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Vehicles: Is the Sales Trend Reversed?

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.

Wednesday, September 4, 2019

In line with the downward behavior of recent years, between January and May 2019 19,819 vehicles were registered in the country, 9% less than in the same period in 2018, and for the period from January to June it was reported that the year-on-year fall was 8%.

According to the most recent figures of the General Comptroller's Office of the Republic the falls are lower, because from January to July 2019 27,484 vehicles were registered, an amount that is 5% lower than that recorded in the first seven months of 2018.

You may be interested in "Automotive business in Central America

When reviewing the quantities of vehicles sold per month, the report states that only in May was reported a variation from the same month of 2018 of -12%, in June the indicator was -3% and in July was recorded a 15% increase.

Also see "Car Brands: Figures at the Beginning of 2019

Economist Olmedo Estrada told Panamaamerica.com.pa that the behavior "... has a lot to do with optimism in consumers. Yet, despite the fact that only two months have gone by since the new government, there is no such generalized optimism that we see a rebound in activities, but something has improved the economy."

Estrada added that "... these figures indicate that for the coming months these numbers will vary substantially and by the end of the year they could have positive figures, since the same economic environment is optimistic and that is what allows investments in economic activities to take place."

See Comptroller's Office report.

 

https://www.centralamericadata.com/en/article/main/Vehicles_Is_the_Sales_Trend_Reversed

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This appears to be a global trend that sees the elimination of sedans. This image demonstrates that innovation in automobile design has pretty much disappeared.

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New car sales continue downward for third year

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Toyota the best selling brand

Posted 24/09/2019

New  car  sales in Panama continue to slide with a 5.6% drop to 31,498  in  the first 8 months of the year says the  Automobile Dealers Asssocuation (ADAP).

 The Comptroller General reports that in 2018 and 2017 there were decreases of 10.6% and 14.7%.

 Gustavo De Luca, president of ADAP, said in a press release that despite the  decrease in sales, compared to the same period last year, there is  a change in consumer  confidence so: "We view next year  with optimism."

Car sales have registered a decline in recent years as a result of the economic downturn  in the country, although this was one of the most flourishing activities.

As of August this year, the compact SUV and small SUV, was the segment with the best sales record, with a total of 5,115 and 4,968 units, respectively. The Toyota Hilux was the best selling model in the first eight monts with 1,852 units, followed by the Hyundai Accent, with 1,826, and the Kia Rio, with 1,412 units. Toyota, with 6,250 units, was the best selling brand followed by Hyundai, with 5,487; Kia, with 3,746; Nissan, with 3,675 and Suzuki, with 2,552.

 

https://www.newsroompanama.com/business/new-car-sales-continue-downward-for-third-year

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Vehicles: Sales Keep Declining

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.

Tuesday, October 8, 2019

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.

You may be interested in "Automotive business in Central America

From January to August 2019, sales of regular cars reported a decrease over the same period in 2018, falling from 11,789 to 10,983 units, and Pick Ups sales recorded a decrease of 8%, falling from 5,100 to 4,699 units.

Also see "Car Brands: Figures at the Beginning of 2019

On the other hand, trucks also recorded a decrease for the months in question, falling from 1,065 to 876 units, representing an 18% decrease.

See Comptroller's Office statistics.


 

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Luxury Cars: Sales Up 6%.

The number of luxury vehicles marketed during September in Panama increased by 6% compared to the same month in 2018, a rise that contrasts with the fall in vehicle sales overall.

Monday, November 4, 2019

According to the report of the General Comptroller of the Republic, between the first nine months of 2018 and the same period of 2019, the number of units registered in the country fell from 37,084 to 34,906.

You may be interested in "Automotive business in Central America"

From January to September 2019, sales of regular cars reported a decrease over the same period in 2018, falling from 12,962 to 12,158 units, and Pick Ups sales recorded a 10% decrease, falling from 5,754 to 5,175 units.

Also see "Car Brands: Figures at the Beginning of 2019"

Trucks also recorded a decrease for the months in question from 1,158 to 1,007 units, representing a 13% decrease. In the case of luxury cars, between January and September 2019, 1,882 units were sold, 2% more than the same period in 2018.

See Comptroller's Office statistics.

