Precipitated by the global nosedive of petroleum prices, Venezuela’s economic tailspin, which has been marked by 700% inflation and a GDP drop of 8% has caused the Venezuelan automotive industry — once the third largest in South America to come to a standstill.

The causes and the consequences lower commodity prices to the respective automotive and fleet markets of Venezuela and neighboring Ecuador and Colombia is the focus of the latest market overview by Automotive Fleet.

Part of its ongoing series of global market reports, the in-depth overview of these South American countries shows how low petroleum prices have affected Venezuela — a leading petroleum exporter — in particular, causing its strong economy to collapse almost overnight.

The report, which is being included in the upcoming Special Report: Global Fleet Market Conditions Q3 2016, also analyzes how Venezuela, Ecuador, and Colombia are coping with the effects of low commodity prices and the forecast for recovery and growth.

The full overview of the automotive and fleet market in Venezuela, Ecuador, and Colombia is available here.

The report on the Venezuelan, Ecuadorian, and Colombian automotive markets was written by AF Editor Mike Antich with the support of General Motors. The Q3 report also includes a detailed overview of other major South American automotive markets, including Brazil and Argentina.