a company going insolvent and an individual going bankrupt, hes not liable for any of the debts (unless he engaged in insolvent trading). He would have been paying himself a huge salary each year and will get to keep all of that.
Her LinkedIn profile states that she is the Executive Director at Rick Damelian Pty Ltd.
Good detective work, well done
Hmm this sounds like the Rudd-Gillard government. Well, at least they have a lot of pink batts, tin foil, school playgrounds and Kogan Kevin37's to show for their $190 billion debt.
I'm anti Labor too but is this applicable here??
No I don't think being anti Labor is applicable. I never said I'm anti Labor.
Going into dangerous debt and not caring about it seemed to be the theme. 'proud as punch' as nats put it.
Sorry bit off topic, but my two cents worth. Pollies are all puppets, IMO Kevin Rudd was ousted because he had the balls to take on the puppet masters by taking from the rich and giving it to the poor (Mining tax).
JuLiar>>>(http://www.youtube.com/watch?v=KMVc0IbtyAQ) Gillard came in and wants Aussie's to save the planet by imposing a tax that does not have environmental credentials nor benefit, this is why everyone should join the various rallies organised, 'google' search 'no carbon tax' and make these wankers pay.
Don't know if this is another case of spin doctoring but a report in the paper is pointing the finger at the car manufacturers http://www.smh.com.au/business/job-loss-fears-as-car-yards-f… …If so manufacturers should quit leading us down the garden path and introduce serious price cuts in-line with the rest of the world, otherwise there will be no dealerships left to sell their vehicles. p.s. the photography work done on this guy must be at least half of what he lost.
Didn't the government do a car dealership bailout afew years ago?
Do you remember the Capri? Apparently they were Australian manufactured cars that were being sold overseas for 1/2 the price they were sold in Australia for.
It's always someone elses fault, suppliers, workers etc. How much was he paying himself a year?, the article never mentions how he was scrimping, saving like any other Aussie Battler who runs his own business, if that fails then he has nothing, loses home mortgage etc. This guy likely is going to go on a holiday after all this, go jet setting around the world with the wife.
Sorry I am not familiar with that business. Did they "spend way beyond its means" or just bad business practise and bad economy?