A local leading bank said today activity at the recent car show at the Mall at Marathon was the busiest in years, with more buyers prepared to put down substantial down payments and showing up prepared with plans, pre-approvals and budgets.
BOB (Bank of The Bahamas) retail sales manager Ian Thompson said today the bank saw a marked difference between last year and this year’s auto show, an annual event bringing together cars and trucks, buyers and the companies that finance them.
“Last year, we had a lot of people who came out to look, but it was almost as if they were dreaming of what they wanted to buy one day,” said Thompson.
“This year, people were a lot more serious. They showed up well-prepared, knowing how much they were pre-approved to spend and with their down payment. There was an entirely different, more upbeat atmosphere this year.
“I think we, like others who were involved in the car show, felt this could be a sign that people were feeling more positive about their financial future, more confident. At the same time, we had a number of persons who wanted to get their finances in order and we were able to work with them for a debt consolidation loan, allowing them to wrap all their outstanding debt into one loan with a lower monthly payment.”
According to Thompson, one new car buyer flew in from Andros where the bank maintains two branches. “He wanted to surprise his wife for their anniversary and he knew exactly what he wanted and how much he was approved to spend,” said Thompson. The transaction worked like clockwork.
“He selected the car, a Chevrolet. Nassau Motor Co. shipped it free of charge as their contribution to his anniversary and I understand his wife was so surprised and excited.”
That loan was one of dozens in approved applications BOB wrote as a result of the show held March 30-31. “Let’s keep our fingers crossed that the upswing we experienced at the car show at the Mall reflects an increase in consumer confidence which could spark even more activity,” said Thompson.
Diane Phillips & Associates
