The Automotive Boom in Panama


News from Panama / Tuesday, May 28th, 2013

I read this article and could not help myself so I am posting a picture of my favorite toy.  Forget about just the cars on the road, Panama is all about off roading too, right honey, we can get this right?

From Prensa:

The growth in the last three years is mainly due to easier credit by local banks and the economic growth that the country has been experiencing.  Data from the Transit and Transportation Authority (ATTT) reveals that in 2010 there were 550,000 cars circulating in Panama, while so far in 2013 the number has increased to 900,000, ie, in just three years over 350 thousand automobiles have been added to Panama’s roads.

On the other hand, the Panamanian Credit Association (APC) reported that for the first four months of 2013, there were 99,000 Panamanians with car loans, compared to the 87,000 in the same period of 2012, representing an increase 14.4%.

Another reason why car sales have increased is the poor public transport service that exists in the country. In the view of John Bennett, president of the Civic Committee of Transit at the Panamanian Association of Business Executives (APEDA), the increase in cars in the country is the result of a population which is developing and increasing their ability to acquire assets that meet their transport needs. “It’s a sign of progress,” he added.

“Creating parking spaces, improving technology on highways, eliminating unnecessary police roadblocks and increasing the speed limit on many roads are some of the approaches that Bennett is undertaking in order to improve traffic flow,” noted an article in Prensa.com .