Ford Credit Cutting Staff Costs

Ford Credit's new cost-cutting program won't hurt dealer services, Chairman and CEO Gregory C. Smith tells dealers. Calling the plan to slash personnel costs a Smith says no jobs will be eliminated among the captive lender's 22,000 employees unless efforts to curb overtime and travel costs and hiring cutbacks fail to achieve substantial savings. They told us the idea is to trim personnel costs by

Ford Credit's new cost-cutting program won't hurt dealer services, Chairman and CEO Gregory C. Smith tells dealers.

Calling the plan to slash personnel costs a “restructuring,” Smith says no jobs will be eliminated among the captive lender's 22,000 employees — unless efforts to curb overtime and travel costs and hiring cutbacks fail to achieve substantial savings.

“They told us the idea is to trim personnel costs by more than 15% by the end of next year, but not sacrifice dealer services,” a Ford dealer tells Ward's Dealer Business. “They can't bite off the hands that feed them.”

TAGS: Dealers Retail
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