Central America: Automotive Market Grows 10%

In 2014, 84 000 new and used vehicles were sold in Guatemala, Costa Rica and Nicaragua alone, and it is expected that 2015 will close with an annual growth of nearly 10% across the region.

Wednesday, July 29, 2015

While the region has generally shown an upward trend in the marketing of vehicles, mainly new ones, the characteristics of each of the countries, particularly with regard to access to bank credit, makes the behavior of the auto market different in each.

For example, while distribution companies in Costa Rica say that 2014 was a good year for the sale of luxury vehicles, in Nicaragua this market segment had the worst performance,explained Lorena Ochoa, CEO of Bavarian Group in Nicaragua, in an article on Revistamyt.com.

"... Despite the low indicated by Ochoa, between January and May this year the Nicaraguan market has grown 15% compared with the same period last year, leading dealers to estimate a sale of 16,000 units in 2015. "

"... The picture has visions found in Costa Rica. On the one hand, James Aizenman, director of Danissa Group is optimistic about 2015 and expects more than 15% growth with sales of more than 6000 units of Nissan and 600 Audi. On the other hand, Jesus Castro, CEO of Purdy Motor, has a more reserved view of 2015 and predicts a slight reduction at the end of the fiscal year in September. "

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New models, better financing conditions and increased imports of used units would boost the sale of electric vehicles next year in Costa Rica.

Danissa, Q Group, BMW and Laudreni Auto, agencies in the country dedicated to marketing electric vehicles, estimate that between 2019 and 2020 their combined sales will increase by 45%, from 342 to 497 units.

Panama: New Car Sales Slow Down

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Over the past year 66,700 new vehicles were registered, only 3% more than in 2015, while between 2014 and 2015, the increase was 7%.

Of the 66,700 new vehicles registered in 2016 in Panama, 28,000 were for regular cars, 20,000 were SUVs and 2,500 were luxury cars. In the case of pickup vehicles, almost 10 thousand units were registered, 19% more than in 2015.

Luxury Cars in Guatemala

December 2014

Between January and October this year more than 1,300 high-end vehicles were sold, equivalent to 5% of new car sales in the same period.

According to the Association of Importers and Distributors of Motor Vehicles, the bestselling luxury car brands up until October of this year were: Audi, with 382 units, BMW, with 340 units sold, Land Rover with 127 units and finally Porsche with 104 cars.

Panama: Luxury Car Boom  

March 2014

The sustained growth of the Panamanian economy is boosting luxury car consumption, championed by high-end cars.

The increase in sales of vehicles in 2013 in the luxury segment is expected to be repeated in 2014, according to representatives of the brands. The union of distributors also expects an increase, although it is more cautious.

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