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2018 Car Sales Projections

The union of vehicle dealers in Panama expects stability in sales of new cars next year, after the year 2017 showed deceleration with respect to the previous year.

Friday, December 22, 2017

Laestrella.com.pa reports that "...The executive explained in an interview with Xinhua that Panama should not expect to see a greater fall in 2018 than in 2017, following a period between 2000 and 2016, with a slight interruption in 2008 and 2009, in relation to with the global crisis, in which Panama's economy grew significantly, as did vehicle sales."

See: "Sale of New Vehicles Down 13%"

".... Díaz explained that this year, and after a 2016 in which there was a record in the sales of new cars in the country, one element that had a small impact on the hardening of sales was a decline in migration of foreigners to the country which occurred between 2012 and 2015, and the fact that 'the consumer economy is more endured' (conservative)."

See also: "The Vehicle Market in Central America"

Added to these factors are also the more demanding credit conditions that banks have imposed on granting loans for vehicle purchases, according to representatives of the Adap.

 

https://www.centralamericadata.com/en/article/main/Projections_for_Car_Sales_in_2018

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1 hour ago, Moderator_02 said:

Added to these factors are also the more demanding credit conditions that banks have imposed on granting loans for vehicle purchases, according to representatives of the Adap.

There’s the real answer as to why sales of new cars have been slowing down, imo. Less availability of financing. Not many vehicles here are bought for ca$h Balboa$.

Dealers were previously promoting Banks* who would finance cars over 5 to 7 years to anyone who had a pay stub and a pulse. They’re tightening up now on qualifications.

* The salesperson at the Dealer gets a ‘spiff’ from the Bank for the loan referral and the Bank gets a spiff from the mandatory Full Coverage Insurance on the car and Life Insurance on the borrower.

Everybody wins except the consumer who ends up with an older car that they’re still paying for.

 

Edited by Keith Woolford
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2018 Car Sales Projections

The union of vehicle dealers in Panama expects stability in sales of new cars next year, after the year 2017 showed deceleration with respect to the previous year.

Friday, December 22, 2017

Laestrella.com.pa reports that "...The executive explained in an interview with Xinhua that Panama should not expect to see a greater fall in 2018 than in 2017, following a period between 2000 and 2016, with a slight interruption in 2008 and 2009, in relation to with the global crisis, in which Panama's economy grew significantly, as did vehicle sales."

See: "Sale of New Vehicles Down 13%"

".... Díaz explained that this year, and after a 2016 in which there was a record in the sales of new cars in the country, one element that had a small impact on the hardening of sales was a decline in migration of foreigners to the country which occurred between 2012 and 2015, and the fact that 'the consumer economy is more endured' (conservative)."

See also: "The Vehicle Market in Central America"

Added to these factors are also the more demanding credit conditions that banks have imposed on granting loans for vehicle purchases, according to representatives of the Adap.

 

https://www.centralamericadata.com/en/article/home/Projections_for_Car_Sales_in_2018

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Panama: Car Sales Down 14%

At the end of November 2017 the downward trend continued, adding up to almost 53 thousand new vehicles registered since January, 14% less than in the same period in 2016.

Tuesday, January 30, 2018

Figures from the Comptroller General of the Republic show that in November 2017 3,556 new vehicles were registered, almost 50% less than the 6,899 units registered in the same period in 2016.

See also: "Tire Imports from China Up 4%"

When looking at the figures accumulated in the first eleven months of the year, it can be seen that the reduction is almost 14% with respect to the same period in 2016, mainly explained by a 22% drop in the entry of new cars, and 24% in the inscription of panel vans. The number of pick up trucks registered also went down in the period in question, by almost 22%.

See statistics by the Controlaria (in Spanish).

 

https://www.centralamericadata.com/en/article/main/Panama_Car_Sales_Down_14

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Car Sales Down 19% up to February 2018

Following the downward trend seen since last year in Panama, in February 3,846 units were registered, 19% less than the amount reported in the same month in 2017.

