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Trends in New Vehicle Sales Volume

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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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Is this evidence that Panama’s economy is not doing well? Maybe cooling?

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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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