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Avid: Growth of imported car sales slows down by 14%

/ 05:18 AM January 26, 2018

Although consumers rushed to buy new cars in 2017 ahead of the higher excise tax rates, the growth of imported car sales slowed to 14 percent, according to data from the Association of Vehicle Importers and Distributors (Avid).

In a statement, Avid reported selling 106,268 units in 2017, higher than the 93,192 units a year ago. This growth, however, is slower than the 60-percent yearly sales growth seen in 2016.

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Avid member companies sold 30,336 units during the fourth quarter, a 24-percent jump from 24,438 units in 2016. Both segments of passenger cars and light commercial vehicles grew in the fourth quarter and in the full year of 2017.

This, together with the report of car and truck manufacturers, showed that the vehicle sector had exceeded its full year goal of 450,000 units by some 5 percent to 476,073 units.

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The year ahead, however, might be rough for the industry, especially since the TRAIN law led to more cars being priced higher. —ROY C. CANIVEL

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TAGS: Association of Vehicle Importers and Distributors (AVID, excise tax rates, Hyundai, TRAIN Law, vehicles sales
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