Car buyers flocked to snap up the bargains at HWP's first ever year-end sale, held in Hamilton, proving that there is still a big market for new vehicles in Bermuda despite the current economic crisis.

The clearance sale of the auto dealer's end of year inventory saw punters descending upon the Bull's Head Storage Lot to pick up everything from Volkswagens to Hondas, Mitisibushi, Hyundais and Daihatsus, ranging from $28,000 to $42,000, according to the mastermind behind the idea, Tony Martin, senior vice-president of automotive sales at HWP. They were also drawn by the Honda, Gilera and electric Volt-E bikes, which fetched anything between $2,000 and $3,500.

HWP president and CEO Jonathan Brewin said customers were weighing up whether to buy a new car or to keep paying to maintain their existing models.

He also revealed the company does not have direct exposure to the 'Big Three' US automakers, including General Motors, Ford and Chrysler, and that it would continue to look to 'green' vehicles in the future, with a number of electric bikes already in stock. Mr. Martin said the company started advertising the event three days beforehand and actually sold five vehicles as a result, including Daihatsu car and Nissan truck models, with a further 10 deposits being put down on other models at the sale itself.

"We have new models coming up on stream and it was just a chance to move on some of our existing stock," he said.

"Also, people came in looking for vehicles before that and it worked in our favour to offer some pre-sales deals. Generally speaking, we had a really great response."

Butterfield Bank was on hand to offer money for deposits on vehicles along with the Freisenbruch-Meyer Group for insurance coverage.

The sale was located next to the Bull's Head Car Park, where customers could take advantage of free parking, and across the road from the BAA Field, where parents of children playing football could come and look at and test drive the vehicles, said Mr. Martin, who plans further promotions in the future as well as unveiling the new model Hyundai i130 series, including the i10 to replace the Atos next month and the i30 full-sized hatchback and i20.

"We decided to hold the sale after Christmas when people had put a plan and budget in place for this year," he said.

"People were able to test drive a vehicle which was in stock and buy it at a favourable interest rate and discounted price, for example the VW Golf, which was marked down between $1,500 and $4,000 and some of the Asian cars from $1,500 to $2,000."

Mr. Brewin said HWP had been impacted by a series of currency fluctuations over the past year pegged to global conditions, manufacturers rising their prices and putting the company under more pressure to buy from them, but added that keeping up a sensible inventory was key to the business. He said that the Asian and UK manufacturers which HWP sources its vehicles from were facing a number of challenges, but not on the same scale as the 'Big Three'. The company was focused on adding value through its sales and after-sales service.

A trend was also developing with customers expressing an initial interest in the company's electric bikes, but few were following that up against the backdrop of high electricity bills and cheaper gas prices in Bermuda, according to Mr. Brewin.

"We have to continue to be very aware in our organisation of what the customer is looking for and that is going to be a major thrust in the future," he said.

"I think that people are trying to prioritise the use of their available assets, but they are also gauging whether in invest in their existing vehicle, which may cost a lot more than it is worth, or get a new one.

"At the end of the day, it is down to us to help them understand what is available, provide the vehicle they want and help them look after it."