Jan 2010 Financial News

Auto dealers see tough year ahead

Jan 22, 2010

This year will be very challenging for Toyota in T&T, says Charles Campbell, Human Resource Manager at Toyota Trinidad and Tobago Limited. Speaking at the launch of the Employers Consultative Association (ECA) 50th anniversary celebrations At the Hyatt Regency Hotel, Port-of-Spain, Campbell said the company will be focusing on strengthening its presence in the market and will seek to provide greater customer value, “but we expect 2010 to be a very tough year,” he added. He said that there were no intentions to lay-off workers this year. “Within our local context we have not laid off anyone and it is the Toyota way that we’ll do everything to keep everyone aboard. We do not expect lay-offs this year. We look at our employees as part of the Toyota family,” he said.



He said they expect to sell the similar number of vehicles this year as they did last year. “Last year we sold just over 2,000 vehicles and we expect it to be closer in line to a figure like last year.” “Last year was a tough one for Toyota worldwide. North America being our largest market, we faced a 60 percent drop in sales. For Toyota Trinidad last year compared to 2008 saw a significant drop in sales and it was that way for the whole automobile industry. “In terms of the recession when it hits luxury goods and those kinds of high end things that cost more to customers, those are the first things that are cut back. The automotive industry is no different and has suffered a tremendous decline,” he said.



Campbell added that they intend to continue focusing on customers’ needs for 2010. “We look at our consumers not just as those who own vehicles but we also look at the potential buyers. Consumers appreciate value. For example, in the restaurant business for every dollar you spend customers get about 36 cents in value, so we are looking at raising the value for every dollar that the customers spend and keeping our loyal customers and expanding market share,” he said. “Toyota in 2008 gained the number position in terms of brand sales and for the first time we took over Nissan. But we decided to focus on our customers and we dropped back to number two in 2009. In 2010 we want to consolidate that gain,” he added.


Source:
Raphael John-Lall
Trinidad Guardian
Friday January 22, 2010

http://guardian.co.tt/business/business/2010/01/22/auto-dealers-see-tough-year-ahead