Hispanics Typical Car Buyers in U.S., Say Dealers
Brian Benstock gets frustrated when people point out supposed differences between Hispanic and non-Hispanic car buyers.
“We are consumers like everyone else, we buy what everyone else likes; features that make our lives better,” says the general manager and vice president of Paragon Honda and Paragon Acura in Woodside, NY, outside of New York City.
“Why would you think we’re different from somebody else?” asks Benstock, son of a Puerto Rican mother.
Clay Cooley, the dealer principal for the 10-store Texas-based Clay Cooley Auto Group, agrees. “I have not found anything different about Hispanic consumers, other than most speak English today whereas that wasn’t so 10 years ago.”
Because purchasing a vehicle is a big-ticket item, many Hispanics prefer to conduct the transaction in Spanish, so for Cooley it is a business imperative to invite and welcome this consumer in Spanish.
His dealership has been marketing to Hispanic consumers in Spanish for the last 16 years. Today, 45% of his business is from Hispanic buyers.
“We mirror our English and Spanish TV ads so when viewers see these messages on English-language TV, they see the same on Spanish TV,” he says. “This is an important trust-building step because Hispanic viewers know they are getting the same deal and treatment as everyone else.”
In the F&I office, Hispanic buyers, like other consumers, buy what they value. That includes extended-service agreements, GAP insurance, prepaid maintenance and both finance and lease options.
Many dealers don’t realize the nationwide extent of Hispanic consumers, Benstock says. “The Hispanic community is everywhere, not just in Florida and Texas.” In his market, Hispanics make up 27% of the population.
Twenty-five percent of the populations of major markets are Hispanic, says Sara Hasson, Univision’s senior vice president-automotive strategy & insights.
In Miami, Hispanics represent more than 50% of the population. In Houston it’s 40%, Dallas; 34%.
Currently, 57 million Hispanics reside in the U.S., 18% of the population. That’s expected significantly increase in coming years.
Car down payments average $4,833 for Hispanics vs. $4,779 for non-Hispanics, Hasson says.
She says the average MSRP of a vehicle purchased by a Hispanic is $29,600 compared with $31,900 for the overall population
On average, Hispanics lease about 30% of the time and buy a vehicle every 3.4 years.
“It goes without saying, dealers who wish to appeal to this market will staff people who are bilingual – and will make them welcome and treat them no differently than they do any other buyer,” Cooley says. “Hispanic customers are very loyal to dealerships that respect them.”
For more information on the purchasing power of hispanics, you can read this article:
by Peter Kahn on 09/29/2016
Hispanic Heritage Month sets aside time to underline the important contributions the Hispanic community has made to the U.S. From an automotive perspective, it’s worth noting that their contribution goes beyond cultural — it’s also economic. In 2015, Hispanics alone accounted for 35 percent of new vehicle sales growth, and it was the biggest sales year to date.
The U.S. Hispanic population has a significant economic influence — 1.38 trillion dollars to be exact. But their economic influence doesn’t stop there. The current Hispanic population rests at about 17 percent of the total U.S. population, but it’s projected to reach 31 percent by 2060. As the population grows, their economic impact, and their impact on the automotive market, will continue to grow as well.
But it’s not just a growing population that should make us take notice. Their median household income continues to grow closer in parity to the general population. This trend translates into expectation for Hispanic populations: 81 percent said they expect their family’s financial situation to improve in the next year.
Needless to say, Hispanic shoppers should be a priority for dealers. Luxury dealers specifically need to hone in on this demographic. A quarter of Hispanic vehicle intenders have a luxury vehicle in their consideration set. Since 2000, there has been a 188 percent growth in Hispanic households earning $75,000 or more. With the increased opportunity to spend, Hispanics are increasingly buying luxury vehicles – luxury vehicle purchases have risen 16 percent from 2013 to 2015, compared to 5 percent for non-Hispanics.
The Hispanic population is also unique in that the median age is 30, a full decade younger than the national age average. This means that a majority of them are also Millennials, another group with significant buying power. As a result, many of the observations about Millennials’ buying habits also apply to Hispanics. Most noticeably, the importance of a strong digital presence is key to connecting with potential customers. Hispanic Millennials are also more likely to be married, have a child and have purchased their first home, putting them in a perfect position to move on to their next significant life event — buying a car.
Dealers who want to position themselves for success in the future need to align to the preferences and habits of their Hispanic shoppers. To read more about how to reach Hispanic shoppers, check out the white paper “Hispanic Car Buyers Matter — Now More Than Ever Before.”
People in the world of marketing and businesses trying to use social media for promotions almost always face a paradox. It’s like a Chinese finger trap – the harder you pull, the more trapped you can become. That’s the world of social media and it’s the biggest reason for failure.
In social media, the more you try to talk about your business, the less your message makes it out to anyone who might actually care. On Facebook and Google+, the algorithms make it to where self-promotion can only last for so long without hurting the quality of the page altogether. On other social sites like Twitter, Instagram, and Pinterest, self-serving posts often make followers stop following. If you can’t talk about your business, what’s the point of putting your business on social media?
