New Jersey’s automotive retail industry is the strongest part of the national and New Jersey retail economies. In 2017, New Jersey’s franchised car and truck retailers sold more than 514,000 vehicles and generated more than $35 BILLION in vehicle, parts and service sales. The industry also collected $1.7 Billion in State and local taxes. In addition, more than 73,000 individuals are either directly employed or work in jobs supported by New Jersey’s 526 franchised new car and truck dealerships.
The economic impact of the industry is chronicled in a comprehensive report that was recently sent to all dealers, legislators and New Jersey media. The report was compiled by Auto Outlook, Inc., an independent automotive market analysis firm.
Some of the primary findings in this year’s report (based upon 2017 data) include:
- Franchised new vehicle dealerships in New Jersey employed nearly 73,000 individuals.
- Those employed by New Jersey new car and truck retailers earned nearly $3.8 billion.
- The average dealership payroll was more than $5.33 million.
- Dealerships collected or paid nearly $1.71 billion in State and local taxes.
- Automobile dealerships spent over $420 million on advertising.
- Franchised new vehicle dealerships in New Jersey had total sales of $35 billion.
- Average dealership sales were $67.4 million.
- Collectively, automobile dealerships contributed more than $15.2 million to various community-based charitable causes.
If you would like a few additional hard copies of the Economic Impact document or a PDF version to distribute to local elected officials and media sources, please contact Brian Hughes, NJ CAR Director of Communications, at 609.883.5056, Ext. 315, or send an email to firstname.lastname@example.org.
2018 Economic Impact of Franchised New Vehicle Retailers On The New Jersey Economy