Cyprus car importers face survival problems

* Market shrinks by 50% from 2008, fewer companies and employees *

The Annual General Meeting of the Cyprus Motor Vehicles Importers Association (SEMO) was recently held in Nicosia, where the serious problems facing the companies involved in the import of new cars were analyzed. As stated by the Chairman of the Federation, Alexandros Diogenous, the decline of the market continues, resulting in a shrinking of the number of firms operating within the sector, as well as the number of employees. In particular, registration of new vehicles in the first five months of 2012 was reduced by 50%, compared to registration during the corresponding period in 2008.
The AGM decided to intensify the Association’s efforts for state promotion of an improved recall plan for old vehicles, as soon as possible. It was also decided, within the context of the efforts to reduce operating costs of companies, to recommend that member companies stop work for two weeks in August, rather than one.
During the discussion, concern was expressed as to whether the motor show scheduled for next October would bring any benefit to the businesses, given the prevailing negative psychology of consumers, the difficulty potential buyers face when trying to secure financing from banks, and the high costs of organisation for the companies. The issue will be studied by the new board.

PULL DOWN THE EAC SWITCHES
The meeting unanimously decided to call upon all the members of the Association to do everything possible to save electricity (with the use of generators) on July 11, as an act of remembrance for the 13 who lost their lives in the deadly explosion at Mari, but also as a reaction to the unbearable financial toll that this took on Cypriot consumers and businesses.