Soumobroto stressed the need for the organised private sector and banks to provide vehicle-financing services to both consumers and car dealers.
He said in Nigeria alone where it has its footprint in about 11 states, Cars45 sells 750,000 cars annually. “People would rather spend money on food and shelter rather than buy a new car. People have delayed purchase and sale of their cars,” he said. The company noted that its expansion into Kenya and Ghana is growing while strengthening its partnerships with car manufacturers and original equipment manufacturers , including KIA, Kelwarams and CFAO, to facilitate new car sales and ownership.
D answer to Nigerian's patronage of used cars is d purchasing power which is terribly weak. How can u expect d exchange rate of $1:N460 & a Nig'n wt min wage of N30k/month to be able to afford a new car. If you analyze used clothes then you'll also conclude that we use 95% of it.
let's make it 100% before 2025 then we can reset!
Ehe what now happened ? 😡
Okay, but have you been to Abuja before? 😂
nice