There are reports that some used car
dealers have started to close their operations as the downturn in the local
economy takes a further toll on the auto industry.
The Jamaica Used Car Dealers Association says at least two members have drawn down their shutters permanently after sales nose-dived while other have started to down size their operations.
President of the Association, Kenneth Shaw, told RJR's Financial Report that the situation has reached crisis level.
"We're trying to hold on and see how best we can survive and how best we can diversify our operations to be able to stay afloat but the inevitable will come down the line unless the whole global situation changes. The situation will get worst but we're waiting to see how much worse it will get in the next couple of months," said Mr. Shaw.
The Association currently has a little over 60 members.
The Jamaica Used Car Dealers Association says at least two members have drawn down their shutters permanently after sales nose-dived while other have started to down size their operations.
President of the Association, Kenneth Shaw, told RJR's Financial Report that the situation has reached crisis level.
"We're trying to hold on and see how best we can survive and how best we can diversify our operations to be able to stay afloat but the inevitable will come down the line unless the whole global situation changes. The situation will get worst but we're waiting to see how much worse it will get in the next couple of months," said Mr. Shaw.
The Association currently has a little over 60 members.
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