WASHINGTON — The Commerce Department's International Trade Administration (ITA) is giving the Auto Care Association (ACA) a $299,345 grant to promote auto industry trade with Latin America.
The grant was given through the ITA's Market Development Cooperator Program (MDCP), according to Commerce.
The purpose of the grant is to help U.S. companies produce and export auto parts to Chile, Colombia, Costa Rica, Guatemala, Honduras and Peru, the release said. The agency expects the funds to generate some $55 million in exports over the next three years.
The ACA will match the MDCP award with $696,953 of its own funds, in accordance with MDCP rules, according to Commerce. MDCP rules require grant recipients to supply at least two-thirds of the project costs and to maintain the project after the award period ends.
With this project, the ACA has pledged to lead outbound trade missions, host technical seminars and broker customer sales deals at the annual Automotive Aftermarket Products Expo (AAPEX) this fall in Las Vegas, Commerce said. The agency in turn will provide financial and technical assistance to support well-defined business plans aimed at strengthening the U.S. automotive aftermarket industry by increasing exports.
For more information about the MDCP, click here.