Wealth Bank, seeing the thriving market for used cars, conducts a used car fair beside their office at the Cebu Business Park, according media reports on the Internet.

Sabiniano Villamor, Wealthbank president said that they facilitate the purchase of used cars, which are in “very good condition & are more affordable than brand new cars.”

“We even have wealthy individuals dropping by who are interested to buy used cars,” he said.

“We put up the largest used car fair in the city.

Most banks restrict car financing to brand new units,” Villamor added.

According to Villamor, the activity is only the kick-off of the used car fairs that they will soon conduct for 2007.

As for the current used car fair, Wealthbank brings together 12 car dealers.

The port cities of Tyre and Sidon Paid the heaviest price in December when storms lashed the South, causing severe damage to the area’s harbors in Lebanon.

In Tyre, huge waves accompanied by winds reaching speeds of up to 70 kilometers an hour pounded the area, s port, where more than 120 cars had been parked.

India has approved an Automotive Mission Plan 2006-16 that would draw up a roadmap for the country’s automotive sector for the next decade with the objective of making India a favored global destination.

The automotive sector in India has been growing 17% over the last five years.

An investment of $11 billion has gone into this sector that has reported a turnover of $38 billion last year.

The focus of the mission plan would be to accelerate India’s growth in the automobile sector, according to media reports in India.

The report would cover all issues like safety of vehicles, environment, emissions, and alternate fuels.

India’s booming automotiv market due to its rapidly growing vehicle population has created an equally vibrant tire aftermarket.

The country’s sizeable abd highly dynamic middle class is in a better position than ever before to purchase due to easy financing options, thereby driving the automotive market and in turn, the tire aftermarket.

Indian tire replacement market reveals that the aftermarket earned revenues of $1.461 billion in 2005 & estimates this to reach $3.414 billion in 2012. The commercial vehicle segment is withessing particularly high replacement rates of tires due to widespread overloading of vehicles and improper vehicle maintenance.

Overloading is one of the key drivers of the Indian tire aftermarket since it results in abnormal tire flexing and produces excessive amounts of heat within the tire, ultimately leading to its failury.

Indifferent vehicle maintenance can significantly shorten the life of the tire, while baddriving patterns such as inappropriate braking and accelerating result in greater wear and tear.

The import of used tires is growing in India.

Importing such tires has become a relatively easy task due to the increased focus on Regional Trading Agreements (RTAs) and the lowering of import tariffs as a result of India’s integration with the global economy.

These standards are expected to become mandatory by 2008 and applicable on tires made for domestic use as well as imported ones.

GM global sales declined by less than 1 percent in 2006 as strong growth in Asia largely offset a slump in the U.S. auto market, the world’s biggest automaker said recently.

The company sold 9.09 million cars and trucks worldwide last year, with 55 percent of the total sold outside the United States, the company said.

GM’s sales in the United states, still the largest market for cars and trucks, dropped almost 9 percent to nearly 4.1 million vehicles, according to previously released sales data.