Vehicles: New Reality, New Strategies

Focusing on increasing income from after-sales services and making alliances with banks to offer better financing conditions are some of the strategies that car dealers in Panama intend to implement in this new reality.

Wednesday, May 20, 2020

Representatives of Ricardo Perez S.A., a Toyota brand distributor in the country, believe that because the purchase of a vehicle represents the second most important financial transaction in a family, the automotive sector will be seriously affected in this context of the spread of covid-19.

You may be interested in "Vehicles: Post Quarantine Sales Outlook" and "Trends: What Types of Vehicles Are Gaining Market Share?"

Javier Diaz, Ricardo Pérez's general manager, explained to that one of the pillars of the strategy they will implement as a company is to collect customers' concerns about new products or services they may need, and from there, to boost sales in that direction.

Also see "Vehicle Repair: Business Outlook"

Regarding new vehicle sales, Diaz said that plans include the implementation of a joint strategy with banks, to give more flexible credit to customers who make purchases in the coming months.

Reports from CentralAmericaData detail that so far in 2020 in Central American markets interest in vehicles for cargo transport reported a clear rebound, with Guatemala, El Salvador and Panama, the countries that recorded the largest increases in interactions associated with the subject.

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More on this topic

Used Cars: Demand in the New Reality

September 2020

During the first seven months of the year, 26,188 vehicles were imported to El Salvador, of which 18% were new units and 82% were used. Second-hand cars are still in demand in this new business scenario.

According to representatives of the Association of Vehicle and Automotive Parts Importers (Asiversa), the demand for used vehicles has been maintained in this context of economic crisis, but sales have fallen due to the drop in prices.

Automotive Sector: Strategies in the New Business Reality

May 2020

Making alliances with factories, applying distance protocols at points of service and encouraging the use of digital platforms are some of the strategies that have begun to be implemented by new vehicle distributors in the region.

Managers of Grupo Q, a company that operates 40 salesrooms in Central America, explained that given the spread of covid-19 and the restriction of consumer mobility, they are working to deepen alliances with factories and achieve a comprehensive chain of savings in different areas.

Vehicles: Sales Would Fall 50% This Year

April 2020

Due to the crisis generated by the Covid-19, car dealers in Panama estimate that during 2020 the number of units sold could fall by almost 50% compared to the figure reported in 2019.

If businessmen's forecasts are true, the negative trend of recent years would continue, since during 2019 47,866 units were registered in the country, 6% less than in the previous year.

Vehicle Repair: Business Outlook

April 2020

The sharp drop expected in the income of centers dedicated to providing general mechanical services for cars and trucks in Central America will be mainly explained by the drop in demand from end consumers and bus rental companies.

The "Information System for the Impact Analysis of Covid-19 on Business", prepared by the Trade Intelligence Unit of CentralAmericaData, measures the impact that the crisis will have on companies according to their sector or economic activity, taking into consideration various scenarios for the coming months.

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