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MIAMI ÔÇö Diversity, equity, and inclusion initiatives have become a topic of controversy in certain circles. However, Perry Watson IV, the new president of the National Association of Minority Automobile Dealers (NAMAD), views this moment as an opportunity to advocate for the necessity of these efforts. With the charged atmosphere surrounding DE&I, Watson believes it is crucial to make a compelling case for diversity in the automotive industry.

At 52 years old, Watson steps into the role of president, replacing Damon Lester, who served as NAMAD’s leader for a long time and temporarily returned this year after his successor resigned after less than six months. Watson brings a wealth of experience to the position, having been a former part owner and general manager at Lexus of Mishawaka, a dealership in northern Indiana. He sold the dealership just before the pandemic hit in 2020 and transitioned into the software field as the director of minority and women retail programs at Solera/DealerSocket. Watson has also served as the president of NAMAD’s NextGen group for two years, providing training and support to up-and-coming retailers who aim to succeed their parents or pursue management positions within member-owned dealerships.

In June, Watson was appointed as president of NAMAD, and he recently discussed his new role in an interview with Reporter Vince Bond Jr. during the NAMAD conference. In the interview, Watson highlighted three main challenges he faces as president. Firstly, he aims to build on the incredible legacy of NAMAD’s founders and past chairmen, as well as Damon Lester, ensuring the continuation of their success and progress despite challenges such as recessions, natural disasters, and the pandemic. Watson recognizes the importance of moving the industry forward and making a strong business case for diversity.

Secondly, Watson emphasizes the need to collaborate with the industry to create practical financing options for minority dealers to gain ownership. With ethnic consumers accounting for 33.7 percent of vehicle purchases, Watson believes tapping into these communities is not only a smart business move but also essential for the industry’s overall growth. By increasing minority dealership ownership, there is a direct correlation to increased ethnic minority vehicle consumption. Watson commends the positive response from original equipment manufacturers (OEMs) who have shown interest in NAMAD’s conference, as it serves as a catalyst for minority dealer success stories and ownership opportunities.

The third challenge Watson discusses is developing retention models for minority-owned dealerships that are up for sale. Watson emphasizes the need for collaboration among banks, OEMs, dealers, and possibly brokers to ensure these stores are considered by potential minority candidates during the sales process. By working together, they can create a mechanism that supports the continuity of minority ownership, which will benefit both the individual dealers and the industry as a whole.

To further promote diversity and showcase success stories within the automotive industry, NAMAD is launching the NAMAD Diversity Difference campaign in 2024. This campaign aims to share the inspiring journeys of individuals within the industry, such as former cab drivers turned successful dealers and immigrants who started with little but have made significant contributions. By highlighting these stories, NAMAD hopes to emphasize the positive impact diversity has on businesses, customers, and society as a whole.

NAMAD also recently formed a partnership with Google to leverage artificial intelligence (AI) and blockchain technology. Watson explains that Chairman Damian Mills believes that large automotive groups receive special attention and education in the digital space, and NAMAD aims to provide that same level of education to its membership. By treating NAMAD as one large automotive group, Google will provide webinars and in-person events to educate NAMAD members on AI and other digital advancements.

As president, Watson has had important meetings with various organizations within the industry. Notably, NAMAD has partnered with the American Financial Services Association to discuss the business case for diversity and the need for more practical financing programs for minority dealer ownership. Watson also met with the American International Automobile Dealers Association and the National Automobile Dealers Association to stay updated on legislative matters and collaborate on industry-wide initiatives. Additionally, meetings with manufacturers and automotive trade association executives have been fruitful in advancing NAMAD’s goals.

Despite the current backlash against DE&I initiatives, Watson remains grateful for the opportunity to advocate for diversity in the industry. He emphasizes the positive impact diversity has on driving innovation and increasing net profitability. Watson believes that businesses that prioritize diversity gain a competitive advantage and are better positioned to capture market share and secure financing contracts. This challenging atmosphere has created more opportunities to share the business case for diversity and highlight the success stories within NAMAD’s network.

In conclusion, Watson advises aspiring dealer candidates to be open to new opportunities and be willing to relocate if necessary. As the industry offers limited open points, majority buy-sell opportunities are becoming more common throughout the country. Watson encourages candidates to evaluate each opportunity based on its potential impact and be open to temporary relocation or even permanent moves. He highlights that individuals who have ventured into new territories have achieved remarkable success, and diverse ownership can thrive in previously untapped markets.

With his new role as president of NAMAD, Perry Watson IV is determined to build on the organization’s incredible legacy, create practical financing options for minority dealers, develop retention models for minority-owned dealerships, and amplify the importance of diversity in the automotive industry. The NAMAD Diversity Difference campaign, their partnership with Google, and collaborative efforts with key industry organizations demonstrate NAMAD’s commitment to advancing diversity, equity, and inclusion in automotive retail. Through these initiatives, Watson and NAMAD aim to bring about positive change and inspire future generations of minority dealers.

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