BMW 2011 Annual Report Download - page 23
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23 COMBINED GROUP AND COMPANY MANAGEMENT REPORT
to downgrade those countries’ creditworthiness. The
ensuing unrest on capital markets resulted in higher
credit risk premiums and increased refinancing costs,
despite the drop in interest rates.
The situation on the world’s used car markets continued
to stabilise in 2011. Used car prices fell, however, in a
number of markets, such as Spain, Italy and Greece.
Overall, credit risk levels for retail, dealer and importer
financing business eased slightly during the year un-
der report. However, this was not the case in southern
European markets, where the situation remained tense
in a difficult economic climate.