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March 23, 2012

AVID Reports 46% Growth in February

AVID, the Association of Vehicle Importers and Distributors has reported total sales of 2,881 vehicles for the month of February. This represents a 46 percent growth year-on-year. Overall, the growth is largely driven by passenger cars which rose to 2,025 units from 934 units year-on-year.Overall, AVID members are positive about the rest of the year with new model launches (some of which will be launching at the upcoming Manila International Auto Show).

Here is the AVID sales breakdown between members for February:
  • British United (MINI) -  16 units
  • CATS Motors (Chrysler, Dodge, Jeep, Mercedes-Benz) - 60 units
  • HARI (Hyundai) - 2,369 units
  • Scandinavian Motors (Volvo) - 20 units
  • Motor Image Pilipinas (Subaru) - 73 units
  • TCCI (Chevrolet) - 318 units
Read the complete press release after the break.

Press Release
AVID Sales Score 46% Growth in February

Performance and Drivers
In February, a total of 2,881 AVID vehicles were sold compared to the 1,971 that were sold in the same month last year, posting 46% growth. This impressive performance was largely driven by the passenger car (PC) sales that rose by 117% to 2,025 units from 934 units sold in February of last year.
The arrival of new models and the ready supply of units to meet strong consumer demand beefed up AVID members’ positive sales outcomes. This led to 41% growth in sales in the first two months of the year, from 3,911 units in the same period in 2011 to 5,507 units this year.

Sales and Economic Outlook

Philippine businesses continue to be optimistic for the year ahead, according to the latest Business Expectations Survey of the Banko Sentral ng Pilipinas (BSP). Respondents cited key factors, such as increase in government spending, business expansion arising from steady investment inflows, sound macroeconomic fundamentals, and possible credit upgrades for the Philippines. Optimism in the Philippines mirrored the improved business outlook of firms in the USA, Germany, and India.
The continued strengthening of the country’s macroeconomic fundamentals will ensure stability and growth in 2012. All bodes well for consumer spending, with overseas Filipino remittances reaching an all-time high of $20.1 billion in 2011, Philippine banks being given a “stable” outlook by Fitch Ratings last February 2, inflation at a low point of 2.7%, and an additional 25 basis point reduction of the BSP key policy interest rates in March.

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