In this scenario of economic crisis, the Nicaraguan market reported a 25% decrease in the balance of the vehicle loan portfolio between December 2019 and September 2020.
Data from the Superintendence of Banks and Other Financial Institutions (Siboif) detail that at the end of last year the balance of the loan portfolio requested to buy a vehicle amounted to $199 million, but in this context of falling productive activity generated by the outbreak of covid-19, the balance recorded as of September 2020 fell to $149 million.
In the countries of Central America, more than 21 million people are looking to buy a vehicle online, and of this consumer segment, close to 4% explore options for acquiring a Suzuki brand car.
CentralAmericaData's interactive information system monitors in real time the changes in consumer habits in all markets in the region, with fundamental information to understand the current commercial environment in which companies from all industries must operate.
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.
Costa Rica, Panama and Nicaragua are the Central American markets which reported reductions in sales of new and used vehicles during 2018.
According to figures from the Ministry of Finance of Costa Rica, from January to November 2018 imports of new vehicles totaled 31,008 units, and used vehicles 17,134 units, registering falls of 12% and 23% respectively compared to the first eleven months of 2017.
Car dealerships in Nicaragua report that only 200 units were sold in July, well below the 2,000 vehicles sold on average several months ago.
Figures from the Central Bank of Nicaragua show that between January and June of this year $45 million worth quadricycles and sedan-type vehicles were imported, 22% less than in the first semester of last year, when $58 million were imported.
In the first months of 2018 about 30% of the cars in circulation were of the brands Mitsubishi, Mazda, Chevrolet, Ford, Suzuki, Volkswagen and KIA.
Data from the report "Vehicle Fleet in Central America" compiled by the Business Intelligence Unit at CentralAmericaData, provides details on the characteristics of the different vehicles that transit the streets of Central American countries.
In 2017, the regional spare parts and auto parts market registered a 5% compared to the same period in 2016, motorcycles numbers remain unchanged, and imports of new tires went down 4%.
Data from the interactive report "Automotive market in Central America" compiled by the Business Intelligence Unit at CentralAmericaData.
Up to December 2017, 45% of the vehicles circulating in countries in the region were automobiles, and 13% were light load units.
Data from the report "Vehicular Fleet in Central America", compiled by the Business Intelligence Unit at CentralAmericaData, details the different characteristics of the vehicles that transit the streets of Central American countries.
The union of vehicle distributors projects better results in the second semester than those obtained between January and June, closing the year 2017 with 19,000 units sold.
At the Andiva Motor Show 2018, which begins today in Managua, the Nicaraguan Association of Automotive Vehicle Distributors (Andiva) plans to sell between 1,800 and 2,000 units.
Currently, the average engine size of new cars sold in Guatemala is 1,485 cc, while in 2011, the average size was around 1,625 cc.
Figures from CentralAmericaData's report entitled "Central American Vehicle Park" show that between 2011 and 2017, the average engine size of the vans sold in Guatemala was also reduced, as in 2011 average engine capacity was 2,962 cc, while in 2017 this figure is around 2,419 cc.
The business sector estimates that if the trend observed in the first semester is mantained, by the end of the year the overall sales will be 3,000 units below the sales of 2016.
The Superior Council of Private Enterprise (Cosep) estimates that in the first half of the year vehicle sales were 15% lower than those in the same period in 2016.According to the Cosep, last year 20 thousand vehicles were sold.
In December 2016, 20% of the vehicles circulating in the countries of the region were between 1 and 5 years old, and 19% between 6 and 10 years old.
Data from the report"Vehicle Fleet in Central America 2016" compiled by the Business Intelligence Unit at CentralAmericaDatashows the different characteristics of the vehicles circulating in Central American countries.
In 2016 the imported value of spare parts for vehicles totaled $37 million, 9% more than the imports recorded in 2015.
Figures from the information system on the Auto Parts and Accessories Market in Central America, compiled by the Business Intelligence Unit at CentralAmericaData
Between September 26 and 28 a delegation of manufacturers and distributors of auto parts from the United States will be visiting Honduras and Nicaragua in order to explore business opportunities.
The trade missions are being organized by the US Autocare Association, a union of more than 500,000 automotive repair shops, auto parts and spare parts manufacturers and distributors.
A reduction has been foreseen of between 15% and 20% in car sales this year, due to changes in the conditions of bank financing and insurance policies.
According to Rafael Lacayo, president of the Nicaraguan Association of dealers of Motor Vehicles (Andiva), the decision taken by banks to demand as a deposit 15% of the value of the vehicle instead of 10%, as has been the case until recently, will have a direct impact on sales this year.