While the numbers suggest that there is room and cause for more growth in car numbers in Panama, the question is in Panama City, where will they go?

A study by the World Bank ranked Panama as being in ninth place in a list of countries with the most cars from across the region. In the first 11 months of 2013, the automotive sector sold 51,569 vehicles, 6,086 more than in the same period of 2012, according to statistics from the Panama Dealers Authority (Adap).

The rapid expansion of the Panamanian automotive industry has been similar to that of other emerging economies and experts say that this year there will not be a decrease in demand.

“The installation of firms which have established international operations in our country, a large supply of cars on the market, financing facilities and the need to have quality reliable transportation have driven the growth in auto sales,” said Patricia Vukelja, executive director of the Adap.

Furthermore, “… having one of the largest banking centers in the region has allowed the country to have a greater supply of financial products for cars and this has facilitated the growth in demand and the boom in the automotive sector.”

Source: Capital.com.pa