UAE dealer predicts 50% rise in sports car sales

FAST LANE: Sales of sports cars have been tipped to rise 50% this year. (Getty Images)

UAE-based Liberty Automobiles has said it remains confident of selling 50 percent more sports and performance cars this year, despite industry predictions that car sales will drop throughout the Middle East.

A new ‘performance car corner’ at Liberty’s Sharjah showroom had been built to help boost sales of Corvettes, Luminas, Caprices and Chevrolet Speciality Vehicles, revealed Rajesh Krishnan, Chevrolet division general manager at Liberty Automobiles.

The car corner was introduced to capitalise on “extraordinary and increasing demand in performance cars during the past year”, he said - adding that the economic crisis would not stop expatriates and Emiratis in the UAE from buying sports cars.

In recent months, car buyers relying on financing have struggled to afford new vehicles as banks tighten their credit lines.

But, Krishnan said the limited access to funding would not hamper Liberty’s sports car sales as the company had an agreement with Abu Dhabi Islamic Bank that enabled customers to secure financing with few obstacles.

“They [customers] are not really struggling – they are coming here and if they are credit worthy the banks are giving them money,” he said.

Under the terms of deal, car buyers have 90 days to make their first payment and receive free registration for their vehicles.

“We as dealers will not sit back and cry, saying ‘this is what the market is like. We are going out and offering something to ensure customers get the best offers,” ” Krishnan added.

Global car sales are expected to plummet in 2009, with several automotive companies announcing cutbacks as the financial crisis continues.

Liberty Automobiles is a General Motors dealer with showrooms in Dubai, Sharjah and the northern emirates.

On Feb. 20, shares in Chevrolet’s parent General Motors plummeted to $1.52 – its worst value in 70 years.

"We grew 30 percent for all our products last year and we may not touch that figure this year because it’s not realistic," Krishnan said.

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READERS' COMMENTS

Get yourself updated
Posted by Rehan on Tuesday 24 February 2009 at 10:03 UAE time


Wakey-wakey rise n shine Mr Krishnan. You should really step out of your sporty office into the real world. News flash for you! There is a recession underway.

UAE dealer predicts 50% rise in sports car sales
Posted by Evie, Dubai, UAE on Tuesday 24 February 2009 at 00:08 UAE time


This is a case of rampant optimism or delusion ramblings?

What a laugh!
Posted by Dubai Sharlatan, Dubai, UAE on Monday 23 February 2009 at 19:09 UAE time


This manager says growing sales of regular automobiles by just 30% this year is going to be a stretch, yet somehow sports car sales are going to grow by 50%! Keep deluding yourself, buddy.

Dubai must be truly different...
Posted by Luis, Dubai, UAE on Monday 23 February 2009 at 07:54 UAE time


When rest of the world is sitting tight and not buying sport cars, we see (another) very optimistic forecast here.
When consumers in other markets are extremely concerned about long term survival of the american car industry (and therefore availability of spares for new cars) we are told that here there are not such worries.
I look forward to seeing end of year figures. Really.

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