Automotive Business Maintains its Appeal

Sales projections for this year are not the best, but the decision of three foreign companies to enter the Costa Rican automotive market shows that there is still potential to grow more.

Wednesday, April 11, 2018

ir="ltr">In the last year, the companies Ambacar, from Ecuador, Inchcape, from England, and Euro Advance, linked to Grupo Cofiño, from Guatemala, entered the market through the purchase, partial or total, of local distribution agencies. 

See also: "The Vehicle Market in Central America"

Although it is expected that this year car sales will continue their tendency to decelerate, registered since last year, the decision by these companies to invest in the Costa Rican market reflects the fact that there is still potential for growth.

"...The motivations range from long-term business relationships to market analyzes that determine that there is little vehicular penetration in the national territory."

For example, the English firm Inchcape, which in March announced the purchase of the representative group of Suzuki in Costa Rica and Panama , explained to Elfinancierocr.com that they decided to do so because "... both Central American markets present opportunities for structural growth due to low rates of vehicular penetration and the expectations of economic growth."

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More on this topic

$284 million to Buy Suzuki Dealer in Costa Rica and Panama

April 2018

The English firm Inchcape has announced the acquisition of Grupo Rudelman, representative in Panama and Costa Rica of the Suzuki, JAC and Great Wall automobile brands, among others.

From a statement issued by Inchcape :

Inchcape plc (“Inchcape” or the “Group”)1 , the leading independent multi-brand Automotive Distributor and Retailer with global scale, is pleased to announce the acquisition of Grupo Rudelman, an Automotive Distribution business in Central America focused on Suzuki, for a total cash consideration of $284 million (£201 million2 ), on a cash-free and debt-free basis.

Bids of up to $40 million in Vehicle Tender

October 2017

Grupo Q, Cofiño Stahl, Continental Motores, International de Guatemala and Changhe Motors have presented their proposals to sell 3,000 vehicles to the Guatemalan government.

In the tender launched by the Ministry of the Interior to supply 1,500 motorcycles, 1,300 pick-up trucks, 150 cars and 63 other vehicles, four companies took part, with the following proposals:

Honduras: Good Perspectives for Car Sales

November 2016

The union of distributors plans to close 2016 with an annual increase of between 3% and 5% in sales of new vehicles.

Industry representatives estimate that the vehicle fleet will close 2016 with an annual growth of 10%, with at least ".... 15 thousand vehicles circulating in the country." 

Guatemalans Switch from Cars to Motorcycles

April 2009

Automotive dealership Cofiño Stahl ventured into the motorcycle market after the collapse in car sales.

Car sales have decreased by more than 60% in the last year, forcing the sector to react and adapt. In the face of this situation, Cofiño Stahl, Chevrolet dealer, decided to enter the growing motorcycle market by importing and distributing the Chinese brand Genesis.

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