| 04 Dec 2008 |
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Mercedes in top gear despite credit crunch
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Thursday, Dec 04, 2008
Gulf News
Dubai: While the general auto industry in the Middle East is dismal, a reflection of the global financial crisis, Mercedes-BenzMercedes-Benz
is still witnessing growth in sales, a top company official told Gulf News.
The German manufacturer saw an increase of 18 per cent in sales in the first 11 months of this year, compared to the same period last year, according to Frank Bernthaler, director of sales and marketing for Mercedes-BenzMercedes-Benz in the Middle East and Levant.
Bernthaler said that sales reached 18,000 cars this year, in comparison to last year's 15,200 in the same period.
"We are the undisputed leader versus our main German competitors, with 50 per cent market share," he said.
Speaking on the current credit crisis, he said that they are coping with it quiet well. "We see credit approvals to take longer and we also see credit refusals, which is something our markets are not used to," he said.
Normal levels
"But on the other hand, we see that the credit business in general is reaching normal levels, which, for instance, we have been used to in Europe for a long time."
Bernthaler added that in other markets, like Saudi Arabia, where the finance penetration is under 10 per cent, the credit crunch is not having a direct effect on the company's business.
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