GENEVA - Volvo snatched its first "Car of the Year" award in more than 50 years on Monday, as its XC40 SUV was crowned on the eve of this year's Geneva International Motor Show.

XC40 was made winner by a jury of 60 journalists from 23 European countries after gathering 325 points, an ample margin over the other six finalists that include the second place Seat Ibiza from Spain and the third place. The group of seven finalists came last November from a long list of 37 candidates.

The award takes consideration a span of criteria such as innovation and security, design and the value for money. Volvo has been a finalist on a number of occasions, but this is the first time it has won this prestigious award, with 83 points separating it from its competitors.

"The XC40 really deserved this accolade. To receive it in Geneva is all the more rewarding as this is my favorite motor show," said Volvo CEO Hakan Samuelsson, who received the award at Palexpo in Geneva.

The new Volvo inspires some more dynamic approach than its siblings of XC90 and XC60 models, and its attitude on tarmac, sitting in a shorter wheelbase and pulling a lower weight, confirms that. The XC40 combines a generous ground clearance with a rather agile handling and the lively performance of its powerful launch versions.

The European "Car of the Year" trophy since 1964, which is considered as the most prestigious award in the automobile world, was established by seven European magazines from Germany, Italy, France, Spain, the UK, Netherlands and Sweden. Eligible cars are new models released in the 12 months prior to the award. Though not restricted to European cars, nominees must be available in at least five European countries, and have expected sales of 5,000 a year.