Strengths:
Financially MG Rover has been in a position of strength ever since company was established in May 2000. The company started its life with a debt-free net asset balance sheet valued at around £740 million and benefited from the fact that the previous owners had made around £3 billion of investments in the company. Moreover, In Jan 2001, the company has signed Heads of Agreement for a dealer retail finance agreement with First National Motor Finance, the motor vehicle finance division of First National Bank, a subsidiary of Abby National. First National, which is one of the largest providers of motor industry finance in the UK, that provide a number of financial service products, principally including customer retail finance, to the UK MG Rover dealer network, and provide MG Rover Dealers with funding for new and used vehicles, as well as enabling Dealers to offer customers comprehensive and competitive financing for their vehicles. Furthermore, the products of MG Rover are sold world-wide in 70 markets with approximately 50 per cent of the annual production of cars are exported, the reminder distributed to the UK dealer network. As present MG has a network of 270 dealerships. ... In Aug 2002, the MG and Rover cars have been reintroduced into the New Zealand and Mexican markets. The MG Rover possess a wide export market for its products outside the UK. Additionally, the figures from the society of Motor Manufactures show that MG Rover’s sales increased 36% in June over June last year, with an 11% increase in sales for the year to June. MG Rover sold more cars than Honda, Audi, BMW, Nissan and Toyota. With the British International Motor show finished in Nov 2002, MG Rover Group has reported huge levels of interest in its car ranges and at the final count is excess of 1,000 orders were taken, representing over 12 million at showroom prices. Otherwise, MG Rover Holdings’ revenue streams range from car sales to parts and accessories, it also owns Powertrain Ltd, which produces engines and transmissions for K series petrol engines for Rover, MG, Land Rover, Lotus and many other the companies.
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