 

https://www.centralamericadata.com/en/article/main/Luxury_Cars_Sales_Up_6

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Automotive: Another Year in the Red

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.

Wednesday, January 15, 2020

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.

You may be interested in "Automotive business in Central America"

In 2018, the bad streak continued with 50,889 new vehicles registered, a figure 11% lower than that reported in 2017. The downward trend has extended to 2019, as the sale of 47,866 units was reported, the year-on-year drop was 6%, according to figures from the Association of Automobile Distributors of Panama (ADAP).

Also see "Car Brands: Figures at the Beginning of 2019"

Gustavo De Luca, president of ADAP, explained to Panamaamerica.com.pa that "... the downward trend is beginning to normalize and is already bottoming out."

The article adds that "... The automotive industry has a great value for the Panamanian economy, it generates around 2 billion dollars in transactions per year, representing approximately 3% of the country's GDP."
 

https://www.centralamericadata.com/en/article/main/Automotive_Another_Year_in_the_Red

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Vehicle Sales: What are the New Challenges?

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.

Friday, February 21, 2020

In Panama, official figures show that according to the reported decrease in new vehicle sales in 2017 and 2018, during 2019 the negative trend continued, as 47,866 units were registered, 6% less than the previous year.

One of the first assumptions is that the decrease in the number of units sold is because of the slowdown in the Panamanian economy; however, distributors have identified other factors that have affected sales.

You may be interested in "Automotive business in Central America"

Jorge Batinovich, CEO of Distribuidora David, told Martesfinanciero.com that "... 'to return to the sales volume of a few years ago is unsustainable for a market like Panama. We are living a process in which people are reflecting on how long they can live without a car, because of platforms like Uber or the taxis themselves that have raised their standard of service."

See "Electric Cars: Who Are the Potential Buyers?"

Batinovich added that "... users in their 20s and 30s do not want the responsibility of driving a car, because of the intrinsic wear and tear of this activity, and prefer to avoid the fatigue of driving in a city with complex vehicular traffic. Such metamorphosis leaves aside, for now, hybrid and electric cars."

According to the director, the Panama Metro is a complementary service to transport offered through mobile applications, which causes it to become a direct competitor in the future.

Source: martesfinanciero.com

 

https://www.centralamericadata.com/en/article/main/Vehicle_Sales_What_are_the_New_Challenges

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Vehicles: Sales Start to Rise in 2020

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.

Wednesday, March 4, 2020

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.

You may be interested in "Automotive Business in Central America"

During the first month of the year, sales of regular cars reported a rise over the same period in 2018, from 1,310 to 1,348 units, in the case of Pick Ups sales recorded a 14% variation, increasing from 398 to 454 units.

Also see "Cars and Motorcycles: Market share in the region"

On the other hand, luxury cars also registered a rise for the months in question, from 169 to 184 units, which represents a 9% increase. In the case of SUVs, units sold rose from 1,233 to 2,258.

See Comptroller's Office statistics (in Spanish).

 

https://www.centralamericadata.com/en/article/main/Vehicles_Sales_Start_to_Rise_in_2020

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Vehicles: Sales Would Fall 50% This Year

Due to the crisis generated by the Covid-19, car dealers in Panama estimate that during 2020 the number of units sold could fall by almost 50% compared to the figure reported in 2019.

Thursday, April 16, 2020

If businessmen's forecasts are true, the negative trend of recent years would continue, since during 2019 47,866 units were registered in the country, 6% less than in the previous year.

See "Vehicle Repair: Business Outlook"

According to forecasts by the Association of Automobile Distributors of Panama (ADAP), between 2019 and 2020 the number of vehicles sold will fall from 47,866 to 25,000, a drop that is attributed to the economic crisis generated by the outbreak of covid-19.

Gustavo De Luca, president of ADAP, told Panamaamerica.com.pa that because of the current health crisis "... About $100 million in transactions that have been stopped between March and April 2020'. In 2019 there were 47,000 and this year because of the coronavirus the market will close on the sale of 24 to 25,000 cars."

De Luca added that "... In the first two months of 2020, sales had already begun with a 9.5% reduction. Now, taking into account that in March we only worked half of it and April probably closed the whole month, and May we assume that much of it will not work, the panorama is complicated for this sector."

