Industry figures vary, but HispanTelligence® estimates Hispanics spent nearly $35 billion in 2002 on new and used vehicles and repairs, accounting for nearly 8 percent of the market. J.D. Power and Associates has estimated that by 2020, fueled by growing purchasing power, Hispanics' share of the auto market could grow to 13 percent.
That potential has a growing number of automakers stepping up efforts in everything from marketing to dealer diversity. "Hispanic Americans can no longer be considered a niche market," says Lonnie Miller, director of analytical solutions for auto industry consulting firm R. L. Polk & Co. "Hispanics are growing, both in numbers and consumer influence. Automotive manufacturers are taking notice and delivering products that appeal in all the traditional ways – design, price, performance and utility."
In this month's issue, Hispanic Business takes a closer look at the market trends shaping today's increasingly competitive automotive industry – everything from the latest in technology and the ultimate in automotive comfort to a key designer shaping an automaker's future.
Inside The Auto Industry: •Speeding Up •The Lap of Luxury •The Fast Lane •Back to the Future
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