The truth is this: you can talk about your business… a little. To do that, you must earn the right. To earn the right, you have to talk about the things that are both relevant to your business while still holding the interest of your customers. In other words, you have to talk about them and/or the communities in which they exist online and off.
Those who do it right often take their social media marketing to the next level whether they mean to or not. You see, talking about others is one of the easiest ways to get them to talk about you. When someone else is talking about your business on social media in a positive way, it holds ten times more weight than anything you can say about yourself.
There are two important points of discussion, both of which are too long for this particular post, so we’ll touch the surface now and go more in depth in the future.
Earning the Right to Promote
This has been called many things by many people, but we’re all talking about the same basic premise. If you over-promote your business, products, or services, you’ll turn people off. They won’t see your posts because they block you, unfollow you, or report your posts as spam. By doing so, they aren’t just keeping themselves from seeing your posts on Facebook and Google+. They’re also preventing others from seeing you posts. When this happens too much, your page becomes toast. It’s burnt. It reaches nobody. It’s worthless.
Some take this premise too far and apply the extreme opposite strategy. They don’t talk about business at all. These are the people who are pushing a branding-only strategy. The idea is this: if you entertain and inform people, you can talk about anything that you or they consider “engaging”. This puts your logo and business name in front of more people. They like your business because you post great cat pictures. With this strategy, the goal is to be on of the “cool kids” on social media.
This strategy is absolutely ludicrous, though technically it’s not as bad as over-promoting your business, i.e. spamming.
I recently heard David Johnson talk about a post he put on Persuasive Concepts about it and his description was spot on. I’m not going to go into full detail here as it was a long explanation, but the basic idea is that if you bring value to your fans and followers by focusing on topics that interest them and that are important to your topic, you earn the credits necessary to cash in on promotional posts. For example, a car dealer might post car maintenance tips, customer testimonials, and pictures of cool cars most of the time while posting business-relevant posts occasionally that talk about “the big sale” or something more creative.
This is earning the right. More on that in a future post.
Talking About Others
There’s an important lesson that should be understood before I go into any details about this. Intention is easy to sniff out. Sincerity is key. If you are talking to and about people, other businesses, charities, or anything else with the intention of getting them to talk about you, people will know.
If, on the other hand, you go in with the right frame of mind and position of heart knowing that most of the people and organizations you talk about on social media won’t reciprocate but you want to do it anyway because it’s interesting and valuable to your fans and followers, you have a chance of succeeding. It’s that simple.
Take a sincere interest in the community and the lives of those within it through your social media. You live close to people. You work close to people. You’re a part of the community. Highlight the best parts of the community and the people in it. Give credit to those who do the right things. Use your business social media page to bring good things to light and to help others succeed. Do all of these things sincerely and good things will happen for your business through social media.
This, too, is a topic that needs more flesh, just not right now.
Customers and Community
Take action. Be a part of it all. Participate.
If you focus on others, you’ll be able to get out of the Chinese finger trap of social media. If you just keep pushing (or pulling) harder, you’re only going to make things worse. Sincerity is the key. It can’t be said enough.
Dealer Synergy Furthers Its Commitment to Assist the Blind Community
PHILADELPHIA, Dec. 23, 2011 /PRNewswire/ -- Aroga Assistive Technology and Dealer Synergy increase their vision by finally joining hands.
Dealer Synergy is very pleased to formally announce that we have been approved as an Authorized Aroga Reseller for Assistive Technology in the world of Apple computers and iPods.
For over 23 years, Aroga has been helping their clients attain a measure of independence. "Adding synergy will only elevate our clients toward interdependence," says Steve Barclay, BP of sales and marketing with Aroga. "We are Canada's premier Assistive Technology retailer; however, we really want to get our products in the hands of people whose lives will be enhanced because of them ... no matter their geographic location."
Dealer Synergy is also excited about adding to our award winning automotive dealer training, the ability to offer our visually impaired clients training on the Voiceover screen reader for Mac computers as well as Voiceover for iPhone, iPod and iPad.
Dealer Synergy has been blessed by the leadership of VP of Training, L.A. Williams in the area of the seeing impaired. L.A. Williams himself is Blind. L.A.'s lack of sight has not hindered his attitude, his capabilities or his success. He is a valued executive with the company as well as an inspiration. To watch the way L.A. has evolved the Dealer Synergy curriculum, training and delivery is amazing. His influence is so profound, Dealer Synergy clients have been so inspired to specifically seek out Blind candidates for employment in their Dealerships.
L.A. Williams III, VP of Training with Dealer Synergy says, "Here at Dealer Synergy, we want to influence the success of all our clients. Since that includes visually impaired individuals, how better to show our commitment than to offer them the best training and technology in North America. Aligning ourselves with Aroga gives us that very opportunity."
If you have questions about Dealer Synergy and their services for the blind, please call L.A. Williams III at 1-866-314-2553 extension 32 or Email Support@DealerSynergy.com.
SOURCE Synergized Media
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