The Washington times., 1926-07-21
URGE STUDY Of
CREDITS

Ultimate solution or the great
credit problem coincident with the
distribution of motor cars can come
only when complete coordination
between banker, dealer, finance
company, factory and other i'm.
portant elements has been achieved
Closely associated with this broad
and significant problem is that Of
the used car, and when the one
fundamental question has been
thoroughly solved then will tbs
automobile industry be rid of ons
OF its most perplexing and difficult
phases.
This il the view taken by Oscar
Coolican, president Of the Packard
Washington Motor Company, who
asserts that IL the best interests
Of all are to be cared for stems
should be taken now looking to-
ward the attainment OF greater har.
mony in credit thought among ali
the groups affiliated with the manu-.
facture, financing, and Sale OF au.
tomobiles.
Tho question OF automotlye
credit" he says, lis ore OF the
Wei SLQt1l UIOOAS1AA6 GOuIIOntlnK
this important industry and there
can be- no question but that its
solution would be OF infinite benefit
not only to those within the in.
dustry, but to the public as
whole.
Need For UnanimIty
There Is need for augmented
unanimity OF thought on the sub.
ject Of automobile credit; need for
more cooperative action; need for
broader policies which viii have
. broader and . more general FOL.
lowing.
The value Of such standard IL
easily understood. The rnanufac.
turers Of automobiles have stand
ards Of production methods. STAN.
dardization IL carried forward ia
almost every phase of the industry
to the undoubted benefit of ALL
vet IN the matter Of credit, admit.
tedIy e question Of paramount and
dominating significance, there is
awning but such desirable oneness
Of purpose.
All those connected with fha
sale and financing az artomohiIes
should have q thorough understand.
ing Of the credit probIerna will
which the distributive division of
the industry is faced, should have
complete working knowledge IF
general conditions and detailed sitL
uations, should be equipped 70
handle with expert touch the cutie
intricate angles brought forward.
Coordination OF credit effort
will mean quite as much to the
automotive industry as co-ordina-
ton in any other single depart
Going into further detail regard.
ing the value of greater co.ordina.
ton OF credit thought, Mr.. Coolican
said:
1T win mean the elimination of
a really vast amount OF lost mo-
ton; will result IN the reduction
OF specific kind of waste to an
absolute minimum; viii bring about
q greater degree of efficiency: and
will have, Of course, a highly fav-
oracle effect not only upon the in.
dustry itself but upon the last con.
sumner Of automotive products.
That such an improved State Of
economic affairs within an industry
whose ramifications are among the
most widespread OF any In the
world is worth striving for seems
clear. I have no doubt but that
each one Of the individual factors
concerned In the circle Is not only
willing but anxious to aid In the
bringing about of the coordination
which all are agreed Is essential to
the complete good health of the
automotive industry.
Credit Is Foundation
"All realize that credit Is the
foundation Of all business, that the
economic structure Of the world ID
resting upon a basis OF credit. and
that the automobile industry cannot
afford to overlook an opportunity
to better conditions affecting credit.
theoretically, all factors want to
see definite Improvement take place.
And yet, 1t must be admitted that
for practical purposes there is not
sufficient agreement and that where
definite action is to be taken it
often is taken on diverging lines.
Secretary Hoover has called
many conferences on Standardized
ton Of parts and the result has
been waste elimination, better pro-
auction metnOdS and SO on, In
these conferences the automotive
industry has been we'll represented,
and mechanically the industry is as
perfect as 1926 engineering genius
can possibly make it.
1T is not farfetched to believe
that a conference, or it's equivalent,
a definite and permanent institu-
tion soundly founded and admins
tered, on the subject of credit would
be productive Of the most far.reach-
ing and happy results.
"But whatevor the means. the
end certainly should be achieved. |
such q move would |
entail considerable effort and |
work, but the results
would more than justify any ex-
penditures of energy or time. The
time is now ripe for progressive
action"