Capturing Hispanics’ $44 billion of auto sales
There are many industries that will benefit from Hispanics, and one of the biggest will be the automotive industry.
The Hispanic American population will grow by 1,637,800 per year between 2015 and 2020, according to the executive summary report from AMDS Geoscape 2015. That’s 136,483 per month, 4,487 per day, 187 per hour. And that translates to significantly bigger sales and profits for the automotive industry.
Hispanic households are larger than non-Hispanics (3.6 vs. 2.4). It is common among their culture for many Hispanic millennials to be still living with their parents. This fact alone presents an ideal opportunity for car dealers to sell more cars to the same household and get more referrals.
According to HIS Automotive Polk market, Hispanics currently represent more than $44 billion dollars in new vehicles sales. The total industry sales increased 5.9 percent last year. But, the amount of Hispanic consumers rose 15 percent, attributing to more than 250,000 sales.
Compared to general market, Hispanics are 60 percent more likely to be buying their first new vehicle and 52 percent more likely to add an additional new vehicle to their household, according to Polk. So, we easily can say that Hispanics will fuel the growth of the automotive industry in the coming years.