AVID Aims to Finish the 4Q Strong with 9% Growth in October 2020

Tags: news, Sales Report

The Association of Vehicle Importers and Distributors, Inc. (AVID) continued its solid recovery, posting a 9% increase in vehicle sales for October or a total of 6,120 units sold versus the 5,594 units sold the previous month.

 

AVID attributes the growth to restored consumer confidence that has come about with the gradual reopening of the economy, the easing of travel restrictions, and value-added promotions and services.

 

“We are off to a good start in the last quarter of the year and we aim to continue this revival. Businesses are reopening and travel and tourism are resuming. These activities require mobility and a strong and healthy auto industry will set the course for economic recovery,” AVID President Ma. Fe Perez-Agudo said.

 

In the Light Commercial Vehicles (LCV) segment, AVID recorded a 20% growth in October sales with 4,291 units sold versus the 3,574 units sold the previous month. Pick-up and light trucks are among the key drivers as consumers shift to vehicles that can double up for personal and commercial use. Ford leads this segment with Suzuki at second place followed closely by Hyundai.

 

Passenger Cars (PC) sales dipped by 10% in October with 1,791 units sold compared to 1,990 in September. The segment is anticipated to increase as consumers look for affordable mobility options. Hyundai sold more than half of the passenger cars for the month, followed by Suzuki and Ford.

 

The Commercial Vehicles (CV) segment increased by 27% in October alone as the manufacturing and agricultural sectors are beginning to return to normalcy. Government initiatives, like the BAYANIHAN Law, the continuation of BUILD BUILD BUILD, and the Public Vehicle Modernization Program are expected to spur CV sales in the coming months.

 

Overall, YTD-October 2020 sales have fallen by nearly 43% to 40,993 vehicles compared to the same period last year.

 

“When this pandemic started, we all asked ‘How long?’ And as the situation developed, we began asking ourselves, ‘What next?’ Which led us to do a strategic overhaul of our respective businesses. I believe the auto industry was quick to adapt to this New Normal. So now you can buy a car online, have it delivered to you without face-to-face contact, and do contactless pickups and drop-offs at service locations for your After Sales needs. The industry has come a long way in such a short time and this has been a boon to consumers,” Ms. Agudo ended.