Sales of imported autos rebound with 38% growth

Published August 17, 2020, 3:54 PM

by Bernie Cahiles-Magkilat

The Association of Vehicle Importers and Distributors, Inc. (AVID), a group of purely car traders and importers, reported a strong 38 percent growth in sales in July compared to the previous month.

AVID data showed the group sold a total of 5,100 units in July from 3,697 units sold in June. However, year to date sales remained at 50.9 percent lower compared to 24,607 units sold compared to 50,151 units sold in the same first seven-month period last year.

In July, AVID data showed that sales of passenger cars improved by a significant 47 percent to 1,764 units from only 1,199 units in the previous month of June. Sales of light commercial vehicles or sports utility vehicles also grew 35 percent to 3,317 units from 2,462 units in June last year.

The only segment that remained in the red was commercial vehicle, which dropped 47 percent as there were only 19 units sold in July compared to 36 units in June. This indicates a poor business appetite in the months ahead as this segment involves sales of buses and commercial trucks.

AVID President Ma. Fe Perez-Agudo said “The entire industry is undergoing rapid digital transformation to meet the evolving needs of consumers, employing innovative and disruptive selling tactics to win back customers, and the agility to adapt to a more complex and unpredictable business environment.”

“Given that we have already bottomed out in the first semester, we believe the second half of the year will be better assuming there are no further lock downs past August 18. We understand the government’s decision to shift back to MECQ since we need to prioritize lives over livelihood. We anticipated such scenarios and are therefore prepared to adapt and respond, keeping in mind the needs and safety of our customers,” Agudo said.

She added that AVID’s focus now is to win back consumer confidence and give them the best value during these pandemic times.

 
CLICK HERE TO SIGN-UP
 

YOU MAY ALSO LIKE

["business","business-news","business"]
[2347925,2839633,2839627,2839575,2839764,2839743,2839235]