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Sunday 22.10.2017 | Name days: Irīda, Īrisa

Car trader: market to develop the most rapidly in Lithuania and Estonia

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUCompared with the same period of last year, car trading has demonstrated moderate growth of 1% in the first four months of 2017, says Wess council chairman Aleksandrs Oskins.

He says data from the Car Dealers Association shows that the country’s overall market growth was 15.3% last year. This year’s growth rates, on the other hand, will be moderate.

«Although market development and growth are both present in the region, I am careful in my predictions. If we look at the Baltic region as a whole, we have reached in Latvia the level of 2005. Lithuania’s and Estonia’s levels, meanwhile, are coming close to 2007 levels. The market develops more rapidly in Lithuania and Estonia,» notes Oskins.

A strong surge is noted in Lithuania’s private and commercial sector, which means rapid economic growth. Latvia’s market continues to stagnate, Oskins says.

It is possible the biggest activity in the industry will be expected after the first finances from EU support funds are received to help with the development of industries like construction.

Wess car group is one of the largest car trade networks in Latvia. It is an official dealer for Toyota and Lexus brand cars. The company also provides BMW and Honda service. Wess also offers leasing and insurance services.

In 2015, Wess turnover was EUR 33.541 million and profits – EUR 456,715. Wess was founded in 1992 with the company’s base capital is EUR 213,430.

According to unaudited data, the car group’s total turnover was EUR 48.5 million last year. Compared with results of 2015, the growth is 20%. Wess turnover reached nearly EUR 40 million last year.

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