Monday, April 2, 2018

Figures from the Office of the Comptroller General of the Republic detail that in the second month of 2018, 1,335 new vehicles were registered, 33% less than the 1,999 units registered in the same month in 2017.

See: "Imports of car batteries from Mexico"

During the months of February of 2017 and 2018, sales of SUV's reported a decrease of 18%, falling from 1,551 to 1,271 units, and sales of Pick Up Trucks registered growth of 20%, rising from 554 to 662 units.

See also: "The Vehicle Market in Central America"

On the other hand, the number of registered units in the first two months of 2017 and 2018 decreased 22%, falling from 3,715 to 2,892 units.

See statistics by the Controlaria (in Spanish).

 

https://www.centralamericadata.com/en/article/main/Car_Sales_Down_19_up_to_February_2018

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Panama auto sales continue downward plunge

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The sale of new automobiles in Panama continues to plummet with a fall of  10.5 percent in the first two months in the first two months of the year, compared with the same period last year which was the worst for the industry in five years.

The slump has already led one major distributor to get out of the market and other deals are reported to be underway.

Sales in the first two months of 1918  were  7,843 units compared to 8,768 in the same period of 2017according to data from the National Institute of Statistics and Census (INEC) released Monday, April 16.

The figures 2018 corroborate the weakness of the market, which collapsed by 14.7% in 2017., which made it the worst year for the industry in the last five years.

Local analysts link the behavior of the sector to the slowdown in Panama’s economic growth since 2012, although the country remains one of the most dynamic in the region with an expansion of gross domestic product (GDP) of 5.4% in 2017.

Detailed by month, the fall in sales in January was 0.8% and in February it was 18.9%, compared to the same months of the previous year, says INEC.

The cars that sold the most in January and February were those of the regular category with 2,892 units, a drop of 22.2% compared to 3,715 in the same period of the previous year.

The light SUVs or SUV  segment registered the sale of 2,656 units, 8.8% less than the 2,913 of the previous period.

In contrast, the sale of luxury cars and pickup segments registered a contradictory blip with increases of 1.5 and 17.3%, adding 348 and 1,161 units sold in the first two months of this year, compared to 343 and 990 in the same period of 2017.

 

http://www.newsroompanama.com/business/panama-4/panama-auto-sales-continue-downward-plunge

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Panama new car sales bonanza is history

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New car sales in Panama continue to plunge with a drop of 11.3 percent in the first quarter of the year, compared to 2017  which was the worst year for the industry in five years and could help explain why two major dealerships have been sold to foreign companies.

This year 12,617 units were sold compared to 14,230 in the same period of 2017, according to preliminary official statistics released Wednesday, May 9.

The sale  of new cars collapsed by 14.7 percent in 2017, according to official data

Preliminary figures from the National Institute of Statistics and Census (INEC) show that in the first quarter of this year the worst fall, of 21.5 percent, was registered in the segment of regular automobiles – sedans, coupe, and vans- with a total of 4,548 units sold compared to 5,790 in the same period of 2017.

According to INEC data, the last time that sales in the regular car segment grew was in the first quarter of 2015, when it did so by 15.6 percent. The regular cars were the best sellers in the first three months of this year, followed by light SUVs or SUVs with a total of 4,362 units, 8.5 percent less than the 4,766 in the first quarter of 2017.

Sales of buses (-17.8 percent), minivans (-15.3 percent), trucks (-11 percent) and panel cars (-7.1 percent) also fell. ). Only sales of luxury cars increased by 2.7 percent when 576 units were placed on the market; of pickups, 8.3 percent and 1,913 units; and the “other” segment -which includes brands and models without a known distributor- at 55.1 percent and 107 units sold.

Market analysts believe that the generalized drop in sales of new cars has been due to the economic slowdown in Panama, which still remains one of the most dynamic countries in the region with a 5.4 Percent GDP  in 2017.

