|Damon Lester, President of NAMAD|
On the hills of The National Association of Minority Automobile Dealers (NAMAD) convening in Florida next month to celebrate their 36 anniversary, Damon Lester, who has served as president of the organization since 2007, joins “Auto Trends with JeffCars.com” to talk about the triumphs and trials minority dealers have faced over the years. Lester provides both a historical and a future framework for the show’s listeners.
According to Lester, when the group was formed in 1980, with 365 minority owned dealerships, the country was in the throes of a recession and was strongly encouraged to expand from being an organization just for blacks to a more inclusive group by President Carter.
At its peak in 2005, because of a controversial “15 Percent Initiative” that was instituted by NAMAD in 2003, the minority dealer count rapidly grew to 751, 695 and 359 respectively, black, Hispanic and Asian-owned stores. Fast forward to today, NAMAD’s latest census report shows blacks, Hispanics and Asians own 264, 552 and 215 dealerships, respectively.
Ironically, while minorities account for over 30 percent of new-vehicle purchases, as a group, they own a mere 5 percent of today’s approximated 20,000 U. S. new-vehicle dealerships.
In a candid two-part interview, the president of NAMAD shares his perspective about the double-edge sword minority dealers faced prior to the recent recession as automakers worked vigorously to meet the “15 Percent Initiative.” Lester also discusses why so many black dealers closed their doors during the recent economic downturn. Furthermore, he talks passionately about the latest problematic post-recession strategy some automakers have adopted to regrow their minority dealership count. Lastly, NAMAD’s president reveals the dealership job to consider that has a six figure earning potential and does not require a college degree or selling cars.
Over the next two Saturdays tune in to hear our revealing two-part interview with NAMAD’s Damon Lester.
Saturday, June 11, 2016 (Part One)
Saturday, June 18 & 25 2016 (Part Two)
Auto Trends with JeffCars.com
3:15 p.m. EST/ 12:15 p.m. PCT
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