AVID posts 26% sales hike

MANILA, Philippines - The country’s group of vehicle importers posted a 26 percent growth in sales in August this year compare to the same month last year, on the back of the positive performance of both the passenger car (PC) and light commercial vehicle (LCV) segments.

According to The Association of Vehicle Importers and Distributors, Inc. (AVID), it sold 3,032 units in August this year, higher than the 2,411 units sold in the same month in 2013.

PC sales for the month rose 24 percent to 1,695 units in August this year from the previous year’s 1,368 units.

Among AVID members, Hyundai Asia Resources Inc. made the biggest contribution to the group’s PC sales for the month.

Sales of the LCV segment posted a 28 percent uptick to 1,337 units in August this year from the 1,043 units sold in the same month in 2013.

The LCV segment’s performance for the month was supported mainly by The Covenant Car Company Inc. (Chevrolet) and CATS Motors.

AVID’s cumulative vehicle sales for the January to August period this year reached 23,970 units, a 17 percent increase from the 20,558 units sold in the comparable period a year ago.

The group’s PC sales climbed 17 percent to 12,347 units as of end-August from 10,535 units in the same period last year.

Its LCV sales posted a 16 percent increase to 11,623 units in the eight-month period this year from the previous year’s sales of 10,023 units.

Amid favorable economic conditions, the AVID is upbeat on its sales performance for the year.

 “The country’s sustained economic growth points to a continued rally in the automotive industry. On the back of the growing economic prospects and bright consumer sentiment, AVID is confident about setting another stellar performance for the remainder of the 2014,” AVID president Ma. Fe Perez-Agudo said.

The group sold a total of 31,399 units last year, up 11 percent from the 28,400 units sold in 2012.