FTC okays sale of automotive companies
The Fair Trading Commission (FTC) has approved the sale of Barbados-based automotive companies Interamericana Trading Corporation (ITC) Barbados and Simpson Motors Limited to a major global player.
However, in an effort to ensure the future survival of Barbados’ other automobile dealerships, the regulator has revealed that Inchcape International Holdings Limited will have to “notify the Commission if it plans to introduce any new brands to its portfolio of offerings that are already represented in Barbados”.
This development comes as sources in Barbados’ automotive sector pointed out that several vehicle brands for which Inchcape had international distribution rights were already distributed and sold here by other companies.
On May 3, Inchcape, which reported $18.6 billion in revenue and $725.7 million in pre-tax profits last year, announced that it now owned the ITC Group, which is the parent company of ITC and Simpson Motors, having acquired the company from the Simpson Group founded by Barbadian entrepreneur Sir Kyffin Simpson. (SC)
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