Our CEO, Mike Bowers, was interviewed by The Nation Newspaper in Barbados. We invite you to read the full article in both Spanish and English:
Inchcape sets eyes on more growth
Inchcape plc, the world’s leading independent automotive distributor, is targeting further investment and growth in Barbados.
Mike Bowers, Chief Executive Officer of Inchcape Americas since 1 April, but with nearly a decade of experience within the group, also stated that the Barbados business would remain a key hub for the group’s expansion across the Caribbean and the wider region.
“In Barbados, we’ve had an excellent first half of the year. We continue to operate strongly and look forward to maintaining consistent performance throughout the rest of the year,” he said in an interview this week during his visit to the island “to gain a deeper understanding of the business.”
“We definitely see opportunities for growth. The market has grown over the past two or three years. We hold around 46% market share, supported by brands such as Suzuki, Mercedes-Benz, Isuzu, and also a brand we are introducing to the market, Changan and Deepal.
“With these brands, we believe we can continue to grow our market share and serve even more customers. So, we certainly see growth in the overall market and growth for the business, without a doubt,” he said.
Energy vehicles
“We have introduced Deepal to the island, and we are very proud of this, as it is a fully electric brand, and people are very excited about this product offering.
“Looking at our business here, we hold a 50% share in the new energy vehicle market. This means we are outperforming the market average in terms of new energy vehicle offerings,” he added.
On 3 May 2022, Inchcape announced the acquisition of the ITC Group, owner of Interamericana Trading Corporation (ITC) and Simpson Motors, from the Simpson Group, founded by Barbadian business mogul Sir Kyffyn Simpson.
At the time, the group stated that the acquisition expanded its global footprint, marking its entry into the Caribbean and enabling distribution operations across more than 30 markets.
The acquired businesses were also expected to contribute approximately £120 million in annual revenue.
Bowers described Barbados as “a particularly important part of our business in the Americas.”
“It’s not only a great business in terms of its operations here on the island as a retail entity, but it also serves as the gateway to our entire Caribbean operation. Therefore, it is a critical part of our Americas business,” he said.
“When we acquired the business in 2022, we did so because we believed it was an outstanding business, and we still hold that belief. The business that the Simpson family built here is remarkable and has been highly successful for many years. That’s what motivated us to make the acquisition.
Global purpose
“When we think about the future, we focus on three key elements. First, we have our purpose, which is to bring mobility to the world’s communities, for today, for tomorrow, and for the better. This is our global purpose and provides the foundation for everything we do.
“Second, we have our ambition, which is to double the size of our business. Achieving this requires growth. The third element is our strategic approach, which is guided by our global strategy, Accelerate Plus, centred on growth and optimisation.”
Bowers explained that “our vision for Inchcape Barbados and the Inchcape Caribbean business is aligned with the Accelerate Plus roadmap.”
“It’s about growing the business, optimising it, and maintaining our position as the best solution for all our stakeholders—our customers, employees, and original equipment manufacturer (OEM) partners.”
“We believe it’s an excellent roadmap, and of course, it needs to be tailored to each market. We operate in over 40 markets worldwide, and what we do in a market like Singapore, Australia, Belgium, or Romania will differ from what we do in Chile, Peru, or Barbados,” he said.