The good news  is that the decrease in sales has slowed the unsustainable increase  in vehicles on Panama’s already over-clogged streets

 

http://www.newsroompanama.com/news/panama/panama-new-car-sales-bonanza-is-history

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Panama: Car Sales Continue Downward Trend

Following the downward trend that has been observed for several months, 12,617 units were registered in the first quarter, 11% less than was reported in the same period in 2017.

Friday, May 11, 2018

Figures from the Comptroller General of the Republic show that in the first quarter of 2018, 4,548 new vehicles were registered, 22% less than the 5,790 units registered in the same month in 2017.

See also: "The Vehicle Market in Central America"

During the first three months of 2017 and 2018, sales of SUV's vehicles reported a decrease of 9%, down from 4,766 to 4,362 units, and sales of Pick Up Trucks  registered an 8% growth, rising from 1,767 to 1,913 units.

See: "Imports of car batteries from Mexico"

On the other hand, luxury cars also registered an increase in the periods in question, rising from 561 to 576 units, representing growth of 3%.

See statistics from the Comptroller's Office.

 

https://www.centralamericadata.com/en/article/main/Panama_Car_Sales_Continue_to_Fall_1

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Panama: Car Sales Still Falling

Between January and April 2018, 17,099 units were registered, 10% less than in the same period in 2017, reaffirming the decreasing trend that has been seen for several months.

Wednesday, June 6, 2018

an>Figures from the Office of the Comptroller General of the Republic report that from January to April 2018, 6,145 new vehicles were registered, 18% less than the 7,454 units registered in the same period in 2017.

See also: "The Vehicle Market in Central America"

During the first four months of 2017 and 2018, sales of SUV's vehicles reported a decrease of 6%, down from 6,347 to 5,943 units, and Pick Ups sales recorded a growth of 4%, rising from 2,515 to 2,615 units.

See: " Imports of car batteries from Mexico "

On the other hand, trucks also registered a decrease for the periods in question falling from 597 to 513 units, which represents a drop of 14%.

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

 

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

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Car Sales Free-Falling 

Between January and May of 2018, 21,716 new units were registered in Panama, 12% less than in the same period in 2017, reaffirming the downward trend observed since last year.

Wednesday, July 4, 2018

The most up-to-date figures from the Office of the Comptroller General of the Republic show that from January to May 2018, 7,747 new vehicles were registered, 19% less than the 9,549 units registered in the same period in 2017.

See also: "Central America and the automotive market"

During the first five months of 2018, sales of SUV's vehicles reported a decrease of 8% with respect to the same period in 2017, decreasing from 8,237 to 7,602 units, and Pick Up Truck sales registered a decrease of 5%, falling from 3,425 to 3,265 units.

See: "Imports of car batteries from Mexico"

For their part, trucks also registered a decrease in the periods in question, going down from 820 to 690 units, which represents a decrease of 16%.

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

 

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

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Cars in Panama: Sales Not Picking Up

In line with the behavior reported since last year, during the first semester, 25,522 new vehicles were registered in Panama, 13% less than in the same period in 2017.

Monday, August 6, 2018

According to the latest data from the Office of the Comptroller General of the Republic, between January and June 2018, 9,012 new vehicles were registered, 21% less than the 11,368 units registered in the same period in 2017. 

See also "What Car Brands are Circulating in Central America?"

During the first six months of 2018, sales of SUV's fell by 9% compared to the same period in 2017, down from 9,767 to 8,851 units, and sales of Pick Up Trucks registered a decrease of 7%, falling from 4,151 to 3,878 units. 

See also "Automotive workshops: Where are they located?"

For their part, trucks also registered a decrease in the periods in question, falling from 972 to 825 units, which represents a decrease of 15%. 

The 13% fall recorded in year-on-year sales accumulated during the first half of the year, exceeds the 12% contraction reported from January to June 2017. 

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

 

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

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On 12/27/2017 at 12:51 PM, Keith Woolford said:

There’s the real answer as to why sales of new cars have been slowing down, imo. Less availability of financing. Not many vehicles here are bought for ca$h Balboa$.

Dealers were previously promoting Banks* who would finance cars over 5 to 7 years to anyone who had a pay stub and a pulse. They’re tightening up now on qualifications.

