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Auto Industry Accounts For $135 Billion In Annual Tax Revenue

Apr 27, 2012

A study by the Center for Automotive Research has found that the auto manufacturing and retail industry accounts for more than $135 billion of the nation’s federal and state tax revenues — including about 13 percent of all state tax revenue. The study was commissioned by the Alliance of Automobile Manufacturers and seeks to highlight the huge economic impact of the sale and use of the nation’s more than 250 million vehicles. Total revenue from vehicle sales was over $564 billion in 2010, an increase of 17 percent from the previous year. The manufacture and sales of parts, along with repairs and service, account for another $173 billion in economic activity. The study found that automobiles drive more than $735 billion sales and service into the economy each year. NJ CAR will soon be releasing its 2012 Economic Impact Document, which highlights the retail auto industry’s contribution to New Jersey’s economy.