NMI car sales post 46 percent growth in May

The automobile dealership industry in the CNMI has been experiencing remarkable growth this year, posting a 46.07-percent growth in May that far exceeded market projections.

The number of vehicles sold last month totaled 130, a significant jump from May 2003’s total of 89, based on a statistical report released by the Commonwealth Auto Dealers Association.

Total auto sales for the first five months of the year reached 609, which reflected a 25.31 percent growth compared with the 486 total recorded by the CADA for the same period last year.

CADA president Joe Guerrero said the industry’s growth has so far exceeded anticipated level ranging from 10-15 percent.

“It’s a good surprise that we’re up,” Guerrero said. “We’re hoping that this [trend] continues.”

Guerrero attributed the industry’s strong performance to aggressive marketing by the CNMI’s auto dealers. He also noted the introduction of new car models into the island.

Earlier, Guerrero also attributed the industry’s positive performance to rising consumer confidence in an improving economy, when consumers become more optimistic of their ability to repay loans in the coming years.

May’s sales nominally surpassed April 2004’s 113 total, which had posted a 15.31-percent increase compared with sales total of 98 in April 2003.

By the end of this year’s first quarter, CADA recorded a growth rate of 20.65, with total car sales reaching 479, higher than the 397 total sales during the previous year’s first quarter.

Sports utility vehicles remain popular with car buyers this year, as CADA reported sales reaching 116 units from January to May. Trucks sold during this period totaled 96, while vans had 55 units sold. Cars, however, posted the biggest sales total of 342.

Microl Corp. topped the auto dealers in terms of auto sales last month, selling 58 Toyota vehicles. Joeten Motors sold 43 units, while Triple J Motors tailed behind with 29 units sold.

Toyota remains the top selling car brand in the CNMI so far during the year, with sales reaching 317 for the first five months. The figure reflected a market share of 52.05 percent.

Nissan is the next favorite brand with 74 units sold so far to capture 12.15 percent of the market pie, while Mazda followed next with 56 units sold to get 9.20-percent market share.

Total sales for Mitsubishi reached 48, while Ford had 32 units sold. Hyundai and Kia brands sold 28 units each; Honda, 17; and Isuzu, 9.