Garnett Reid says you can avoid 500% mark-up on your next used Japanese car
Jamaica imports approximately 32,000 vehicles annually. The question is whether consumers are getting a good deal when they import their vehicles from mainly Japan or Taiwan.
Garnett Reid believes the answer is no, as he asserts that some dealers are charging a 500 per cent mark-up on vehicles in many cases.
Dennise Williams (DW): Garnett, in such a competitive marketplace why are used cars marked up so high? Shouldn’t competition drive down prices?
Garnett Reid (GR): Yes, it should, and some dealers, including myself, do go back to the drawing board and lower some of our prices. But when we look at our overhead cost and the fees that are charged to import a used car/vehicle, it wouldn’t be financially beneficial to the companies.
DW: The Government has imposed so many regulations in the used car industry, how does this help consumers get the best value for money?
GR: With all the regulations that was put in place, consumers would have to shop around and go for the price they budgeted for.
DW: Why do you have a passion for the business of used cars?
GR: My passion is really to help people and that spills over into the used car business, in helping people to attain their dream of owning a car at a reasonable price.
DW: With over 30,000 used cars being imported each year, shouldn’t we be at a saturation point?
GR: There would have been but with young adults leaving school wanting to own their vehicle, working people seeking to buy their car and, sad to say, but cars are being stolen, vehicles are involved in accidents daily — which creates a demand for used cars/vehicles daily.
DW: In your view, where is the growth in the rental car and taxi car industries of the transportation sector?
GR: The growth has been tremendous and there is room for more, as the rental and taxi car industries have created over 20,000 forms of employment and have given $5 billion in taxes to Jamaica Customs.
DW: In five years’ time where do you see your company, Caribbean Auto Sales?
GR: It is my endeavour to have my company, Caribbean Auto Sales, located in different parishes such as St James, St Ann and Westmoreland. And I will continue with my passion in helping people to own their car/vehicle at the lowest price.
