Leading the Future of Diversity in the Automotive Industry
The 2024 DVL Awards, presented by the National Association of Minority Automobile Dealers (NAMAD), hold significant importance in the automotive industry. NAMAD, an organization dedicated to empowering minority groups in the United States, including Hispanics who account for 68% of the automotive industry's growth, hosted this prestigious event.
NAMAD plays a pivotal role in promoting diversity in the automotive industry. The organization's mission is to ensure a substantial presence and active participation of minority-owned businesses and diverse employees across all sectors of the automotive economy.
NAMAD's Objectives
- Increasing the number of minority-owned dealerships in communities across the United States.
- Promoting diversity in the workplace and among suppliers within the automotive manufacturing industry.
- Encouraging the inclusion of diversity in the marketing strategies of original equipment manufacturers (OEMs).
- Promoting minority participation in the retail automotive sales and service sectors.
In this context, the 2024 NAMAD Annual Conference concluded a few hours ago, during which the Ninth Annual Diversity Volume Leadership (DVL) Awards, organized by NAMAD and S&P Global Mobility, were presented. These awards, which recognize brands that lead in sales among ethnic consumers, have a significant impact on the automotive industry, shaping its future and reflecting its current state.
The U.S. Census states that by 2045, ethnic minorities will constitute the "Future Majority."
"The 'Future Majority' was once again the predominant theme at this year's awards ceremony, given that the purchasing power of minority vehicle buyers represents a crucial part of dealership sales. Therefore, it is essential that through the DVL Awards, we continue to highlight the lack of diversity-focused marketing, an aspect that has improved but remains a key challenge in the automotive industry."
— Damon Lester, In-Coming NAMAD Chairman
NAMAD, together with S&P Global Mobility, partnered to recognize brands driving sales leadership among consumers from different ethnic groups. The DVL Award winners stood out for having the highest number of new vehicle registrations in the retail market by consumers from various ethnic groups.
This year's awards were based on an analysis of data from S&P Global Mobility, covering the period from July 2023 to June 2024. In this edition, 24 brands were finalists for the DVL awards, and 11 of them won awards in the following categories:
- Fourteen awards for Non-Luxury Vehicles
- Ten awards for Luxury Vehicles
- One award for Non-Luxury Hybrid Vehicles
- One award for Luxury Hybrid Vehicles
- One award for Non-Luxury Electric Vehicles
- One award for Luxury Electric Vehicles
- Best Future Luxury Vehicle
- Best Future Vehicle
The 2024 DVL Awards introduced new categories for Electric Vehicles in response to the growing demand for these cars in the U.S. market.
This year, NAMAD and S&P Global Mobility recognized Toyota's RAV4 with the "Best Future Vehicle" award, one of the sixteen awards received by Toyota/Lexus at the ceremony, and it comes as no surprise as Toyota and Lexus have been the preferred choice of Hispanic consumers for over 19 years.
This award is the most prestigious DVL Award for automotive brands looking to lead sales among Asian, Native American, Hispanic, and African American vehicle buyers.
"The DVL Awards are a demonstration of the commitment of automakers to ensure that their vehicles reach consumers from diverse cultures. In just over two decades, the 'Future Majority' will be an imminent reality. It is an honor for us to recognize these models and their brands, supporting their efforts to connect with the rapidly evolving vehicle consumer demographic."
— Marc Bland, Director of Diversity at S&P Global Mobility
Non-Luxury Category Winners
- Subcompact: Nissan Versa
- Compact: Honda Civic
- Midsize: Toyota Camry
- Sports & Midsize Sports: Ford Mustang
- Full-Size: Dodge Charger
- Subcompact Utility: Honda HR-V
- Compact CUV & SUV: Toyota RAV4
- Midsize CUV & SUV: Toyota Highlander
- Midsize Van: Toyota Sienna
- Compact to One-Ton Van: Mercedes-Benz Sprinter
- Compact to Midsize Pickup: Toyota Tacoma
- Three-Quarter to One-Ton Pickup: Chevrolet Silverado
- Half-Ton Pickup: Chevrolet Silverado
- Large SUV: Chevrolet Tahoe
- Non-Luxury Battery Electric Vehicle: Volkswagen ID4
- Non-Luxury Hybrid Vehicle: Toyota RAV4
Luxury Category Winners
- Luxury Subcompact: Acura Integra
- Luxury Compact: Lexus IS
- Luxury Midsize: Lexus ES
- Luxury Full-Size: Mercedes-Benz S-Class
- Exotic, Sports, & Full-Size Prestige Luxury: Chevrolet Corvette
- Luxury Subcompact CUV: BMW X1
- Luxury Compact CUV: Lexus NX
- Luxury Midsize CUV: Lexus RX
- Luxury Midsize SUV: BMW IX
- Luxury Full-Size SUV: BMW X7
- Luxury Hybrid: Lexus NX
- Luxury Electric Vehicle: BMW I4
Top Winners & Award Summary
- Luxury Vehicles with the Greatest Future Projection: Lexus RX
- Vehicle with the Greatest Future Projection: Toyota RAV4
DVL Awards by Manufacturer
Number of awards received at the 2024 ceremony
Source: NAMAD / S&P Global Mobility 2024
Interestingly, although the Honda Civic outperformed the Toyota Corolla by less than 100 registrations, it was not awarded an award.
It is also relevant to mention that one of the criteria for DVL Award recognition is having an active dealership network, which left Tesla out of consideration. However, Tesla is among the most favored by Hispanics in the luxury segment. On the other hand, this year, Lucid received its first nomination, with the Lucid Air reaching third place in the Full-Size Luxury Cars category.