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US: Toyota aims to keep top place among Hispanic buyers

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US: Toyota aims to keep top place among Hispanic buyers

The Japanese auto company, the largest in the world, wants to keep its market leadership among the biggest US ethnic minority group, just as rivals are increasingly targeting the Hispanic buyers.

During a conference for the National Council of La Raza, the biggest and most important US Hispanic civil rights and advocacy group, Bill Fay, group vice president for US sales at Toyota said the brand has had leadership among Hispanic buyers for the last 10 years.

“The advantage we have is we’ve been doing it for a while. We have some equity with that consumer,” Fay said in an interview at the conference in Los Angeles. “We’re trying to cover all our bases and reinforce the strength of the product and involvement in the different communities.”

“In this market, even 1 percent of auto market share is critical, and Latino buyers are an important group,” said Alexander Edwards, president of Strategic Vision, a consumer research company. “It’s a significant chunk of the market and it’s a chunk worth looking at for all manufacturers.”

Meanwhile, the competition is not standing idle, with Nissan and Ford being among the rivals that have increasingly targeted in recent years the ethnic group. According to the US Census Bureau, the minority is a force on the US market, as there were 52 million Hispanics in the US as of July 2011, reaching 17% of the total population. The ethnic group is also expected to grow, reaching according to government predictions as much as 30% of the US population in 2050.

Via Bloomberg

by Aurel Niculescu (my Google+) - Monday, July 21st, 2014 - filed under Industry, News, Toyota. Image credit: .
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