60% importers, vehicles sale owner shut down their businesses: VIAL

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The Vehicle Importers’ Association of Lanka (VIAL) yesterday said 60% of the vehicle sellers have closed down their business activities due to actions taken by the Government to suspend vehicle imports for one and-a-half years.

VIASL President Indika Sampath Merinchige told the Daily Mirror that the vehicle sale owners who were importing used, unregistered vehicles had to close down their businesses due to lack of vehicles.

“Due to the lack of vehicles to sell, the prices of the vehicles with engine capacity less than 1,000cc had increased by Rs.200,000 and Rs.500,000. Vehicles with more than 1,000cc have been increased by 15 to 30% of the original price, he said.

Accordingly, 1000cc varieties such as Toyota Premio, Toyota Vitz and double cabs have gone up by 25% of their original prices, while luxury vehicles such as Prado, V8 have been increased by 30% of the original price,” he said.

He said there were no concessions granted by the Government or from the banks to protect the industry.