Car sales in the CNMI is up 21% and the trend is making up for lost sales in 2020 when COVID-19 was declared a pandemic by the World Health Organization in March last year. <\/p>\n
According to Saipan Chamber of Commerce president Joe Guerrero, this is a sign of increasing consumer confidence. <\/p>\n
\u201cBeing in the car industry for over five years some years ago, the movement of car sales always came down to consumer confidence, \u202621% is a good number, especially coming from last year and while still in a pandemic. \u2026Consumer confidence is a good barometer that people are feeling confident, optimistic about their own financial situation,\u201d he said.<\/p>\n
\u201cUsually people are not sure if they want to take that risk\u2014calculating job prospects, continued employment, and commitment to pay for the car in a span of five years is a big jump\u2026and with the percentage going up, people are making car purchases,\u201d he said.<\/p>\n
Federal money and the growing percentage of people getting vaccinated are enabling the community and businesses to return to pre-pandemic activities, including increased purchasing power. <\/p>\n
As of Wednesday, the COVID-19 Task Force announced that 66.4% of people ages 12 years old and older have received their first dose of the vaccine and the number is expected to rise in the coming weeks, with a projection of hitting 70% by September. <\/p>\n
\u201cIn the U.S. mainland, home sales is the barometer for the outlook of the economy. Everybody looks for a new home or refinancing. In the CNMI, not a lot of people buy homes and that is understandable because we have been through economic challenges over the years, that\u2019s why people would rather put their money on a business, investments, or buy a car,\u201d Guerrero said.<\/p>\n
\u201cCar sales co-relates very well with [taxes] and collection that is good for the economy in general. Car sales going up is a good sign. \u2026Is it a sign of a healing economy? Yes, and that\u2019s how it has always been historically. I used to run the numbers because I was a part of auto dealerships and we would track GDP and other metrics with car sales. \u2026It is a good trend that economic activities are increasing,\u201d Guerrero added.<\/p>\n","protected":false},"excerpt":{"rendered":"
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