Sunday 20 June 2021

Panama new car sales bonanza is history

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

- Advertisement -

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.

- Advertisement -

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

Source: Newsroom Panama

Article first appeared at Today Panama, click here to go there

- Advertisement -

We strive for accuracy in its reports. But if you see something that doesn’t look right, send us an email. The Q reviews and updates its content regularly to ensure it’s accuracy.

Q24N is an aggregator of news for Latin America. Reports from Mexico to the tip of Chile and Caribbean are sourced for our readers to find all their Latin America news in one place.

Related Articles

OIJ investigation into road works corruption leads to inquiries in Panama

QCOSTARICA - The prestige of the company of some of the...

Which countries could follow El Salvador by making it legal tender?

Q24N - El Salvador may be the first country to adopt...


Today’s Vehicle Restriction June 15: 3 & 4 CANNOT circulate

Today, Tuesday, June 15, vehicles with plates ending 3 & 4 CANNOT circulate The measure is countrywide and applied between 5:00 am and 9:00 pm,...

Today’s Vehicle Restriction June 20: only “EVENS” can circulate

Today, Sunday, June 20, only vehicles with "EVEN" ending plates CAN circulate The measure is countrywide and applied between 5:00 am and 9:00 pm, save...

Vaccination commission endorses J & J vaccine, says no to Sinovac

QCOSTARICA - The Comisión Nacional de Vacunación y Epidemiología (CNVE)  - National Vaccination and Epidemiology Commission - endorsed the use of Johnson and Johnson...

Companies covered up defective asphalt

QCOSTARICA - The judicial file of the Cochinilla Case, on alleged corruption in road works, exposes how three companies would have covered up the...

Today’s Vehicle Restriction June 14: 1 & 2 CANNOT circulate

Today, Monday, June 14, vehicles with plates ending 1 & 2 CANNOT circulate The measure is countrywide and applied between 5:00 am and 9:00 pm,...

Construction companies that paid alleged bribes would be disqualified for ten years

QCOSTARICA - If it is proven in a final judgment that they did pay bribes to Conavi officials, several companies could be disqualified from...

Bribed with cars, sexual favors and money in exchange for road works contracts

QCOSTARICA - The OIJ uncovered a big pothole on Monday when it was announced that public officials had allied with construction companies that, apparently,...

Rainy afternoons and nights this week in most of the country

QCOSTARICA - Characteristic of the rainy season, we will see rain in the afternoons and nights in the Central Valley, the entire Pacific coast,...

Fifth tropical wave precipitation will be heavier in the north of the country

QCOSTARICA - For this Wednesday, the arrival of the fifth tropical wave of the season is expected, thus reinforcing the rainy activity mainly to...


Get our daily newsletter with the latest posts directly in your mailbox. Click on the subscribe and fill out the form. It's that simple!

Article first appeared at Today Panama, click here to go there

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.