BMW, the German maker of premium cars, is considering an application for state aid for its financial services division to help ease the pain of its ailing dealer networks who are struggling to sell vehicles amid the global slowdown in demand.
BMW is following in the footsteps of Volkswagen's financial services division which has already applied for help, despite the fact that Volkswagen is flush with cash compared with other German manufacturers.
"The Federation of German Car manufacturers was asked by manufacturers to assess whether it made sense to seek state guarantees," said a BMW executive. "It was decided to do this on a joint basis to avoid the impression that any one company was in particular trouble."
He stressed that the board was still mulling over the move and that it applied only to the financial services arm.
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