Car fairs show economy is picking up

posted on: Dec 22 2011 14:5 by The Reporter. Viewed 113 times.

Sales of new cars over the last three months indicate that the economy is picking up.

Four car exhibitions from Dominican financial institutions, Expomóvil BanReservas, Anadive, Autoferia Popular and Asocivu showed a revival of activity as buyers flocked to attend and purchase new vehicles.

5,610 vehicles in total were sold or financed at the fairs with an estimated sales value of RD$4,535 million (US$117 million), or roughly US$20,000 per car.

President of the National Association of Vehicle Distributors (Anadive), César de los Santos, stated that although the year has not been as they expected, it was certainly a good fair, attended by more than 50 dealers, a dozen insurance companies, financial institutions and other companies in the industry.

“As President of this organization, these results show a sample of our institutional development and sustained growth,” said de los Santos. “More than that, we have had these succesful fairs for several years now, and they show the credibility of Anadive between the population and financial sectors that we have supported.”

Anadive’s own fairs sold or financed 750 vehicles worth RD$550 million, while Banco Popular’s fair sold 1325 vehicles worth RD$1,285.

Asocivu, who decided to extend its fair until the end of this month, has so far sold or financed 1725 units worth RD$800 million. Asocivu’s President, Alexander Genao, said that the success of the fair was due, among other things, to the customer loyalty of its members, and the trust generated by the institution due to their transparent working behavior along with the upturn in the economy in the last few months.

“Expomóvil BanReservas”, held in October, was one of the most successful events of recent years, achieving sales or financing of RD$ 1,900 million and closing transactions on 1,810 vehicles.
The administrator of Banco de Reservas, Bengoa Albizu, expressed his satisfaction at the close of activity.

“Many companies took advantage of the fair  facilities to renew their fleet of vehicles with the excellent funding arrangements granted and this Expomóvil was convincing evidence that economic activity and consumption are recovering,” he stressed.