OzCar was a special purpose vehicle (or trust) established by the Australian government to provide financing for car loans after GE Money Motor Solutions and GMAC abandoned the Australian market during a financial crisis. Its establishment was announced in a media release on 5 December, 2008 and it was legally established as a trust on 2 January, 2009, although it was not activated until 1 September, 2009. Its enabling legislation Car Dealership Financing Guarantee Appropriation Act 2009 received assent on 6 July, 2009 and ceased on 04 April, 2012 after repeal by the Financial Framework Legislation Amendment Act (No. 1) 2012.
OzCar became involved in the OzCar affair in Australian politics.
References
OzCar Wikipedia(Text) CC BY-SA