Car Sales: Light at the End of the Tunnel?

After the number of new vehicles sold in Panama fell 11% between 2017 and 2018, this year the distributors’ guild estimates that the year-on-year decline could be just 2%.

Wednesday, November 27, 2019

Consistent with the downward trend reported in 2017, during 2018 50,889 new vehicles were registered in the Panamanian market, 11% fewer units than those reported the previous year.

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So far in 2019, the downward trend continues, however, the magnitude of the fall in sales are smaller, since according to the report of the General Comptroller of the Republic, between the first nine months of 2018 and the same period of 2019, the number of units registered in the country fell from 37,084 to 34,906, equivalent to a 6% decrease.

Gustavo De Luca, the Association of Automobile Dealers of Panama (Adap), told that the union "... In its predictions (of vehicle sales) is expected to achieve the same figure as the previous year when it rose to 50 thousand or 2% less."

The article adds that "... In a press conference, Adap revealed that during the Panama Motor Show more than 6,034 new cars were sold, generating $90 million in transactions. The most sold brands were: Toyota, Hyundai, Kia, Nissan and Suzuki."

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More on this topic

Automotive: Another Year in the Red

January 2020

According to the reported decrease in new car sales in 2017 and 2018 in Panama, during 2019 the negative trend continued, as 47,866 units were registered, 6% less than the previous year.

Reports from the General Comptroller's Office of the Republic explain that since 2017 there has been a drop in new vehicle sales, since 56,905 units were sold that year, 15% less than cars sold in 2016.

Panama: Car Sales Up 7%

January 2015

In 2014 60.304 new vehicles were sold, 7% more than in 2013, with Toyota, Hyundai and KIA being the top of the list of best selling brands.

According to the Automobile Dealers Association of Panama (ADAP), sales projections for 2014 were for 58,000 units, however, with the Panama Motor Show sales surpassed 60,000 units. It is expected that for 2015 growth will be around 2% to 4%.

Panama: Automotive Boom Continues

May 2014

In the first four months of the year 18,000 new cars were sold, 10% more than in the same period in 2013.

With the sale of 4,797 new vehicles between January and April 2014, Toyota ranks as the best-selling car brand in the country. In second place is Hyundai, with 3,245 units and in in third place Kia, with 2,917 vehicles sold.

Panamanian Car Sales Increase

October 2011

In the first nine months of the year new car sales increased by 26% compared to the same period in 2010.

According to the Automobile Dealers Association of Panama (ADAP), in September a total of 32,720 new cars were sold. Sector expectations are that at the end of the year the total amount of cars sold will be 44,000.

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