1 month ago
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The Automobile Dealers Association, ADA, is welcoming the government’s plan to reduce the bond on duties for new vehicles from 100 percent to 20 percent.
The announcement was made by Finance Minister, Fayval Williams in her budget presentation on Tuesday.
Jacqueline Stewart Lechler is chairman of the ADA.
Mrs. Stewart Lechler says the current bond duties are onerous.
Jacqueline Stewart Lechler, chairman of the ADA.
Mrs. Stewart Lechler says with the new policy, dealers will no longer need to allocate as much capital to a holding fund.
The Automobile Dealers Association says the policy change will ultimately result in benefits to the government, the sector and the public.
The association says it expects to see a reduction in the cost of procuring new cars, which will ultimately result in a reduction in costs to purchasers.
It also says the policy will act as a fillip for stronger competition in the car sales market, increased investment in local jobs and services, and improved customer service and after-sales support.
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