Hispanic auto buyers are truly a can’t-miss consumer segment according to first quarter 2014 new vehicle sales data.
For the last three years, Hispanic new vehicle sales growth has consistently outpaced the industry growing at twice the rate. First quarter of 2014 was no exception to this positive momentum, and the impressive results continue to improve!
Outpacing Total Industry: Polk’s Q1 2014 data reveals that quarter-over-quarter Hispanic auto sales growth is outpacing total industry growth by nearly 3x (13% vs. 4%).
Contributing to Total Growth: What’s more, Hispanic contribution to sales growth has reached an astounding 37% in the first quarter, an improvement from a strong 20% in full-year 2013. That means that nearly 4 in 10 incremental new vehicles sold in 1Q were to a U.S. Hispanic consumer.
Powerful Brand Results: Drilling deeper by brand, the story speeds up. Of the top-selling brands to Hispanics, a majority saw new vehicle sales growth thanks in large part, or in some cases, exclusively, to their Hispanic sales.
- Honda, Ford, Chevy, and Hyundai saw growth ONLY from Hispanic sales.
- Toyota, the No. 1 brand in Hispanic sales, saw 71% of their quarter-over-quarter growth come from Hispanic sales.
- For Nissan, over a quarter (28%) of their growth came from Hispanics.
What Polar Vortex?: Despite a challenging and cold winter in even the most temperate of markets, the top 10 Hispanic DMAs contributed huge growth for automakers as well, contributing 24-100% of total DMA new vehicle sales growth. Most notably, even the chilliest markets of Chicago and New York saw growth in total new vehicle sales, and Hispanics contributed 24% and 38% of the growth, respectively.
It’s clear that Hispanic automotive growth is accelerating. Is your brand poised for success with this important consumer group? Are you earning your fair share of Hispanic sales?
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Source: Polk, New Vehicle Personal Registrations (Includes Leases) Enhanced Ethnic Data, 1Q CY14 VS. 1Q CY13, U.S