* The salesperson at the Dealer gets a ‘spiff’ from the Bank for the loan referral and the Bank gets a spiff from the mandatory Full Coverage Insurance on the car and Life Insurance on the borrower.

Everybody wins except the consumer who ends up with an older car that they’re still paying for.

 

In the main, I believe this theory still holds true. I agree however, that there is always economic uncertainty in an election year

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No One Wants New Cars in Panama Anymore?

Between January and September 2018, in accordance with the behavior reported since last year, 37,078 new vehicles were registered, 13% less than in the same period in 2017.

Friday, November 2, 2018

According to the most recent figures of the General Comptroller, from January to September 2018, 12,938 new automobile type vehicles were registered, 21% less than the 16,299 units registered in the same period of 2017.

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

During the first nine months of 2018, SUV sales reported a 9% decrease over the same period in 2017, falling from 14,387 to 13,158 units, and Pick Ups sales recorded a 5% decrease, falling from 6,025 to 5,698 units.

Also see "What Car Brands are Circulating in Central America?"

On the other hand, trucks also registered a decrease for the periods in question, falling from 1,356 to 1,154 units, which represents a decrease of 15%.

The 12.8% drop in year-on-year sales during the first nine months of the year is like the 13.3% decline reported from January to September 2017.

See Comptroller's statistics.

 

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

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What Vehicles Are the Most Popular?

In Panama, small cars gain market preference, as most buyers look for models ranging in price from $9,000 to $22,000.

Monday, January 14, 2019

The latest report of the General Comptroller of the Republic, according to the behavior reported in recent years, details that between January and November 2018 45,898 new vehicles were registered in Panama, 13% less than in the same period of 2017.

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

Although the general trend is downwards, there is a preference for certain types of vehicles. Raul Abadía, ex-president of the Association of Automobile Distributors of Panama, Adap, told Panamaamerica.com that "... nowadays customers have more accessibility in the small car market because the cost is lower. This behavior occurs especially when people have a salary between $800 and $1,000 and the first option to choose is a small car. The market has been fluctuating, however, the Panamanians are looking for the car they like, and that's where SUV's in the market."

The report of the Comptroller said that in the first eleven months of last year, 16,488 new SUV's were registered, representing 36% of the total number of registered units.


Also see "What Car Brands are Circulating in Central America?"

Álvaro Yanis, national sales director of Petroautos, said that "... particularly, when car fairs are held, it is evident that Panamanians who earn between $700 and $1,500 is a much larger sample than those who earn $2,000 and $2,500. Small cars have market because they are cheap. Currently, these cars are being equipped with airbag systems to make them safer and consume less gasoline, but one must keep in mind that it is a small car."

According to vehicle distributors, among the models preferred by Panamanian consumers are the Grand i10, Hyundai Accent, Picanto, Kia Rio, Chevrolet Aveo or the Toyota Yaris.

See the most recent statistics from the Comptroller's Office.

 

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

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Vehicles: Sales Went Down 11% in 2018

Consistent with the downward trend reported in 2017, during 2018 50,889 new vehicles were registered in Panama, 11% less than the previous year.

Wednesday, February 6, 2019

The most recent data from the General Comptroller's Office of the Republic, detail that in 2018 17,524 new automobile type vehicles were registered, 19% less than the 21,590 units registered in 2017.

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

During 2018, sales of SUV's reported a 5% decrease over 2017, going down from 19,557 to 18,501 units, and Pick Ups sales recorded a 4% decrease, going down from 8,021 to 7,703 units.

Also see "Auto Brands in Central America: Figures at the end of 2018"

On the other hand, trucks also registered a decrease for the years concerned, dropping from 1,714 to 1,546 units, representing a 10% decrease.

The 11% drop in year-on-year sales in 2018 is less than the 15% decline reported in 2017.

See full statistics.

 

https://www.centralamericadata.com/en/article/main/Vehicles_Sales_Went_Down_11_in_2018

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3 hours ago, Moderator_02 said:

detail that in 2018 17,524 new automobile type vehicles were registered, 19% less than the 21,590 units registered in 2017.

