Forget gridlock, Panama car buying spree continues.

Traffic gridlock, lack of parking spaces and soaring gas price failed to curb the boom in Panama sales in 2012.

Car sales accelerated in 2012 reaching a new record of 50 609 units for the year, 9% up on the 46 644,  sold in 2011.

October was the busiest month with sales of new vehicles reaching5, 619 according to statistics from the Panama Association of Automobile Dealers (ADAP).
In 2011, the top 10 sellers were Hyundai,followed by Toyota, Nissan, Kia, Honda, Suzuki, Chevrolet, Ford, Isuzu and Mitsubishi.
In 2012, Toyota Hi Lux,() headed the table for individual models with 3,060 sales, but Hyundai took the next three spots with Hyundai Accent (2,817), Hyundai Elantra (2,407) and Hyunda Tucson IX (2,1,370 took the next three spots
The support of banks through financing facility, the economic growth experienced by Panama and thearrival of new companies has generated the boom, especially in the commercial segment, said Ricardo Cuellar, president of ADAP.
According to the Panamanian Credit Association, December 2012 recorded a 14.7% growth in loans for the purchase of automobiles, compared with the same month last year.
The real growth in vehicles occurred in segments of small sedans and compact hatchback, on the said Anthony Salerno, executive vice president of Bay Motors, the Honda representative in Panama.
For Salerno, these two segments are sedans that rely heavily on funding.
For the company Ricardo Perez 2013 is a year of opportunities and challenges of expanding to become the exclusive Lexus dealer in order to grow the luxury segment as well as expand its service network and sales points.