The Federation of Automobile Dealers Association on Thursday launched a credit card in association with the ICICI bank.

With the help of the credit card, major vendors would get immediate payment for supplies, Ajit Kumar Chordia, president, FADA, said in New Delhi.

To tackle the issue of excess inventory, and dead stock of spare parts, the value of which was estimated to be Rs 300-400 crore (Rs 3-4 billion), the association also launched a business to business section on its website, he said.

The new section would have details of excess stock with each dealer.

FADA would also organise an 'Auto summit 2004', a dealers convention, on January 17, 2004, he added.