General Manager of Bahamas Bus and Truck Company Ltd. Ben Albury said the company's used car sales are down by more than 600 units in the past four to six years. Albury estimated that the ratio of used car sales is now 75 percent versus 25 percent in new car sales.

"I was selling in the past four to six years, 800 to 1,000 vehicles."

In contrast, Albury said he expects to sell 120 to 150 used cars by the end of this year. He explained that even if he sold 1,000 cars, his profit margin would be very slim.

Albury told Guardian Business that promises were made in the past by the government to help regulate the used car sale industry, but he "tries not to get too excited." He also expressed his concerns over the fate of his company.

"If the government is at some point able to step in and regulate this industry in the best interest of consumers, legitimate business owners, and of course the country from a revenue perspective, then I think I can stay in business indefinitely which I would wish to do. If not, we will play it day by day."

Albury said that if certain things do not improve on an overall basis for the new and used vehicle markets, "something we may have to realistically look at is closing down".

"I think the government can do things like trying to reduce the duties on new vehicles and increase the duties on used vehicles. In that way if they have a good reduction or a good point of duty for new vehicles, you encourage people to buy new vehicles."

This would ensure that there are newer and safer vehicles on the road with lower emissions, lower insurance costs, the banks are lending the money at lower interest rates because they are new, and they are giving longer terms to pay for them, Albury explained.

Xian Smith, Guardian Business Reporter

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