 

https://www.centralamericadata.com/en/article/main/Vehicles_Sales_Would_Fall_50_This_Year

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Vehicles: Post Quarantine Sales Outlook

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.

Wednesday, April 22, 2020

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.

For this analysis, it is assumed that quarantine and mobility restriction measures will be extended for three months.

When analyzing vehicle marketing forecasts, the interactive information system specifies that sales of car-type units would be among the most affected, as the contraction would amount to about 45%.

Compared to the sales levels recorded prior to the covid-19 crisis, sales of conventional and electric motorcycles will also register a decline, but in this case it would be minimal.

The "Information System: Covid-19 and Business Forecasts" is helping our clients to understand the new commercial reality of the demand for goods and services from companies in all sectors, with details such as the financial strength of clients and suppliers of each economic activity, which allows us to forecast which of them could face more difficulties in the coming months.

 

https://www.centralamericadata.com/en/article/main/Vehicles_Post_Quarantine_Sales_Outlook

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Trends: What Types of Vehicles are Gaining Market Share?

So far this year in the Central American markets, the interest in vehicles for cargo transport reported a clear upturn, with Guatemala, El Salvador and Panama being the countries that registered the greatest increases in interactions associated with the topic.

Friday, May 15, 2020

Through a system that monitors in real time changes in consumer interests and preferences in Central American countries, developed by the Trade Intelligence Unit of CentralAmericaData, it is possible to project short and long term demand trends for different products, sectors and markets operating in the region.

The figures for the Salvadoran market indicate that in the long-term trend, the issue of cargo trucks has reported a sustained increase since mid-March 2020. The information system details that as of April 19 the short-term trend of consumer interactions associated with the issue, shows a slowdown in the growth of interest, which is maintained until today.

The case of Panama is similar to that of El Salvador, as since February 2020, the increase in interest in cargo trucks has been reflected in the long-term trend, and in the case of the short-term trend, this has picked up since mid-March 2020.

In Guatemala, the long-term trend shows that consumers have kept up their interest over the last few weeks. The short term trend points out that from March 22, is when the interactions associated with the cargo trucks rebounded.

The short-term trend details that in recent weeks in Costa Rica and Honduras there has been an increase in interest in cargo vehicles. In the case of Nicaragua, the short-term trend does not show a marked behavior.

 

https://www.centralamericadata.com/en/article/main/Trends_What_Types_of_Vehicles_are_Gaining_Market_Share

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Vehicles: New Reality, New Strategies

Focusing on increasing income from after-sales services and making alliances with banks to offer better financing conditions are some of the strategies that car dealers in Panama intend to implement in this new reality.

Wednesday, May 20, 2020

Representatives of Ricardo Perez S.A., a Toyota brand distributor in the country, believe that because the purchase of a vehicle represents the second most important financial transaction in a family, the automotive sector will be seriously affected in this context of the spread of covid-19.

You may be interested in "Vehicles: Post Quarantine Sales Outlook" and "Trends: What Types of Vehicles Are Gaining Market Share?"

Javier Diaz, Ricardo Pérez's general manager, explained to Prensa.com that one of the pillars of the strategy they will implement as a company is to collect customers' concerns about new products or services they may need, and from there, to boost sales in that direction.

Also see "Vehicle Repair: Business Outlook"

Regarding new vehicle sales, Diaz said that plans include the implementation of a joint strategy with banks, to give more flexible credit to customers who make purchases in the coming months.

Reports from CentralAmericaData detail that so far in 2020 in Central American markets interest in vehicles for cargo transport reported a clear rebound, with Guatemala, El Salvador and Panama, the countries that recorded the largest increases in interactions associated with the subject.
 

https://www.centralamericadata.com/en/article/main/Vehicles_New_Reality_New_Strategies

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New car sales set to plunge 63% and service stymied

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Posted 24/05/2020

New car sales in Panama could plunge  63% to  17,000 units on the street, representing a decrease compared to those  sold last year, according to industry projections.

“With the pandemic we project a significant reduction in general sales for this year. The projection is that between 16,500 and 17,000 new cars will be sold. Last year there were 47,000 units, ”said Gustavo De Luca, president of the Panama Association of Automobile (ADAP).

The union spokesperson said that the health and economic crisis generated by Covid-19 came at a time when the sector had been cooling for three years.

and the paralysis of sales, but also due to the suspension of its workers.

