Thanks to a strong economy, the Association of Vehicle Importers and Distributors (AVID) reported a whopping 60% increase in total vehicle sales for the year 2016. This equates to some 93,179 cars and light commercial vehicles sold throughout the year.
In the fourth quarter alone, AVID members witnessed 24,434 vehicles leave their dealer showrooms. That’s a 26% rise in earnings, compared to the 19,374 units rolled out for the same period in 2015.
A huge part of the credit goes to the Light Commercial Vehicle segment, which rose 60%. Ford’s LCVs accounted for a large chunk of sales, with the total vehicle class sales rising 19% in the final quarter of the year alone. The Passenger Car class was also a strong sector, with a 60% jump in profits. In the fourth quarter alone, 40% more passenger cars were sold, thanks in part to Hyundai’s stellar showing for this vehicle type throughout 2016.
Speaking of the strong economy, the 7.1% third quarter GDP growth rate, brought about by increased infrastructure, agricultural, and consumer spending were the main drivers. As 2017 rolls on, international financial institutions like the International Monetary Fund and S&P Global see yet another positive year ahead for AVID and the auto industry as a whole.
