GB Auto abandons parallel market
GB Auto abandons parallel market? The banking sector has managed to cover 55% of GB Auto’s import needs, a company source told Al Mal — and the company is content to wait in the queue for the rest instead of going to the parallel market. GB Auto has traditionally been one of the three most aggressive purchasers of parallel market FX, a fact that helped it ensure it had inventory on hand during the recent crunch, sending its market share to north of 40% as some competitors struggled to fill their lots. Meanwhile, the float and the subsequent doubling of customs USD rates is pushing the company to raise prices on spare parts. GB Auto has also ratcheted up prices on its Geely, Mazda, and Chery, having earlier raised prices on its Hyundai models following the float.
Oh, and if you’re looking to buy a Volvo, you should hold off on that until the exchange rate hits EGP 13, according to Ahmed El Shamy, head of sales at Ezz Elarab Automotive Group, Al Mal reports. (We’d love an XC90, but we’ll settle for an XC60.)