Honda Center, a service shop located in Guatemala City's Zone 10, has a potential market of 93 thousand consumers between the ages of 25 and 60 years old, of which 66% are interested in vehicle-related topics, within a 15-minute drive.
Using the Geomarketing solutions we have developed for our clients, CentralAmericaData's Business Intelligence team analyzed the environment of some of the main automotive repair shop locations operating in Central American countries. Below is an excerpt of the study's findings.
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.
At the end of 2019, 32% of the vehicles circulating on the streets of Central America were of the brands Toyota, Nissan and Hyundai, while Honda, Suzuki, Kia, Isuzu, Mazda and Ford shared 25% of the total.
The report "Vehicles in Central America", from the Trade Intelligence Unit of CentralAmericaData collects the most updated information on the automotive market in Central American countries.
Toyota, Nissan and Isuzu represented almost 60% of the light freight vehicles circulating in the countries of the region at the end of 2018.
An analysis of CentralAmericaData's Trade Intelligence unit provides details on the characteristics of the different vehicles transiting the streets of Central American countries.
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.
As of June 2017, 36% of automobile or sedan-type vehicles that circulated in countries in the region were of the Toyota and Hyundai brands.
Data from the report "Vehicle Fleet in Central America 2017" compiled by the Business Intelligence Unit at CentralAmericaData shows different characteristics of the vehicles circulating in Central American countries.
In the first half of 2017, the Treasury department recorded the entry of 27,315 units, 10% less than the 30,290 registered in the same period last year.
Although several vehicle distribution agencies claim to have recorded increases in their sales during the first half of the year, in general the market has decelerated compared to the same period in 2016.
In Costa Rica, companies in the automotive sector predict that eventual abrupt increases in the price of the dollar would have a greater impact on the spare parts market than on the sale of vehicles.
Most of the vehicle distribution agencies in the country agree that if the exchange rate continues its upward trend, a negative effect could be seen on the automotive spare parts market, since these are products that are imported in dollars but sold in colones, the local currency.In the case of vehicles, which are marketed in dollars, most companies believe that the dollar price increase has not yet had a significant impact, but they are focusing on advising their customers on how to manage the foreign exchange risk when taking out a loan to buy a car.
In December 2015, 22% of the vehicles circulating in the countries of the region were between 1 and 5 years old, and 19% were between 6 and 10 years old.
The report "Vehicular Fleet in Central America in 2015," compiled by the Business Intelligence unit at CentralAmericaData com details the age of vehicles circulating in the countries in Central America.
Of all vehicles circulating in the country at the end of 2015, 63% were automobiles, 19% motorcycles, 13% light duty vehicles and 3% heavy load vehicles.
Figures from the report "Vehicular Fleet in Central America" prepared by the Business Intelligence unit at CentralAmericaData.com, indicate that 1.3 million vehicles were in circulation up to December 2015, of which 63% were cars.
Between 2009 and 2013 the number of Chinese vehicles in the Costa Rican Public Registry multiplied by 9.
In the last five years, Chinese vehicles went from 0.3% of new cars registered in the country to 2.2% in 2013, according to the National Registry Office. Brands such as BYD, Changan, Geely, Greatwall, JAC and ZAP, have been gaining ground in the Costa Rican market.
During 2013 the import of used vehicles in Costa Rica declined by 45%, the biggest drop since the 2009 crisis.
Importing used cars has ceased to be a business in Costa Rica. Last year the entry of used vehicles into the country declined by 45%, the strongest decline since the 2009 crisis.
Credit facilities provided by banks and the "new rules for the import sector in relation to the tax value of the units, odometers (mileage meter), total losses and new security devices have all affected sales."
Under pressure from importers the government has lowered taxes for importing used motor vehicles, but diluted the reduction by increasing the notional taxable value.
Car dealers in Costa Rica are asking for the establishment of a new formula for calculating taxes on used vehicles.
Entrepreneurs reached an agreement to suspend a blockade they had been holding on the North American highway and this Friday will meet with the chief of Finance, Edgar Ayales to hear his response to the taxes charged on used vehicles. "Let's hope that the Treasury helps us establish a new formula for calculating taxes on vehicles. If an agreement is not reached, we will return to the streets," said Cristian Salas, a representative of the Chamber for Used Vehicle Negotiators in Grecia.
The selective consumption tax charged on hybrid cars has dropped from 15% to 10%.
Among the reasons explaining the low penetration of hybrid vehicles in the Costa Rican market is the amount of taxes that are charged.
"New hybrid-electric vehicles under tariff headings 8703 and 8704, with cylinders not exceeding 2,000 cubic centimeters, will be able to benefit from a 20% reduction in the selective consumption tax," states the new provision.