Pre-owned car dealer, Jetcon Corporation, is well on its way to becoming the first car dealership in Jamaica to engage in the trading of pre-owned cars outside of the country. Jetcon is looking to explore distribution within the Caribbean region. Not only are they looking to sell cars to individuals but also to other dealers. This will be possible as the company has partnered with suppliers in Japan to export large shipments of cars to the island. This shipment will be facilitated by a lease agreement signed between Jetcon and Kingston Wharves Limited (KWL). The lease will provide storage space for the imported vehicles at KWL Tinson Pen complex. Additionally, Jetcon is capitalizing on the opportunity provided in the agreement to bypass import permits and duties.
Jetcon sells up to 100 cars per month locally but is seeking to sell up to 400 cars per month. The lot leased however, can hold up to 800 cars. The company recently increased its inventory to accommodate a wider variety of cars, which paid off financially as Jetcon recorded double digit growth in sales for the September quarter. Net profit grew from $9 million to $35 million as sales doubled from $143 million to $267 million. This is an exceptional growth for the company that was listed on the Jamaica Stock Exchange in March 2016. Jetcon was listed at $2.25 but grew to almost $17 in just four months before experiencing a stock split. Jetcon now trades at $4.70; a positive outlook for the company.
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