Sales of auto importers up 41% in Jan.-Feb.
Bucking the decline in the performance of the rest of the industry, the Association of Vehicle Importers and Distributors Inc. (AVID) posted a 41-percent growth in sales to 5,507 units in the first two months of 2012 from the previous year’s 3,911 units.
Documents provided by AVID showed that in February alone, the organization registered a 46-percent surge in sales to 2,881 units from the 1,971 units sold by member companies in the same month last year.
“This impressive performance was largely driven by the passenger car sales that rose 117 percent to 2,025 units from 934 units sold in February of last year,” the group explained. The arrival of new models and the availability of supply to meet strong consumer demand in the country had beefed up Avid members’ positive sales outcomes.
Avid is expecting the strong performance to continue until yearend, given the business community’s bullish economic outlook for the Philippines.
“On the back of continuing positive consumer outlook, favorable macroeconomic landscape and aggressive marketing campaigns, we expect our strong sales performance to be sustained in the next quarters,” noted AVID president Ma. Fe Perez-Agudo.
AVID explained that Philippine businesses continued to be optimistic for the year ahead, based on the latest Business Expectations Survey of the Banko Sentral ng Pilipinas. Respondents cited key factors such as an increase in government spending, business expansion arising from steady investment inflows, sound economic fundamentals and possible credit upgrades for the Philippines.
Optimism in the Philippines mirrored the improved business outlook of firms in the United States, Germany and India, the group added.
“The continued strengthening of the country’s economic fundamentals will ensure stability and growth in 2012. All bode well for consumer spending, with overseas Filipino remittances reaching an all-time high of $20.1 billion in 2011,” AVID added.
Hyundai Asia Resources Inc. (HARI) remained AVID’s top seller during the period, with sales hitting 2,369 units in February 2012 alone, while Chevrolet distributor The Covenant Car Co. Inc. was the group’s second-strongest performer with sales in February reaching 318 units.
Other AVID members include Mercedes Benz importer CATS Motors, Mini distributor British United Automobiles, Porsche and Audi distributor PGA Cars Inc., Volvo importer Scandinavian Motors Corp. and Motor Image Pilipinas (Subaru).
