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Auto sellers optimistic about signs of recovery | The Express Tribune

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ISLAMABAD:

Local auto sellers are optimistic about the potential growth in demand within the automotive industry, forecasting positive outcomes for the seller sector in the near future.

“Lower inflation and interest rates, as well as increased economic activity under the new government, offer hope for a sustainable recovery,” said Syed Nabeel Hashmi, president of Thermosole Industries (Pvt.) Limited, in discussions with journalists. Hashmi noted a slight recovery in the local auto industry, which has suffered an average decline of 50% over 18 consecutive months, a trend that should benefit sellers. He highlighted the ongoing challenges facing the local auto salesman industry, including economic conditions, soaring vehicle prices and political uncertainty, which impact sellers at all levels. “Low demand, Letter of Credit (LC) issues and high imports of used cars are factors contributing to the industry’s plight,” he explained.

Read The automotive industry seeks growth through diversification

Hashmi also pointed out that the supply and demand crisis in the local automobile industry had led to frequent closures of original equipment manufacturer (OEM) factories, which had a negative impact on Suppliers. Thermosole Industries Chief Operating Officer Agha Ahmad Raza Khan highlighted that importation of used cars remains a significant factor contributing to the decline of local auto sellers, wreaking havoc on the market.

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