AUTO INDUSTRY NEWS

AVID remains positive with 6% growth for distributors and importers

AVID remains positive with 6% growth for distributors and importers image

Text: / Photos: | posted July 12, 2011 17:23

Projecting growth

According to AVID, the Association of Vehicle Importers and Distributors, member companies sold a total of 12,324 units during the first half of 2011 with a resilient 6% growth while total industry dipped 0.8%. A remarkable 18% growth in AVID's PC segment was responsible for the sustained growth and at the same time hauled total industry PC sales by a decent 2.6% growth from a year ago.

For June alone, AVID sold a total of 2,666 units, posting an 11% growth compared to the same month last year, ramped up a stirring 52% increase in the PC segment as newly introduced models continue to gain ground in the market.

Recently launched models dominated growth figures in the first half of the year. Despite jitters in the global economy from market risks, price increases and the slow recuperation of Japan, AVID companies added value to its global quality cars by offering easy-to-pay financial schemes to consumers, and strengthening brand strategies across its communications and retail channels.

A slower but continued growth of 5-6% is projected for the Philippine economy in 2011 on the back of steady growth in OFW remittances and net foreign direct investments (FDI). Inflation continues to be a downside risk, but BSP's monetary management will restrain its impact.

"Amidst the series of storms the country faced in June, AVID remained robust and stayed on course to deliver quality growth in sales," says Ma. Fe Perez-Agudo, president of AVID. "Our brand management strategies and reliable global supply chains continue to solidify our presence in the market. AVID's 6% sales growth and expanding 15% market share in the first semester of this year evidenced clearly our strength and resiliency, furthered by our resolve to weather the setbacks experienced by the whole automotive industry."