Zimbabwe: Used car business slumps

Published August 31, 2015 by godshope1971

Between mid-2009 and early 2014, Crynos Jamu, 38, sold an average of four imported used cars from Japan every fortnight, pocketing more than $6,000 in profit every month.

Trading mostly in sedans from premises just outside the city centre, he was assured of customers and managed to buy a medium density stand where he built a decent house for his family. Using part of his income, he started an informal money lending business, renting a small office in Harare’s central business district.

But Jamu is now a pale shadow of the man who used to turn heads in his neighbourhood, splashing money on parties and living large. He has stopped selling cars and is now focusing on his money lending business, which is also suffering because of intense competition from other loan sharks and a low clientele. ∞∞∞∞∞ MORE »»»»

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