Between the first four-month period of 2020 and the same period of 2021, vehicle sales in the local market increased by 20%, a rise that is largely explained by the behavior of marketed units of cars and SUVs.
The Office of the General Comptroller of the Republic reported that between April 2020 and the same month of 2021, the number of new units registered in the country increased 2,634%, going from 117 to 3,199.
After several months of reporting year-on-year declines in the number of vehicles sold in Panama, during the third month of the year an increase of 93% was recorded.
The Comptroller General's Office reported that between March 2020 and the same month of 2021, the number of new units registered in the country increased 93%, going from 2,099 to 4,057.
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.
During May 2020, only 96 vehicles were reported for sale in the Panamanian market, 98% less than the same period in 2019.
The General Comptroller of the Republic reported that in the context of restrictions to economic activity by the outbreak of covid-19 sales have fallen considerably, since between May 2019 and the same month of 2020, the number of new units registered in the country decreased from 4,048 to 96.
As the economies of Central America begin to relax the restrictions that have been taken to prevent the spread of covid-19, sales of pickup trucks are predicted to be among the most contracted.
Using a demand-income sensitivity model developed by the Trade Intelligence Unit of CentralAmericaData, it is possible to project the variations that household demand for different goods and services will undergo as the most critical phases of the spread of covid-19 pass and mobility restriction measures are lifted in the countries of the region.
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.
During the first month of the year, 3,487 luxury vehicles were sold in Panama, a figure 5% higher than that reported for the same period in 2019.
According to the most recent report of the General Comptroller of the Republic, between January 2019 and the same period in 2020, in general the number of units registered in the country increased from 3,324 to 3,487.
Because the transportation services provided by platforms like Uber cause people to increasingly question whether or not they need to buy a vehicle, vehicle dealers must face new challenges to keep up with sales.
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.
During the first 11 months of 2019, 2,421 luxury vehicles were sold in Panama, a figure 8% higher than that reported for the same period in 2018.
According to the most recent report from the General Comptroller of the Republic, between January and November 2018 and the same period in 2019, in general the number of units registered in the country fell slightly, from 45,896 to 44,101.
During the first ten months of 2019, 2,210 luxury vehicles were sold in Panama, a figure 9% higher than that reported in the same period of 2018.
According to the latest report of the General Comptroller of the Republic, between the first ten months of 2018 and the same period of 2019, the number of units registered in the country fell slightly, from 41,182 to 40,940.
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%.
In Panama, the decreasing behavior of reported sales continues, since between January and August of this year 31,498 vehicles were registered in the country, 6% less than in the same period of 2018.
According to the latest report of the General Comptroller of the Republic, between the first eight months of 2018 and the same period of 2019, the number of units registered in the country fell from 33,349 to 31,498.
In Panama, the downward trend in reported sales continues, since between January and July this year 27,484 vehicles were registered in the country, 5% less than in the same period in 2018.
According to the latest report of the General Comptroller of the Republic, between the first seven months of 2018 and the same period of 2019, the number of units registered in the country fell from 28,970 to 27,484.
Although the downward trend in new vehicle sales continues in Panama, the declines in the number of units marketed reported in recent months compared to the same periods in 2018 are decreasing.