The growth trend in new car sales is being maintained, with 19,846 vehicles sold in the first four months of the year, 5% more than in the same period in 2014.
Showing an increase of 1,003 units, there is a marked expansion in the vehicle fleet. Regular cars, SUVs, minivans and trucks are pushing the figures up, according to the Comptroller General of the Republic.
There is scope for increasing the number of vehicles per thousand inhabitants, which currently stands at 132.
A study by the World Bank ranked Panama as being in ninth place in a list of countries with the most cars from across the region. In the first 11 months of 2013, the automotive sector sold 51,569 vehicles, 6,086 more than in the same period of 2012, according to statistics from the Panama Dealers Authority (Adap).
Between January and October 2013 car dealers sold 46,983 new vehicles, more than the 6,379 cars sold in the same period of 2012.
The top selling brands include Hyundai, Toyota and Kia. The first had a growth of 9% between January and October, while Toyota and Kia sales increased by 23% and 35% respectively, compared with the previous year.
The statistics were provided by the Automobile Dealers Association of Panama, which reported that in October alone 7,054 cars were sold, mainly due to the Panama Motor Show being held which involved about 30 car distributors.
At the Andiva Fair held on 20 to 24 November 1200 cars were sold, almost double the amount reported in 2012.
In terms of trade this sector of the economy generates up to $400 million a year.
According to Alvaro Rodriguez, vice president of the Nicaraguan Association of Motor Vehicle Dealers (Andiva), the event's success is due in part to the banks which took part offering credit facilities with low interest rates and quick credit approval.
Distributors expect that at the end of 2013 a record will be broken when they register sales of 14,000 new cars.
Laprensa.com.ni reports: "The stabilization that the industry has experienced in recent years has been driven in part by attractive financing rates and the various marketing strategies which have been carried out."
One of the strategies is the trade sector fair Andiva Motor Show produced annually by the Nicaraguan Association of Automotive Vehicle Dealers (Andiva). In 2013 the sector expects 5% growth in sales, reaching 14,500 new vehicles, said Rafael Lacayo, president of Andiva.
Although the numbers do not match those of 2007, a record year, in 2011 Nicaraguans are set to spend $112 million on new vehicles.
In 2009, unit sales fell by 50%, in the context of the global economic crisis. Recovery starting in 2010 recovery has now been confirmed in 2011 being spurred on by the growth of the Nicaraguan economy.
It is estimated that during the year over 8000 new vehicles will be sold according to the sales projection from the first half. With an average price per unit of $ 14,000, the years sales will be about $112 million.