The Association of Vehicle Importers and Distributors Inc. (AVID) posted a 27-percent growth in vehicle sales to 12,887 units in the first five months of the year from the previous year’s 10,151 units, bucking the 0.6-percent growth in total industry sales.
In a report issued Monday, AVID said the strong performance during the January-May period could be attributed to the 77-percent surge in passenger car sales to 8,004 units from 4,528 units sold during the same period last year.
For the month of May alone, total vehicle sales rose 11 percent to 2,255 units from 2,032 a year ago, driven largely by higher passenger car purchases.
Hyundai Asia Resources Inc. (HARI) remained AVID’s top seller during the period, with sales hitting 1,737 units in May alone. Chevrolet distributor The Covenant Car Co. Inc. was the group’s second-strongest performer with sales reaching 236 units, also for May alone.
Other AVID members include Mercedes Benz importer CATS Motors, Subaru distributor Motor Image Pilipinas Inc., Mini distributor British United Automobiles, Porsche and Audi distributor PGA Cars Inc. and Volvo importer Scandinavian Motors Corp.
“AVID kicks off this third quarter with favorable sales performance, riding high on the sustained positive consumer outlook, bolstered by a buoyant economic and business landscape,” noted AVID president Ma. Fe Perez-Agudo.
AVID expects the strong performance to continue until the end of the year, given the country’s robust performance in the first half of the year.
“Lower prices, accelerated government spending and continued development of the service sectors bolster and encourage consumer spending while the build-up of foreign exchange reserves and government’s active debt management have reduced the economy’s vulnerability to the short-term international challenges, especially in the eurozone,” Agudo said.