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Hispanic Auto Preferences
Ford, Toyota and Chevrolet are establishing themselves as the leading brands among the increasingly influential Hispanic American market, with 44% of new vehicle registrations between them, according to automotive specialist R. L. Polk & Co.
In 2003, Ford captured 15.9% of all registrations made in the US by Hispanic Americans. Toyota and Chevrolet were about equal second with just over 14% each, but in the first quarter of 2004 Toyota increased its share to 15.5% (37,353 Hispanic registrations), narrowly beating Ford's 15.4% (36,989).
Hispanic Americans account for 6% of the US automotive market, compared to 4.8% in 1999, representing a 25.7 percent increase in volume of new vehicle registrations in just five years. Hispanics are now the nation's largest minority group, with 38.8 million Americans identifying themselves as 'Hispanic' in 2002 according to the US Census Bureau.
LA remains the number one market by far in terms of Hispanic auto buyers, with 185,165 registrations, against 74,883 for second placed New York. Miami/Ft. Lauderdale was third in 2003 with 70,613 registrations, followed by Houston with 40,033.
Lonnie Miller, Director of Analytical Solutions for R. L. Polk & Co, says automotive manufacturers are taking notice of the rapid growth of Hispanic numbers and influence. 'Over a five-year period, the Hispanic American automotive market has significantly outperformed the general market in several major metropolitan areas, including Los Angeles, New York, Miami and Dallas-Fort Worth' says Miller.
R. L. Polk & Co. is a privately held global firm based in Southfield, Michigan, USA, and is on the web at www.polk.com
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