News: AHG Automotive announces statement on parallel imports

Feb 10 (Reuters) - Automotive Group Holdings Ltd (AHG) :

• There is significant political disquiet over the decision and it is not certain that the legislation will pass"
• Federal government's proposal to relax regulations on parallel imports of new & nearnew vehicles is unlikely to have material impact on co
• As far as it is aware, there are no plans by the government to allow broad based parallel imports"
• Should proposed legislation become law, government's own modelling suggests it will have only a minor effect on Australian dealerships
• In its statement today, the federal government also provided words of caution to potential importers
• Luxury car tax will still apply to parallel imports and stamp duty will be payable on first registration in Australia"
• Government notes that most vehicle warranties only apply in the country where the vehicle was purchased
• industry estimates suggest it would be uneconomical to undertake private importation of the vast majority of vehicles in the volume brands category"
• industry estimates suggest it would be uneconomical to undertake private importation of vast majority of vehicles in volume brands category