A leading auto dealer believes the industry will “eventually” recover to levels comparable to its 2007 peak, despite 2011’s new car sales being almost 50 per cent down on that banner period in what was described as a “mixed bag” year.
Rick Lowe, secretary of the Bahamas Motor Dealers Association (BMDA), acknowledged that while the sector had “a long way to go” to return to 2007 sales levels, it could take comfort from how it recovered from previous market shocks, such as the Japanese yen’s appreciation against the dollar in the mid-1980s.
Speaking to Tribune Business after BMDA members saw a collective 14.71 per cent increase in new vehicle sales year-over-year in 2011, compared to 2010, Mr Lowe said he also detected that businesses – both inside and outside the auto industry – were now “more positive” than they had been for some years. This was despite 2011 new car sales being down 49.68 per cent on peak 2007 levels.
