By Ed Attwood
Regional Jaguar Land Rover boss says improved bank lending is key to recovery.
Easing liquidity and a growing sense of stability in the region are major factors behind a big leap in sales at luxury car manufacturer Land Rover, the firm’s regional head has said. “There’s definitely now a sense of people now knowing where they stand, and understanding of what their financial situation is going forward,” Jaguar Land Rover’s MENA region managing director Robin Colgan told Arabian Business.
“And – critically – the banks have started to lend. Banks really tightened up on retail lending in car loans in 2009, and while it’s not got back to the pre-2009 figures, it’s certainly a lot better than it was.”
Colgan revealed that the firm’s Range Rover model line had seen sales jump by 124 percent in the first quarter in comparison to the same period last year. The Range Rover Sport saw an increase of 59 percent during that period.
Globally, parent firm Tata Motors said that Jaguar Land Rover sales were up by 61 percent against the same month last year. Land Rover sales alone rose by 89 percent.
In fact, the executive claimed that the firm’s biggest problem right now was a production backlog.
“We’re dealing with a four-to-five month waiting list for Range Rovers right now, and that position won’t resolve itself until next year,” he indicated.
“It’s certainly a healthier position than 2009. But even last year when our sales performance was down, I always said that it’s a lot worse than it used to be but still a great place to do business.
“That hasn’t changed – it’s a great market for luxury cars and will be for years to come."For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.