Vehicle imports into this country appear to be on the rise with almost 14 per cent more used, reconditioned and new vehicles brought into the island during the first half of 2016, as compared with the same period for 2015.
According to data obtained by The Barbados Advocate, which was compiled by the Ministry of Commerce, some 1502 used, reconditioned and new vehicles were imported into Barbados between January and June 2015; while for the same six-month period in 2016, the number of same vehicles totalled 1710. In fact, a total of 3093 vehicles were imported in 2015 of which 2906 were used, reconditioned or new vehicles, while the remainder were classified as buses/coaches, go carts, golf carts, diplomats or temporarily imported vehicles.
While the records show that most of those vehicles were new, close to 44 per cent were either used or reconditioned, and brought in by individuals or used car dealers. The data indicated that of 1273 vehicles that fitted into that category in 2015, some 489 were imported by individuals during the 12 month period, some 194 between January and June. In respect of the first half of 2016, of the 1710 used, reconditioned and new vehicles, 772 were imported by individuals or used car dealers. Of the over 700 vehicles in that category 304 were imported by individuals.
Minister of Industry, International Business, Commerce and Small Business Development, Donville Inniss told this newspaper that the figures for the second half of 2016 were not yet available, but he anticipated that the trend would have continued, resulting in well over 3000 used and reconditioned cars finding their way into the country last year. The Minister’s comments came as he stated this growth was not a concern to his ministry, whose role is to grant licences to import vehicles. Inniss admitted that to some extent, he believed the growing interest in pre-owned vehicles was as a result of the downturn in the economy. He suggested that while people still needed access to private transportation they were seeking cheaper options.
“As a representative of a primarily middle class constituency, I am very mindful of the challenge that individuals have in acquiring new cars due to the high costs and so I think that there will continue to be a market for used or pre-owned cars. I think society has a right to competition, people have a right to choices and I don’t think the role of the State is stifle competition or to in anyway prohibit it. Competition can increase service levels and contain costs, and wherever possible reduce costs,” he said.
He made the comments while noting that the market for used markets has also created business opportunities and employment for several Barbadians including importers, custom brokers, mechanics, and spare parts suppliers among others. This activity, he said, is to be commended as it is helping to inject money into the economy. With that in mind, he said used car dealers can also look beyond these shores and see if there is scope for them to offer their services within the Eastern Caribbean.
“This market is not going to grow significantly so if you have a good business model, why not seek to export the business model to other parts of the world? Where people see concerns I see opportunities. I’m the owner of used cars and I know sometimes you want to go online and search for parts and accessories but it is not easy, so perhaps there is an opportunity there,” he stated.
(JRT)
Section: