Courtesy adjusts budget; pays bonuses
Courtesy Garage says it will be among a reduced number of companies in Barbados to pay bonus in 2012, following outstanding performances in September and November in the automobile market.
“I suppose many of you are wondering if the company will pay bonus this year and the answer is yes,”?he told the company’s recent awards luncheon at the Lloyd Erskine Sandiford Centre. “It was touch and go for the last couple of months but thanks to you, a sterling performance in September basically saved the year.”
Mackie said that the bonus payment would be based on a budget which was adjusted downward to reflect economic realities and market conditions.
In November, the chief executive said Courtesy saw a major impact of the recent acquisition of the Hyundai brand when the dealership sold a combined total of 73 Nissan and Hyundai vehicles.
That performance, he said, allowed the company to achieve 29 per cent market share in that period and it was the first time since the early 1990s that Courtesy Garage had carved out such a significant share.
Overall, Mackie said it was another challenging year in the automobile industry but the further diversification of Courtesy Garage helped it to achieve an improved performance over 2011.
Courtesy Garage invested $8million in acquiring the Hyundai distributorship in Barbados and upgrading the dealership at Wildey, as well as in building capacity among staff. Its market share moved from 11 per cent in 2011 to 19 per cent in December 2012. (PR)