"The members of the ADAP union  import only new cars that  are 95% of the cars sold in the country-, we estimate that we have 5,000 direct jobs, of those 85% (4,250 ) have suspended contracts) " 

He described as positive the decision of the Ministry of Health and the Ministry of Commerce and Industries to authorize the reopening of the workshops on May 13, but considers that “the established limitation of 10 employees per workshop or branch makes the provision of services for the majority, unfeasible”.

"Limiting to 10 people regardless of the size of the workshop hinders the ability to offer the service and keep the supply chain running smoothly."

He says that in the last week there was a lot of demand, but also limitations to serve everyone due to lack of personnel.

Right now we are working at 20% capacity, however, we seek to reach 50%, maintaining hygiene and safety measures within each workshop.

 

https://www.newsroompanama.com/business/new-car-sales-set-to-plunge-63-and-service-stymied-1

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Vehicles: Urgent Opening of Sales Channels

In Panama, the distributors' union is asking the government to open up sales channels, which is included in the third block of the return to normal scheme, whose start date has not yet been defined.

Thursday, June 25, 2020

Vehicle sales in the Panamanian market are going through their worst moment. According to the latest report of the General Comptroller of the Republic, in the context of the quarantine decreed by the covid-19, during the fourth month of the year was reported the sale of only 117 vehicles, 97% less than that recorded in the same period of 2019.

See "Vehicles: Prices, Trends and Potential Market"

Press.com reviews that "... The Association of Automobile Distributors of Panama (ADAP) requested the Government to open the sales channels in order to leave about 20 thousand units in inventory, as well as to define an action plan to avoid job losses."

You may be interested in "Trends: What Types of Vehicles are Gaining Market Share?"

The article adds that "... For ADAP's board of directors, 'the urgency of the reopening' is a response to the most worrisome challenges facing the automotive industry, including the fact that millions of dollars are not being sold every month. We have been on hold for more than three months and every month we stop selling approximately $140 million that could help the country's economy."

Regarding the trends in the Panamanian market, CentralAmericaData reports that since February 2020, the increase in interest in cargo trucks has been reflected in the long-term trend, and in the case of the short-term trend, this has picked up since mid-March 2020.

https://www.centralamericadata.com/en/article/main/Vehicles_Urgent_Opening_of_Sales_Channels

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Vehicles in Panama: Sales Almost Zero

During May 2020, only 96 vehicles were reported for sale in the Panamanian market, 98% less than the same period in 2019.

Wednesday, July 1, 2020

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.

See "Vehicles: Prices, Trends and Potential Market"

From January to May 2020, sales of regular cars reported a 52% decrease over the same period in 2019, falling from 6,843 to 3,304 units, and sales of Pick Ups recorded a 55% decrease, falling from 3,141 to 1,418 units.

You may be interested in "Trends: What Types of Vehicles Are Gaining Market Share?"

On the other hand, trucks also registered a decrease for the months in question by dropping from 478 to 235 units, which represents a 24% decrease.

See statistics from the Comptroller's Office (in Spanish).

 

https://www.centralamericadata.com/en/article/main/Vehicles_in_Panama_Sales_Almost_Zero

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Cars in Panama: Sales Keep Improving

After reporting the sale of only 96 vehicles in May, due to the quarantine decreed by the covid-19 outbreak, in July the figure rose to 1,112, in August to 1,398 and in September to 2,403 units.

Thursday, November 5, 2020

The General Comptroller of the Republic has been reporting that in the context of restrictions to commercial activity due to the health emergency, sales have fallen considerably, since between September 2019 and the same month in 2020, the number of new units registered in the country decreased by 29%, from 3,408 to 2,403.

See "Vehicles: Sales Potential by Brand"

From January to September 2020, sales of regular automobiles reported a 58% decrease compared to the same period in 2019, falling from 12,158 to 5,036 units, and sales of Pick Ups registered a 52% decrease, falling from 5,175 to 2,481 units.

You may be interested in "Vehicles: Prices, Trends and Potential Market"

Trucks also registered a decrease for the months in question, falling from 1,006 to 465 units, which represents a 56% decrease.

See statistics from the Comptroller's Office.

 

https://www.centralamericadata.com/en/article/main/Cars_in_Panama_Sales_Keep_Improving

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