With market dynamics vastly changing, dealership leaders are looking for new ways to stay competitive. Perry Watson IV, President of the National Association of Minority Automobile Dealers (NAMAD), joins us on the latest episode of CBT Now to explain how the organization’s annual conference is helping dealers build relationships, gain industry insights, and prepare for what’s next.
Taking place August 11 at the Fontainebleau Miami Beach, the NAMAD conference will bring together dealers, OEM executives and industry partners for discussions centered on growth, innovation and the future of automotive retail.
Representation drives opportunity
According to Watson, minority consumers accounted for roughly one-third of new vehicle purchases in 2023, which creates a substantial opportunity for dealers who understand and serve diverse communities. He emphasized that consumers often choose businesses where they see themselves reflected, particularly at the ownership level.
“Consumers tend to purchase from organizations where they see themselves”
While minority dealers currently represent only about 6% to 7% of dealership operators nationwide, this gap Watson says presents an opportunity for manufacturers looking to expand their dealer networks. He adds that NAMAD’s annual conference serves as one of the few venues where OEM executives, prospective dealers and industry partners can meet face-to-face to explore ownership opportunities and strategic partnerships.
Watson alludes to one example in which an OEM connected with a NAMAD member during the conference. Within two years, that dealership doubled its sales volume in its market.
This year’s agenda
Education will remain a central focus throughout the event, according to Watson. This year’s keynote luncheon speaker is Richard Montañez, whose rise from janitor at Frito-Lay to corporate executive has become a widely recognized leadership story. Watson said Montañez’s experience developing Flamin’ Hot Cheetos demonstrates how diverse perspectives can lead to meaningful business innovation.
Attendees will also hear from NADA President Mike Stanton and participate in sessions covering dealership operations, leadership development and the third class of NAMAD’s Dealer Ownership Academy, a program designed to prepare the next generation of dealer principals.
The conference agenda also addresses many of the industry’s most pressing issues. Watson said dealers will discuss FTC pricing enforcement, artificial intelligence (AI) and the potential impact of Chinese automakers entering the U.S. market.
He noted that dealerships are adopting AI at varying levels, from analyzing reports to supporting day-to-day operations, and teased a major AI-related announcement during the conference.
Beyond educational sessions, Watson emphasized the value of stepping away from the dealership to exchange ideas with peers. He believes conversations with other dealers often lead to operational improvements, innovative compensation strategies and new vendor relationships that can improve long-term profitability.
The conference also offers aspiring dealers a chance to connect directly with OEM executives, buy-sell advisors and brokers, creating opportunities that may not be available elsewhere. For Watson, those relationships remain one of the event’s greatest strengths.
As dealerships continue adapting to a rapidly changing marketplace, Watson believes the connections and insights gained at the NAMAD conference can help position dealers for long-term success.
