Sales of new vehicles are continuing to flatline in Argentina, registering a year-on-year drop of 52 percent in April, the Automotive Dealers' Association of the Argentine Republic (ACARA) business chamber reported Thursday.
Sale of motor vehicles in April were lower than in March, decreasing 4.8 percent, according to the calculations from the industry experts.
"Accumulated [patents] in the first quarter were 176,596 units, which shows a 50-percent decrease compared to the same period of 2018," Acara said in a press release.
Argentina's economy has been in a recession for the past 11 months, with consumption figures, wages and earning power and employment levels falling. Inflation over the last 12 months has totalled 54.7 percent, according to data from the INDEC national statistics bureau.
However, despite the poor figures, some in the sector remain optimistic, saying signs of improvement are there.
ACARA considered that "although [new registrations] in April continued the downward trend, in the sector they hope that the market has reached a floor and the return of reasonable financing mechanisms appears to be a key element in that," a reference to new financing options appearing on the market.