Sales of sedans have been decreasing more rapidly than other vehicles over the last four or five years, emulating a trend in North America.  SUVs and pickups remain top sellers.

 

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Panama Car sales Continue Downward Slide

cars.jpg

Less new vehicles on overloaded streets

Posted 07/02/2019
 
For the second year in a row, Panama’s once-booming car sales industry is now facing a new reality as 2018 car sales closed with a  decrease of 10.6% compared to 2017.

Between January and December last year, 50,889 new vehicles were sold, that is, 6,016 fewer those sold in the same period of 2017, according to Panama’s Comptroller General.

The figure complies with the forecast of Panama’s Association Distributors of Panama Association, (ADAP), which bet on the sale of 50,000  throughout the year, a number that had not been seen since 2012 when 50,612 were sold

"For the sector, the results registered in 2018 are not surprising. It is a cyclical industry that is responding to several years of continuous growth," said Patricia Vukelja, ADAP executive director. "The drop in car sales does not respond to the prices of vehicles as the supply in Panama is quite broad. There is a diversity of prices and models for all tastes and budgets ".

The decline in car sales also attributed to the economic slowdown, rising unemployment and changes in people's consumption habits. "Consumers are not changing cars as often as they used to," she said. And Despite the different maneuvers implemented by dealers agencies to accelerate zero-kilometer car sales, consumers are in a slowing economy are adjusting priorities in After acquiring a balance. To buy a vehicle, there are continuing expenses, such as financing payments, insurance, the municipal license plate charge, gasoline, and maintenance every 5,000  thousand kilometers or every three months. 

In February 2018, for example, the basic revision of an automatic sedan car, of Japanese make, with 10,000 kilometers, required an average of $217. Currently, that same maintenance cost is  $224 

Changing Tastes
SUV vehicles displaced the sedan model as the market leader with sales totaling 18,501.

For this year, ADAP expects the downward trend in sales to be similar to 2018, as the new reality sets in for the automotive sector.

 

https://www.newsroompanama.com/business/panama-car-sales-continue-downward-slide

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Gloomy outlook for car dealers

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Posted 11/03/2019
 
Moody’sr rating agency has changed it's on the global auto manufacturing industry to negative from stable, which is not good news for Panama auto salesmen already hit by a two-year decline. The outlook change is driven by the expectation that global light vehicle sales will not recover meaningfully in 2019 and 2020 after declining during the latter part of 2018. Global light vehicle sales totaled 94.9 million units in 2018, short of the previous forecast of 95.5 million.

“We now expect unit sales growth of just 0.5% in  2019, down from our previous forecast of a 1.2% gain, which had assumed a stronger finish in 2018. For 2020, we expect growth to remain modest at around 0.8%. Our sales forecasts for this year and next year fall below the 1%-3% growth range for a stable outlook says the report/.

Extended decline
 Due to a difficult year-over-year comparison with strong sales during the first half of 2018, we expect auto sales to extend their decline during the first two quarters of 2019 before recovering somewhat in the second half. The recovery will also be supported by the completion of the Worldwide Harmonised Light Vehicle Test Procedure (WLTP) licensing process in Europe and policy guidance that the Chinese government announced at the end of January to boost auto purchases.

Global economic growth prospects will continue to weaken throughout 2019 and into 2020. We expect G-20 GDP growth of 2.9% in 2019 and 2.8% in 2020, down slightly from 3.2% in 2018. The continued global economic expansion, albeit at reduced levels, supports our assumption that the global light vehicle market will not decline in 2019 and 2020. However, some regions, especially in developed markets, may have already surpassed the top of the industry cycle. We expect somewhat stronger growth in developing markets, like China, and in light commercial vehicles, which benefit from macroeconomic growth.

 

https://www.newsroompanama.com/business/gloomy-outlook-for-car-dealers

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Will Auto Sales Grow Again?

Focusing on segments looking for SUVs is one of the strategies Panama's new car dealers are using to boost sales.

