To help the public gain insight into the impact diverse market customers (African American, Asian and Hispanic) are having on the U.S. light vehicle industry, this is the tenth and final installment in a series of blogs focused on the Top U.S. markets based on volume year-to-date (YTD) through June 2011.
The focus of this blog is the Miami market, also known as "The Gateway to the Americas," "The Capital of Latin America" or simply "The Magic City." The area could be referred to as "The most diverse automotive consumer market in America" since it is the only Top 10 market where the ethnic auto buying population (55%) outnumber their non-ethnic neighbors (45%).
Miami is the No. 10 market in the country based on new light vehicle sales YTD. The overall industry is up 17.5% comparing 2011 June YTD vs 2010 YTD registrations. During the same period, The Magic City's gain is approximately 8.7 percentage points below the national average at 8.8%.
Miami's share of national new vehicle sales is down .16 percentage points at 1.93%. Ethnic consumers represent 55% of new vehicle sales in The Capital of Latin America. Adjacent is a pie chart which depicts the current share of new vehicle sales by ethnic group in Miami.
From a brand perspective, Miami's Top 10 brand list is both diverse and balanced as it includes Asian brands (50%), European brands (30%) and domestic brands (20%) as shown in the adjacent table. Toyota and Honda are the Miami market leaders with one of four new vehicles originating from the two brands. One brand to watch is Hyundai. The Hyundai brand is growing rapidly in the Magic City and recently post a market leading 65% year-over-year volume increase that led to a 2.5 percentage point market share increase.
So who is "King of the Magic City streets?" See the Top 5 model list based on volume purchased by each diverse market listed (below).
The "Ruler of the Road" in the Miami DMA is the Toyota brand. Why, because the Corolla and Camry models were rated No. 1 by the DMA overall and by all diverse communities. The Hyundai Sonata, rated No. 1 by the non-ethnic community is the only model standing between Corolla, Camry and total market domination. Congratulations go to Toyota Corolla and Camry for leading the Magic City list of Top 5 models plus an Honorable Mention "Shout Out" for the Hyundai Sonata for stepping up and stopping total Miami domination from the Camry models.
This is the final installment of the diverse automotive market summary series. I hope the data provided has helped increase the public’s automotive knowledge.