Date: June 2019
City: Corferias, Bogotá
Venue: Corferias - Centro de Convenciones
Colombia is one of the largest automotive markets in South America, after Brazil and Argentina. The year 2014 was Colombia’s best year for auto sales in the past five years, with the sector experiencing a decrease of six percent from 2016 to 2017. The decrease was mainly caused by a drop in global oil prices, the devaluation of the Colombian Peso, and a slowdown in Colombia’s economic output (GDP), which grew an estimated 1.8% in 2017. Moreover, a tax reform package passed in 2016 raised the Value Added Tax from 16% to 19%, which has put a damper on consumer spending in general. Another important factor to consider is the growth of the used car market: for every new vehicle sold, four used vehicles are sold in Colombia.