Monday, April 8, 2019

Focusing on segments that seek vehicles such as Data of the General Comptroller of the Republic of Panama specify that between 2016 and 2017 the number of new vehicles registered in the country fell 15%, and between 2017 and 2018 the fall was 11%.

Regarding sales in the first two months of 2019, a negative variation is also reported with respect to the same period of 2018. In this case the decline was 2%, because the number of registered vehicles fell from 7,842 to 7,721. SUV is one of the strategies that are using new cardealers in Panama to boost sales.

See "Vehicles: Sales Went Down 11% in 2018" and "What Vehicles Are the Most Popular?"

Laestrella.com reviews that "... The executive director of the Association of Automobile Dealers of Panama (ADAP), Patricia Vukelja, told Efe that two years ago companies detected the preference of people for models of the Suv segment, pushing from the market the "king" of the Panamanian motorist, the sedan. Users want utility cars for all purposes, without neglecting the safety parameters that are essential for the sale of cars in the country.

Also see "Auto Brands in Central America: Figures at the end of 2018" and "Automotive business in Central America".

Miguel Martinez, sales supervisor of a Japanese firm in the country, said that "... Users greatly value the connectivity of the touch screens with their smartphones, this allows them an interactivity without neglecting the handling.”

 

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

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Vehicles [in Panama]: Sales Go Down 8% up to April

Following the downward trend reported in recent years, between January and April this year 15,771 vehicles were registered in the country, 8% less than in the same period in 2018.

Thursday, June 27, 2019

The latest report of the General Comptroller of the Republic, details that between the first quarter of 2018 and the same period of 2019, the number of units registered in the country fell from 17,098 to 15,771.

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

During the first four months of 2019, sales of SUV's reported a decrease over the first quarter of 2018, falling from 5,947 to 5,904 units, and Pick Ups sales recorded a 6% decrease, falling from 2,670 to 2,521 units.

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

Trucks also recorded a decrease for the months concerned from 517 to 383 units, a 26% decrease.

See Comptroller's Office statistics.

 

https://www.centralamericadata.com/en/article/main/Vehicles_Sales_Go_Down_8_up_to_April

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Vehicles in Panama: Sales Fall 9% up to May

According to the downward trend reported in recent years, between January and May this year, 19,819 vehicles were registered in the country, 9% less than in the same period in 2018.

Monday, July 8, 2019

The latest report of the General Comptroller of the Republic, details that between the first five of 2018 and the same period of 2019, the number of units registered in the country fell from 21,715 to 19,819.

You may be interested in "Automotive business in Central America

From January to May 2019, sales of SUV's reported a decrease over the same period in 2018, falling from 7,608 to 7,469 units, and Pick Ups sales recorded a 5% decrease, falling from 3,318 to 3,141 units.

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

On the other hand, trucks also recorded a decrease for the months concerned, from 694 to 479 units, a 31% decrease.

See Comptroller's Office statistics.

 

https://www.centralamericadata.com/en/article/main/Vehicles_in_Panama_Sales_Fall_9_up_to_May

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Vehicles: Sales Fell 8% in the 1st Semester

In Panama, the downward trend in sales reported in recent years continues, since between January and June this year 23,520 vehicles were registered in the country, 8% less than in the same period in 2018.

Tuesday, August 6, 2019

According to the latest report of the General Comptroller of the Republic, between the first six months of 2018 and the same period of 2019, the number of units registered in the country fell from 25,521 to 23,520.

You may be interested in "Automotive business in Central America

From January to June 2019, sales of regular cars reported a decrease over the same period of 2018, dropping from 9,032 to 8,091 units, and sales of Pick Ups recorded an 8% decrease, falling from 3,932 to 3,628 units.

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

On the other hand, lorries also recorded a decrease for the months concerned, falling from 829 to 608 units, representing a 27% decrease.

See Comptroller's Office statistics.

 

https://www.centralamericadata.com/en/article/main/Vehicles_Sales_Fell_8_in_the_1st_Semester

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