At the NAMAD convention at the Fontainebleau Miami Beach Hotel in Miami Beach, Florida, CBT News’ Jim Fitzpatrick sat down with NAMAD President Perry Watson IV and Chairman Ray Freejay to discuss minority representation, rising capital demands, and emerging industry threats. According to Watson, the size and buying power of multicultural consumers serve as a key business case for expanding minority representation in dealership ownership. He said minority consumers accounted for 33% of new-vehicle purchases in 2023, while multicultural spending has reached roughly $5.3 trillion. NAMAD, Watson said, continues to connect prospective dealers with OEMs and industry partners to create pathways into dealership ownership. “There’s $5.3 trillion in multicultural spend……
