Thursday, April 13, 2017
AVID Members Record 10 Percent Growth in Q1 2017
The Association of Vehicle Importers and Distributors (AVID) closed the first three months of 2017 on a high note as sales picked up by 10 percent with 23,312 units sold versus the previous year’s 21,160. The continued uptick in industry sales is largely credited on the continued strong consumer appetite for vehicles.
For the first quarter of 2017, the Passenger Car (PC) segment sales rose by 21 percent to 9,242 units sold from 7,609 units sold a year earlier. The group’s impressive performance is spearheaded by Hyundai, which managed to sell 5,986 units.
In terms of percentage growth, The Covenant Car Company, Inc. (Chevrolet) led all other distributors in the Passenger Car segment with an unprecedented 1,222 percent growth (542 units in 2017 versus 41 in 2016) in Q1 2017. Scandinavian Motors Corporation (Volvo), Suzuki Philippines, Inc., and Auto Nation Group, Inc. (Chrysler, Jeep, Dodge, Mercedes-Benz) all recorded growth during the period.
Ford Philippines is the biggest loser in the Passenger Car segment with a decline of 46 percent followed by Motor Image Pilipinas, Inc. (Subaru).
On the other hand, the Light Commercial Vehicle (LCV) segment sold 14,070 units in Q1 2017, a 4 percent increase compared with 13,551 units sold a year ago. The group’s sales expansion from January to March 2017 is led by Ford, which recorded 7,586 units sold (the EcoSport is classified as an LCV as per AVID).
Percentage-wise, Auto Nation Group, Inc. garnered the biggest growth at 75 percent followed by Suzuki Philippines at 45 percent. Surprisingly, The Covenant Car Company, Inc. hasn’t capitalized on heavy marketing promotions or endorsements for its Trailblazer and Colorado models as its LCV sales plummeted 48 percent in Q1 2017. Motor Image Pilipinas’s sales are also down 8 percent due to its aging model line-up of SUVs, particularly its Subaru XV and Forester.
AVID sees continued growth for the foreseeable future driven by the introduction of new products and attractive financing packages.