Grene Baranco (l) and Juanita Baranco (r) (photo credit: G&J)
With less than 6 percent of today’s nearly 17,000
new-vehicle dealerships being minority-owned, its literally like finding a needle
in a haystack to come across a mother-daughter dealership team. More
specifically, a mother-daughter squad who have a financial stake (and hold key
positions) in 2 out of 7 of Mercedes-Benz’s black-owned dealerships. The family owned stores are located in Atlanta, Georgia and Covington, Louisiana.
According to the National Association of
Minority Automobile Dealers (NAMAD), 95 percent of today’s minority owned dealerships
are first-generation dealerships. However, when it comes to minority dealers, especially Black dealers, the numbers are grave. One means of creating general wealth is through owning dealerships. They are literally cash cows, if run properly. This prominent Atlanta family has made provisions to hand the keys off to one of their daughters, when the time becomes appropriate, as opposed to allowing the business to slip outside of their hands (into other communities).