The event will be attended by more than 36 companies, which will present 50 brands and car models of the world’s leading manufacturers.This year, the 2024 Panama Motor Show expects to reach about $90 million in car sales; about $5 million in insurance policy premiums and more than $50 million in automotive financing transactions.
The fair comes at a time when the automotive sector closed August with a 10% growth and it is projected that by the end of the year about 52,000 new cars will be sold, confirmed Fernando Tristan, president of the fair of the Association of Automobile Distributors of Panama (ADAP).
The exhibition, which will take place from 2 to 6 October, at the Panama Convention Center, will present the latest innovations in the different vehicle segments.
In addition, it will have the participation of more than 36 companies, which will present 50 brands and car models of the world’s leading manufacturers, including hybrid and electric models, which continue to gain ground in the country. In this edition, ADAP highlights the new trends in sustainability and innovation in mobility and transport.
During the event, the guild launched its sustainability plan, which responds to a shared vision with the more than 36 companies that make up ADAP, in close collaboration with various stakeholders, such as authorities, organizations and the community in general.
As a guild, we know that the automotive industry through energy and connectivity is transforming the way we move and reaffirm our commitment to a cleaner and more efficient future for the automotive industry and the community,” said Diego Poma, president of the guild.
According to Poma, ADAP continues to contribute to Panama’s economic growth with $150 million, through the Selective Consumption Tax; $130 million for the Property and Furniture Transfer Tax and everything that permeates from taxes related to the single-Dar Registry for registration and transfer procedures.
According to statistics from the National Institute of Statistics and Census, INEC, until July 2024, some 30,782 new cars were registered in the Unique Register of Vehicle Property in Panama. The figure represents an increase of 9.3% over the same period in 2023, he said.
The number of vehicles registered so far this year also exceeded the figures for 2020, when in the same period 11,069 vehicles were scored, the highest recorded in the last five years, after the hard blow of the covine-19 pandemic.
The segment that registered the most new vehicles is the Sport Utility Vehicle (SUV), which in Spanish translates as Utilitarian Sports Vehicle with an increase of 15.1%. For its part, the bus and minivan segment grew 0.5%, pick ups, 9.1%, luxury cars, -6.5%; trucks, 1.6%; panels -1.5%; minivans 29.1%; and buses 43.4%.
This article has been translated after first appearing in La Estrella