The union of dealers attributed the slowdown in sales of compact cars to increased traffic accidents and the consequent increase in the cost of insurance.
The Nicaraguan Association of Motor Vehicle Distributors (Andiva) last year estimated that insurance premiums for small and compact cars increased by 15%, due to growth in traffic accidents in the country.Because of this situation, the union estimates that at the end of 2016"... possibly we will reach the same number of vehicles sold in 2015 or perhaps a growth of 1%."
In 2015 55,000 motorbikes were sold and importing companies plan to increase sales by 11% during 2016 to reach 62,000 units.
An article on Elnuevodiario.com.ni reports that "... Sales of these vehicles in the Nicaraguan market reached a volume of 55,000 units in 2015, representing the best commercial result since 2008 and an increase of 23% compared to 2014, according to the Nicaraguan Association of dealers of Motor Vehicles (Andiva). Another piece of data that confirms the dynamism of the motocycle sector is the Survey Measuring Living Standards 2014, which revealed that motorcycle ownership increased from 2% in 2005 to 11% in 2014, achieving growth of 513% between those years."
In 2015 the import of new cars grew by 25%, led by sales of compact cars, and driven by an increase in purchasing power and greater access to credit on the part of Nicaraguans.
Between January and October 2015, Nicaragua imported 14,765 new motor cars, up from 11,860 in the same period in 2014, which represents growth of 25%, according to the Directorate General of Customs (DGA) of Nicaragua. Meanwhile, low cylinder cars, of between 800 and 3,000 cubic centimeters, were imported the most, increasing by 22.5%.
The union of importers of vehicles projects closing the year with a total of 19,000 new units sold, 25% more than the figures of 2014.
In 2014 more than 15,000 new vehicles were sold in the country, with sedan cars leading Nicaraguan preferences. At the end of the year, the Nicaraguan Association of Motor Vehicle Distributors (Andiva) projects having sold up to 19 thousand units, including motorcycles.
42% of the 8400 vehicles that entered the country in the first half of the year were sedans, followed by pick-up trucks, which accounted for 28%.
Vehicle imports in the first half of the year increased by 22% over the same period of 2014, when 6892 units came into the country, according to figures from the Nicaraguan Association of Motor Vehicle Distributors (Andiva). The most preferred cars among Nicaraguans were still sedan remains, above others such as SUVs.
At the Andiva Fair held on 20 to 24 November 1200 cars were sold, almost double the amount reported in 2012.
In terms of trade this sector of the economy generates up to $400 million a year.
According to Alvaro Rodriguez, vice president of the Nicaraguan Association of Motor Vehicle Dealers (Andiva), the event's success is due in part to the banks which took part offering credit facilities with low interest rates and quick credit approval.
Distributors expect that at the end of 2013 a record will be broken when they register sales of 14,000 new cars.
Laprensa.com.ni reports: "The stabilization that the industry has experienced in recent years has been driven in part by attractive financing rates and the various marketing strategies which have been carried out."
One of the strategies is the trade sector fair Andiva Motor Show produced annually by the Nicaraguan Association of Automotive Vehicle Dealers (Andiva). In 2013 the sector expects 5% growth in sales, reaching 14,500 new vehicles, said Rafael Lacayo, president of Andiva.
Authorities plan to remove the selective consumption tax and customs duty on importation of hybrid vehicles, and to limit imports of used cars.
If approved these measures will revitalize the auto market with the use of modern environmentally friendly technologies, which will mean more investment in suitable workshops and trained personnel for their maintenance.
Sales of new cars at the end of 2012 in Nicaragua will total over 12,000 units.
Data published by the Central Bank of Nicaragua (BCN) indicates that during the first five months of the year imports of sedans, vans, minibuses, trucks and ATV’s have gone up relative to previous years, surpassing even the 2008 statistics.
Although the numbers do not match those of 2007, a record year, in 2011 Nicaraguans are set to spend $112 million on new vehicles.
In 2009, unit sales fell by 50%, in the context of the global economic crisis. Recovery starting in 2010 recovery has now been confirmed in 2011 being spurred on by the growth of the Nicaraguan economy.
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