Another MCC mandate is to drive economic impact for the community. That impact was front and center this week as the Twin Cities Auto Show – the largest annual event held in the MCC – released its first-ever economic impact study.
The economic study was conducted by University of Minnesota Economics Professor Amil Petrin. The goal for the study was to better understand the overall impact the Twin Cities Auto Show has on Minneapolis annually. When the impact of tourist activities, out of town vendors, investment of the Greater Metropolitan Automobile Dealers Association of Minnesota (GMADA) in the Twin Cities Auto Show, and the incremental parking revenue is totaled, the overall annual impact is approximately $19 million.
To augment the economic impact study results, the Twin Cities Auto Show also announced the creation of a “Truck Summit” to take place on March 6, 2020. It will be one day before the opening of the Twin Cities Auto Show, which will run from March 7-15, 2020. The Truck Summit will include consumer focus groups for manufacturers, new truck products and a luncheon hosted by the publisher of Automotive News. A leading B2B publication, Automotive News focuses on issues related automotive manufacturers, original equipment suppliers, franchised dealers and others allied with the automotive industry.
The city’s long-term relationship with the Twin Cities Auto Show laid the groundwork for the expansion of the event to include the Truck Summit. GMADA President Scott Lambert and Twin Cities Auto Show Director Mary Velline have worked closely with MCC and Meet Minneapolis team members to bring the summit idea to fruition. Scott and Mary strategized that focusing on trucks would elevate the profile of our auto show, since Minnesota makes up more than 82% of all light truck vehicles sold – nearly 20% above the national average. (The light truck category includes pickup trucks, SUVs and crossovers.)
It’s important that Meet Minneapolis focuses on major annual events, such as the Twin Cities Auto Show, because our city’s hospitality and tourism workers depend on working year-round to support their families. Working with partners like the Twin Cities Auto Show allows us to be a part of growing our hometown events into even bigger economic drivers. That’s relationship building at its finest.