CAR LOANS IN DEMAND

DESPITE some challenging economic conditions in Barbados, the demand for loans for purchase of cars and other vehicles remains quite satisfactory for at least one commercial bank.

This encouraging sign comes against the background of CIBC First- Caribbean International Bank saying it remains committed to providing financial solutions for such lending to its clients.

The Bank’s Managing Director of its Barbados Operating Company, Ms. Donna Wellington, said so last Friday night while offering more financial opportunities for players in the local car market.

She was speaking at the Bank’s Red CARpet show at the Lloyd Erskine Sandiford Conference Centre, where the island’s car dealers displayed some of their best and exciting new vehicles before an enthusiastic audience.

Ms. Wellington told Business Monday after the ceremony that lending for the purchase of vehicles has been quite good in 2017. She acknowledged that while there have been some nervousness given the current economic situation, people are looking to see what they can do to make sure they have the best vehicle.

“From the beginning we have been a company that has not shied away from innovation and creativity while delivering to our clients personalised service, proactive measures and the best digital, alternative channels,” said Wellington who is also the President of the Barbados Banker’s Association.

“Our promise to you is to continue to provide you with a banking experience that is personalised, responsive and easy and we aim to keep that promise,” she declared.

She also pointed out that this first major auto show that brought together clients, auto dealers and bankers for an amazing shopping experience. Dealers present were Courtesy Garage Limited, Nassco Limited, Simpson Motors, McEnearney Quality Incorporated (MQI) and Platinum Motors.

Ms. Wellington said that the display was a product of their efforts at the Bank and an example “of the exciting direction our retail business is taking our brand, not only in Barbados but throughout the region”.

The Managing Director paid tribute to the staff at CIBC FirstCaribbean Barbados Operations, noting that the employees have continued to propel the Barbados business forward, despite challenges in the market and the stiff competition.

"Our team clearly understands that achieving success cannot be done on our own,” she added.