The Association of Vehicle Importers and Distributors, or AVID, has just released their sales figures from the month of October 2011.
AVID sold 2,254 units in October 2011, a sales growth of 18% compared to the same month in 2010. This brings AVID sales to a total of 20,340 units in the first ten months of 2011, or 0.1% growth from prior year, against a 2.4% decline for total industry. AVID maintains a firm hold on its 15% market share.
A better than expected 48% growth in Passenger Car (PC) sales in October outweighed the weakness in the Light Commercial Vehicle (LCV) market and largely mitigated the supply-related drag on the sales outcome for the first ten months of the year.
“Strong sales recovery in October bodes well for positive performance of AVID for the remainder of the year with the boost arising from expectations of improved supply condition and favorable consumer outlook on better cashflow prospects triggered by holiday bonuses and overseas remittances,” said Ma. Fe Perez-Agudo, AVID President.