Panama's new car sales up 16% in 2023

Sales of new cars increased 16% in 2023, reports the Association of Automobile Distributors of Panama (ADAP).

The union expected to increase car sales by 23%, but due to the paralysis of activities between October and November, the growth rate brought by this activity was affected, mainly in the operations of both workshops and marketing companies, according to the outgoing president Miguel Durán.

 Despite this situation, the year 2023 closed with a cumulative 48,919 cars sold according to the union’s figures.

  “The biggest challenge that the union faced at the beginning of its management, last year, was to reach sales levels similar to pre-pandemic,” said Durán, indicating that it was possible to exceed 2019 sales by 2%.

 The ADP expects this year to resume the pace of growth in car sales, which also recorded positive figures in 2023 for electric cars whose sales doubled, and also for hybrids.

On Monday, January 22, the ADAP also announced the renewal of its board of directors, which will be chaired by Diego Poma, who is the country manager for the Excel Automotive group.

Poma indicated that its main objective is to promote and strengthen the automobile distribution sector, encouraging collaboration between members.