August new car sales dip 10% year-over-year, trade group confirms
New car sales in Puerto Rico took a 10% dip in August when compared to the same month in 2018, the United Group of Automobile Importers confirmed.
The organization known as GUIA for its initials in Spanish, which represents the automotive industry in Puerto Rico, confirmed that August ended with a total of 8,236 units sold in contrast to the 9,156 units sold during August 2018.
“Four of the last five months we have seen a decline in the market, which really matches the estimates we gave at the beginning of the year,” said GUIA President Ricardo M. García.
“With the impact of the political changes in July and now in August, we the uncertainty we had with tropical storm Dorian, the dealerships were closed several days, further affecting. In addition, we remain uncertain about when federal funds will arrive,” he added.
The segments that suffered a more marked impact last month when compared to the same month last year were mid-sized sedans with -28.2%, followed by compact sedans, with -26.9% and the mini compact segment with -19.8%.
However, vans and sports vehicles increased by 5.9% and 21.3% respectively in August, in contrast to the prior month.
“The industry remains equally aggressive to boost sales with attractive offers and, above all, taking into account that bank interests remain low, leading to more savings for consumers, considering that about 90% of vehicles sold in Puerto Rico are financed,” García said.
GUIA is an independent, non-profit organization that was created in 2006 to address issues that directly concern the automotive industry, as well as issues related to Puerto Rico’s general economy.
GUIA members represent 23 car brands and more than 96% of total sales of new vehicles in Puerto Rico.