Sales of imported vehicles up 18% in October

MANILA, Philippines - Sales of imported vehicles bucked the declining trend in auto sales, growing by 18 percent in October from a year ago level.

Data from the Alliance of Vehicle Importers and Distributors (AVID) showed that sales for October stood at 2,254 units up 18 percent from a year ago. For the first 10 months, a slight increase of 0.1 percent was recorded to 20,340 units.

AVID is composed of British United, CATS Motors, Hyundai Asia Resources Inc. ( HARI), PGA Cars Covenant Car Co. Inc. (TCCI) and Scandinavian Motors.

“Strong sales recovery in October bodes well for positive performance of AVID for the remainder of the year with the boost arising from expectations of improved supply condition and favourable consumer outlook on better cashflow prospects triggered by holiday bonuses and overseas remittances,” AVID president Maria Fe Perez-Agudo said.

The data likewise showed a 48-percent growth in passenger car (PC) sales in October which outweighed the weakness in the light commercial vehicle (LCV) market and largely mitigated the supply-related drag on the sales outcome for the first 10 months of the year.

For AVID, consumer outlook for the remainder of the year remains positive on expectations of increased cashflow coming from holiday bonuses and remittance inflows. Likewise, sales prospects will continue to be hinged on supply availability. Continuous improvement programs at AVID’s dealerships will provide value-adding infrastructure and service quality, and therefore enhance customer experience, attracting a larger customer base and solidifying positive sales performance, the group said.