Toyota RAV-4 Awarded “Top Overall Future Majority Vehicle” at Ninth Annual Diversity Volume Leadership Awards
The National Association of Minority Automobile Dealers (NAMAD) and S&P Global Mobility recently presented the prestigious Diversity Volume Leadership Awards (DVL) at the 2024 Annual NAMAD Conference in Miami. The DVL Awards honor brands that excel in sales leadership with ethnic consumers, acknowledging the importance of targeted marketing towards diverse populations.
According to U.S. Census statistics, ethnic minorities are projected to become the “Future Majority” by 2045. The awards program highlighted the impact of minority vehicle buyers on dealer sales, emphasizing the need for diverse marketing strategies in the automotive industry.
This year’s DVL Awards recognized brands that demonstrated the highest new retail vehicle registrations among ethnic consumers. Data analyzed by S&P Global Mobility for the period of July 2023-June 2024 determined the winners across various categories, including non-luxury, luxury, hybrid, and battery electric vehicles.
Toyota Motor North America’s RAV4 emerged as the “Top Overall Future Majority Vehicle,” standing out among the 24 brands that were finalists for the awards. Toyota/Lexus received a total of 16 DVL Awards, showcasing their commitment to driving sales leadership within Asian, Native American, Hispanic, and African-American car buyers.
Other notable winners included General Motors (Chevrolet), Mercedes-Benz, Honda/Acura, Nissan, Stellantis (Dodge), Ford, BMW, and Volkswagen. The addition of new categories for Battery Electric Vehicles reflected the growing interest in electric vehicles in the U.S. market.
It is important to recognize the competitive nature of the DVL Awards, with strong contenders like Honda Civic and Toyota Corolla vying for top honors. Criteria for award consideration included having an active dealer network, which led to Tesla being excluded from the running. However, new entrants like Lucid made a mark, with the Lucid Air securing a third-place nomination in the Full-Size Luxury Car segment.
The DVL Awards underscore the efforts of automakers to cater to the evolving demographic of vehicle consumers. By adapting marketing strategies to reach the Future Majority, brands are positioning themselves for success in the years to come.
For more information about the National Association of Minority Automobile Dealers (NAMAD) and S&P Global Mobility, visit http://www.namad.org and http://www.spglobal.com/mobility.
SOURCE: National Association of Minority Automobile Dealers (NAMAD)
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