Vehicles: Urgent Opening of Sales Channels

In Panama, the distributors' union is asking the government to open up sales channels, which is included in the third block of the return to normal scheme, whose start date has not yet been defined.

Thursday, June 25, 2020

Vehicle sales in the Panamanian market are going through their worst moment. According to the latest report of the General Comptroller of the Republic, in the context of the quarantine decreed by the covid-19, during the fourth month of the year was reported the sale of only 117 vehicles, 97% less than that recorded in the same period of 2019.

See "Vehicles: Prices, Trends and Potential Market" reviews that "... The Association of Automobile Distributors of Panama (ADAP) requested the Government to open the sales channels in order to leave about 20 thousand units in inventory, as well as to define an action plan to avoid job losses."

You may be interested in "Trends: What Types of Vehicles are Gaining Market Share?"

The article adds that "... For ADAP's board of directors, 'the urgency of the reopening' is a response to the most worrisome challenges facing the automotive industry, including the fact that millions of dollars are not being sold every month. We have been on hold for more than three months and every month we stop selling approximately $140 million that could help the country's economy."

Regarding the trends in the Panamanian market, CentralAmericaData reports that since February 2020, the increase in interest in cargo trucks has been reflected in the long-term trend, and in the case of the short-term trend, this has picked up since mid-March 2020.

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More on this topic

Vehicle Sales: Optimism in Panama

January 2021

After a 50% year-on-year fall in new car sales in 2020, Panamanian businessmen expect a 25% increase in the number of units sold in the local market by 2021.

The covid-19 outbreak generated a health and economic crisis that severely affected the automotive industry. The most recent report of the Comptroller General of the Republic specifies that between January and November 2019 and the same period of 2020, the number of new vehicles sold in the Panamanian market decreased 54%, going from 44,101 to 20,349.

Automotive Service Centers: Operation Becomes More Difficult

May 2020

In Panama, social distancing measures have been applied and vehicle repair shops are allowed to have only 10 employees, which makes the provision of most services unfeasible.

For the Association of Car Dealers (ADAP), the decision of the Panamanian authorities to approve the reopening of vehicle workshops is positive; however, the restrictions applied in the context of the covid-19 outbreak complicate their operation.

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.

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.

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