More and more, car dealerships are gaining an understanding of just how important the Hispanic market is to their business. Ignoring the large – and growing – presence of Hispanic car buyers would be a mistake, plain and simple. If you would like to see your dealership grow and thrive well into the future, it is imperative that you respect the value of the Hispanic market.
With that in mind, we have compiled a list of various facts and figures which should drive home the point regarding just how important Hispanic buyers are, and will be, to your business. After reading this list, there should be no doubt in your mind that marketing specifically to the Hispanic community is of great importance.
· As of 2010, a total of 16% of the United States population identified themselves as Hispanic.
· It is estimated that this number will rise to 22% by the year 2025, and to 31% by the year 2060.
· In 2014, the U.S. Census Bureau indicated that the total population of Hispanics living in the United States had reached a record high of 55.4 million, an increase of nearly 500% since 1970.
· The Hispanic population also ranks as one of the youngest ethnic or racial groups (median age of just 29 years). This information is obviously relevant to car dealers, as marketing to the Hispanic community should continue to pay off for years to come.
· If the Hispanic market within the United States were to be its own country, it would be the 12th largest economy in the world. In all, there is more than $1 trillion in purchasing power to be found among Hispanics within the U.S.
· From 2000 to 2014, the size of the Hispanic market increased by 155% in terms of total buying power within the U.S.
· By 2019, it is expected that Hispanics will hold more than 10% of the buying power in the United States.
· 25% of the Hispanic consumers in the U.S. come from households with an annual income of $75,000 or more. This is largely due to the growing number of Hispanics who are starting and running their own businesses, a trend that is likely to continue.
· In 2014, Hispanic auto sales grew by 15%, where as the auto industry as a whole only increased by 5.9%.
· Also in 2014, 100% increase in Honda sales could be attributed to the Hispanic market. For Ford and Chevrolet, that number came in at 96%. Obviously, sales to the Hispanic market are proving critical for automotive brands which wish to continue driving forward in terms of revenue.
· Toyota owns the largest share of the Hispanic market, with 16.9% in 2014. However, there are plenty of other brands with a significant portion of the market, such as Nissan at 12.3%, Honda at 11.9%, Chevrolet at 9.2%, and Ford at 8.5%.
· During 2014, 21% of Hispanics who were purchasing a car were doing so for the first time. That number stands in stark contrast to 5% for the rest of the car buying population. That means that a large segment of the Hispanic market did not have a previous affiliation with a dealership, and were open to marketing efforts.
· In terms of specific vehicles, it is the Toyota Corolla that leads the way for Hispanic buyers, with 19.3% of the subcompact market.
Whether you live and work in an area with a large Hispanic community or just a small one, there is little doubt that the population within reach of your dealership will be growing in years to come.
In addition to the increasing size of the Hispanic population, there is also the increasing amount of income to consider among this group. Hispanics have more money than ever before within the U.S., and some of that money is going to go toward car purchases.
For your dealership, all of these various points add up to one thing – there are huge opportunities to grow your auto business with the Hispanic market.
Taking marketing steps toward engaging this segment of the market is an obvious decision, and one that should be paying off for many years to come. Building a Spanish website, running ads in Spanish language publications, and staffing Spanish speaking staff are all steps you can take toward earning a larger share of the market. As an added bonus, Hispanic buyers tend to be extremely loyal, so making one sale could lead to many more down the line.
In the end, marketing to the Hispanic community is all about respect. If you respect the size of the population, the buying power that they possess, and the specific needs that they have during the car purchasing process, you can move your dealership forward by tapping into this tremendous opportunity.
To learn more about building a Spanish website for your car dealership to bring your business closer to the Hispanic community, please contact Altura Auto today.
More and more, car dealerships are gaining an understanding of just how important the Hispanic market is to their business. …