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If you’re up on your Spanish, you know the headline is an exciting invitation. It says, in English, There’s gold in your database. In fact, there’s lots of gold there, given recent research into Hispanic automobile shoppers. 

According to U.S. Census data compiled by Univision Communications, the Hispanic population is growing faster than any other ethnic group.  Currently 56 million Hispanics reside in the U.S. This population is expected to more than double within the next 35 years to 129 million.  

Based on first quarter 2014 figures from IHS Automotive, Hispanic new vehicle sales are contributing to 37 percent of the total market growth.  Hispanics are driving the growth in major and emerging markets across the country. 

  • Hispanics spent $39 billion on new vehicle purchases last year.  That figure is projected to grow significantly this year.
  • Hispanics are more likely to use a bank loan or dealer financing and many will make large down payments for their new vehicle purchase. 
  • Hispanic buyers’ have good credit.

According to IHS Automotive, the demand for small crossover vehicles is outpacing sedan sales.  Hispanic and Millennial consumers make up the biggest group of buyers for these vehicles. 

Given Hispanic buyers’ attraction to crossovers, identify these buyers in your dealership’s existing customer database. Look for those that fit specific customer and ownership demographics. This information would include the owner’s equity in the vehicle, the finance or lease contract end date, and the vehicle make, model and mileage and prevailing rates and incentives. 

To sell more cars to these customers, consider Spanish-speaking associates to engage them in an opportunity-selling campaign. Such a campaign is phone-based to encourage existing Hispanic customers into the store to work out details.  Hispanic shoppers make vehicle buying a family affair, and so prepare seating for several. Take time to build rapport with the family and explain processes. 

Contact me if you’d like to use this strategy to boost your existing customer sales from 10 to more than 100 units a month. Be sure to target Hispanic customers in your database and you will reap el oro en la base de datos. 

Jeff Cotton is Vice President and Co-Founder of AutoAlert, Inc., a leading customer database analysis and sales strategies company. He is a former sales professional with Fletcher Jones Motor Cars. Contact him at jeff@autoalert.com and visit www.autoalert.com

 

Views: 67

Tags: Buyers, Hispanic, Hispanics, autoalert, consumers, database, gold

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