Dec 2014 Financial News

Massy Motors selling more cars

Dec 15, 2014

Massy executives chat with Martha Elena Nava, right, Nissan's senior manager for Central America and the Caribbean, at the relaunch of the motor company's showroom at Richmond Street, Port of Spain yesterday. From left are Massy Motors Limited director Philip Knaggs, CEO David Jardim and Massy Group chairman David O'Brien. Photo: SHIRLEY BAHADUR

Officials of Massy Motors Limited are confident that recent increases in the prime lending rates at some commercial banks will not adversely affect their sales volume. Natalie Karamath, the company’s director of New Vehicle Sales and Marketing, said while there might be some impact, she is hoping the low interest rate environment doesn’t end too soon. “I do know that it’s not going to last forever so that is why we have to take advantage of it now and that is what we are doing,” she said

“I think we have overcome a lot more challenges in the past and this is just another challenge to overcome . We’ll find another way of getting our sales. We will work with our partners and with our team and we will come up with innovative ways to ensure we maintain steady volumes.”

Karamath was speaking at yesterday’s the Nissan showroom launch in Port-of-Spain yesterday. Her comments followed an annoucement by Republic Bank that its prime lending rate had increased to eight per cent. Also, at a news conference earlier this week, First Citizens said it will also increase its rates. Even with those developmments, Karamath is predicting “a bright outlook” for the company in 2015, with new models to be introduced to the market, including a new Navara that will be launched in March. 

Karamath said Massy Motors saw a 16 per cent increase in SUV sales this year. “The market this year should be about 18,000 (cars sold). It is like a 16 per cent increase from last year. People are buying more cars, I don’t know where they are putting them but they are buying more cars.”

Massy Motors had had a more than 44-year partnership with Nissan Internationally, said director Philip Knaggs who also indicated that confidence in the market prompted the company to change its showroom. 

“We see the market as very healthy and continuing to be very healthy. We believe the right thing for our customers is really to continue to invest in a higher level of showroom. It is better for our customers, it is better for our employees, it is better for the partners that we work with, so all around we think it is right time to invest,” he said

New Nissan brands
The four brands featured at that new showroom are:
• Altima which starts at $310,000
• Qashqai starts at $255,000 and goes up to $295,000
• Pathfinder at $595,000
• X-Trail starts at $275,000

Source:
Nadaleen Singh
Trinidad Guardian
Monday December 15, 2014

http://www.guardian.co.tt/business/2014-12-15/massy-motors-selling-more-cars