Traditional Car Brands in Panama Losing Market Share to Asian Competitors

In this regard, according to Abadi from Acodeco, they have a lot of information, as they have reports from car brands. Traditional car brands are losing their market share of new car purchases compared to their Asian competitors, and the Authority for Consumer Protection and Competition Defense (Acodeco) projects that in less than five years, there could be parity. 'Many of these cars have been making vehicles for over 60 years, and many of those brands own traditional brands,' he detailed. With the year-end activities that include the aforementioned Black Friday, graduations, corporate parties, aguinaldo payments, Christmas savings, and bonuses, Abadi recommended being informed, walking around, comparing prices, and checking warranty policies, as well as keeping an eye on product expiration dates. 'We believe that in the coming years, the share could be equalized up to 50%, first due to the price of these vehicles,' he added. 'Traditional vehicle brands are losing the percentage of new vehicle sales to consumers who now buy Asian brands.' On another matter, the administrator of Acodeco noted that the shopping frenzy dates with Black Friday are approaching, so he asked consumers to be 'alert because commercial economic predators are present in both traditional and digital commerce.' He stressed the importance of these activities for the economy to be stimulated, as people go out to consume. At the same time, he recalled that 'the best inspectors are the consumers who are in the stores every day and highlighted the importance of people filing complaints if they perceive misleading advertising.' 'It's a 28% market share,' said Ramón Abadi Balid, General Administrator of Acodeco in Julio Miller's program on Kw Continente.