In the first 10 months of 2011, 38,136 new cars were sold, 24% more than were sold in the same period last year.
Agencies now hope to achieve the goal of selling 44,000 new cars this year.
The highest monthly number of sales was reported in October, with a total of 5416 vehicles sold, boosted by the annual Panama Motor Show which took place during the month.
Between January and April 28% more vehicles were sold than in the same period in 2010.
Of the 14,175 vehicles sold in the first four months of the year, pickup trucks, sedans and commercial cars were the most sought after by consumers, according to figures from the Panamanian Association of Vehicle Distributors.
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