Puerto Rico experiences ‘historic month’ of new car sales in July
Puerto Rico’s new car sales reached 10,926 units in July, representing a year-over-year growth of 3.12% in July, the United Automobile Importers Group (GUIA, in Spanish) announced.
A total of 10,595 new vehicles were sold in July 2020.
“The month of July closed as the July with the highest sales in history,” GUIA President Ricardo García said.
“The historic pace in the first seven months of the year continues above what was the year with the highest sales, 2005, just before the recession began in Puerto Rico. It’s evident that the current demand exceeds the supply,” he said.
“However, we already see how the growth margins are in single digits and we anticipate that this pattern will begin to reduce even more in the coming months due to the fact that the [Pandemic Unemployment Assistance] ends in September and that inventory levels remain slim due to the lack of computer chips that the industry is experiencing at a global level,” said García.
GUIA is an independent, nonprofit organization that was created in 2006 to address matters that directly affect the automotive industry, as well as issues related to Puerto Rico’s general economy.