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Online car platform Carmudi has expressed firm belief that the country’s automotive industry is poised “substantially” to surpass the annual target, following the sales figures generated during the first quarter of 2016.
“It’s only four months into the year and they have already covered almost one-third of their annual target. Based on this trend, sales should continue the upward trend as the year progresses,” Mohan said.
He also recalled his previous statement that local automotive sales would be ‘monumental’ for 2016. He said that for the past five years, the sales trend has been in an upswing and would likely continue as 2020 approaches.
“The latest trend on vehicle sales is a 45,000 unit rise per year,” the 370,000 would seem like a walk in the park, given all the perks given to manufacturers and importers,” Mohan explained.
The Carmudi Philippines chief is referring to the attractive terms and conditions afforded to distributors and dealers by the Comprehensive Automotive Resurgence Strategy (CARS) program implemented by the government. “Aside from that, Filipinos have shown a strong aspiration towards car ownership,” he said.
With the strong economy currently enjoyed by the country, Mohan is expecting a sales boom across the automotive sector, saying that last year, Philippines placed third on the fastest growing vehicle sales in Southeast Asia next to Singapore and Vietnam.
Mohan attributes the strong sales to the Filipinos widespread access and full utilization of the internet. “With information just a few clicks away through the internet, Filipinos are having informed choices on the preferred vehicle models,” Mohan claimed.
But despite the availability of information, he warned potential buyers on vehicle purchase. “There is nothing worse than investing in a vehicle without the full and real details. I suggest to use only trusted sites with safeguards against misinformation.”
Earlier, Carmudi conducted a Car Buyer Survey, stating that potential buyers are being influenced by online sources, including manufacturer sites, dealer sites, general internet searches, and online classifieds.
Based on the results of the survey, 28-percent of the respondents rely on the internet, whereas 18.7-percent only visited actual dealer sites and auto expos.
The same survey showed that 66.7-percent of car dealers in the country are majorly focused on advertising their listings on the Internet and 46-percent of car dealer survey participants are currently advertising their car listings over the net.