Market Snapshot

VEHICLE REGISTRATIONS AMONG ETHNIC GROUPS GROW, SAYS R.L. POLK

New-vehicle registrations among ethnic groups increased by nearly 11% from 2003–2006, according to data released by R. L. Polk & Co. Hispanics, Asians and African Americans are represented in the category. Polk also reports non-ethnic new-vehicle registrations are down 7% for the same timeframe.

“Auto manufacturers can no longer afford to ignore ethnic markets or assume that they will respond to mainstream marketing,” said Mark Pauze, solutions consultant, for R. L. Polk & Co. “Manufacturers that focus on these markets and measure their progress are making important inroads with them. Polk works with many manufacturers to identify opportunities in the ethnic markets and to track their performance.”

Polk’s enhanced data on ethnic markets shows whom owns and buys vehicles based on the actual registered owner, and not just the characteristics of the neighborhood in which they live. The data also utilizes two independent sources to enhance Polk’s ethnic coding by utilizing sophisticated algorithms to provide detailed segmentation of Asian, Hispanic, African American and many other ethnic groups.

“By targeting minority customers with messages that resonate with their own unique heritage and culture, automakers and auto dealers can strengthen relationships, create deeper bonds with customers and sell more vehicles. Polk’s new methods for tracking minority customers will allow automotive marketers to analyze the ethnicity of eight major ethnic groups and up to 287 individual ethnic backgrounds. Polk’s new ethnic coding system has increased our coverage and accuracy in identifying ethnic households across the board,” added Pauze.

Within the greater spectrum of its ethnic automotive analysis, Polk can provide customers with tailored studies of ethnic vehicle choices by segment, make and model; ethnic vehicle-buying populations mapped on a national and regional level; brand loyalty; and demographic analysis comparing different ethnicities to the general market.

Source: R. L. Polk & Co. (July 24, 2007). “Polk Data Shows Nearly 11% Growth in Ethnic Market from 2003 to 2006.” R. L. Polk & Co. press release courtesy of PR Newswire.