Lyn enters certified pre-owned segment
IAN Lyn, proprietor of CarMax Jamaica, has now ventured into the certified pre-owned segment of the auto industry.
He made the announcement at a press launch at his new headquarters on Constant Spring Road, St Andrew, on Tuesday.
"The time has come for Jamaicans to buy used cars with a sense of safety and security. Carmax will make sure that each vehicle is properly checked and certified before it is delivered," he said.
Lyn told Auto that he spent US$620,00 to set up the operation on the premises which is just shy of an acre.
The managing director said the certified pre-owned division is responsible for selling its own pre-owned cars as well as on behalf of CarMax customers.
"We currently have 53 cars and we're hoping to get about 70. We're looking to sell about 40 cars per month," he said.
In order to be considered for the Carmax Jamaica Certified Pre-Owned Cars programme, the unit must be in great condition. These include all models and popular brands such as Toyota, Honda, Mazda, Audi, BMW, Volkswagen, Benz, Jaguar and Land Rover.
"Our certified mechanics are trained to detect issues using a computerised diagnostic system," he said.
Lyn said he took his cue to enter this segment based on current market trends.
"The market is shrinking. Importation of used cars has fallen to approximately 3,000 last year. This is approximately 2,500 less than the previous year. While new-car dealers are keeping up the numbers, they sold about 6,000 last year, just about the same as the year before," he said.
Lynvalle Hamilton, president of the Jamaica Used-Car Dealers Association (JUCDA), said the market was shrinking. However, he differed with Lyn on importation figures.
"Last year, 11,000 used vehicles were imported into the island," Hamilton told Auto.
"Russia, New Zealand and the United Arab Emerates are some of the more developed countries sourcing used cars from Japan. And this, coupled with the declining dollar, is making it difficult for us to get cars," he said.