Colombia Adopts Auto-Parts Standards Used by U.S. Industry
Colombians Adopt U.S. Industry Standards After ITA/MDCP-Supported Education Campaign
In 2020, ITA awarded Auto Care Association a $299,000 Market Development Cooperator Program (MDCP) grant to promote the adoption and implementation in key Latin American markets of auto parts cataloging standards used commonly by U.S. firms. Auto Care recently announced that such standards are now adopted by two key marketplaces in Colombia, Imotriz and Mercado Libre, the largest auto-parts marketplace in Latin America.
Under its MDCP cooperative agreement with ITA, Auto Care has coordinated closely with specialists in ITA’s Industry & Analysis unit as well as with ITA’s Global Markets/Commercial Service staff in Bogota and other major cities in Latin America. The education effort convinced Imotriz and Mercado Libre that, for digitalization and e-commerce, standards used commonly by U.S. automotive aftermarket firms are the best solution. Jorge Mario Ortiz, CEO, Imotriz, noted that “By adopting the Auto Care Association’s data standards, we are making it easier for our customers to find the products they need and for our suppliers to reach a wider audience.”
As the Colombian distribution system begins to primarily use the Auto Care standards, U.S. auto parts companies will find it easier to export to customers in Colombia.
The business potential is huge and extends beyond Colombia, the global automotive aftermarket industry is positioned to grow to a whopping $560 billion by 2030, driven notably by a robust compound annual growth rate (CAGR) of over 14% in the Latin American e-commerce automotive aftermarket. As Auto Care’s vice president for standards and digital products, Jonathan Larsen, noted, “Our standards are driving innovation and competitiveness in the region. This is a significant step forward for the adoption of data standards in Colombia and throughout Latin America.” Learn more about the Auto Care Association’s data standards.