There has been a tremendous decline in auto sales since the catastrophic events of 9/11, which rocked world economies.
That is according to Donald Johnson, General Manager of Sanpin Motors, who believes that the local industry has not recovered since last year’s events.
As Japan and the United States represent the largest market from which vehicles are imported into The Bahamas, President and General Manager of Executive Motors Frederick Albury Albury said it is estimated that about 13,000 cars are imported into the country every year and that 60 percent of them are used.
In an exclusive interview with The Guardian on Tuesday, Mr. Albury said on the retail side, his company has observed about $35 – $37 million are being generated through car sales. These figures however, have suffered a major decline.
Mr. Johnson added that the state of the economy has a lot to do with the decline in auto sales.
He said when the economy is strong then sales have a possibility to increase but if the economy stays weak, then car sales will decrease.
“What happens in the US affects what happens here in The Bahamas. If visitors don’t come here then there will not be any business for the country,” Mr. Johnson said. “Hopefully sales will increase. What happens in the Tourism Industry, really affects every other area of the economy. So if the Tourism Industry is not doing well, then the people in that industry will not have funds to purchase new cars.”
Mr. Johnson said that some of the key areas to surviving in the car business is to be competitive with pricing, have a good quality product, adequate spare parts for servicing, and provide courteous and reliable service to customers.
And, he cautioned dealers to be watchful about the level of overhead costs and other bills when running their business.
Mr. Johnson also advised dealers to work on small profit margins and to keep inventory low and cost effective
By Lisa Albury, The Nassau Guardian
