Importers Used Vehicles Lament Low Sales In Q1, 2016

Importers and dealers of fairly-used vehicles have lamented low sales of vehicles in the first quarter of 2016; they blame it on the Federal Government’s unstable policies and hardship in the country.
According to the dealers, between January and March 2016, volume of used vehicles sold dipped abruptly, even as predictions further revealed that the situation might worsen before the end of the year.
They also reiterated that the best way out of the shortfall in the business of cars dealership is for government to review the policy restriction on FOREX; otherwise the business might eventually crumble, leaving millions of people jobless.
A cross section of the operators who spoke with Auto Port Weekly last week in Lagos lamented that the sale of used cars in the first quarter of 2015 was higher than 2016, saying that the business is on the negative side.
Speaking with our correspondent, Chairman SoSo Automobile Limited; Mr. Chidiebere Bernard, said that sale of used cars is no longer attractive, because of the hardship being experienced in the country.
He said FOREX has crumbled importation of cars and dealers are lamenting bitterly. The dealer blamed the Federal Government for the unstable policies, saying that the policy on automobile is yet to make any positive impact on the economy.
Speaking further, the importer noted that since the restriction of FOREX, importers of both cars and other items have no option but to sack some of their employees.
Also responding, an operator at Freedom Park auto market; Mr Phillip Uche lamented that the policy on automobile has negative impact to the economy, dealers and consumers.
He said said between January to March 2015, over 523 units of used cars were sold according to statistics from the market, but added that the first quarter of 2016 did not have up 100 units of vehicles.
He added that since importation of used vehicles into the country has dropped, operators may be forced to abandon cars sales.