New Jersey’s retail automotive industry represents a major economic force in the State’s overall economy, generating tens of thousands of jobs and billions of dollars in employment earnings, and State and local taxes. The economic impact of the industry is chronicled in a comprehensive report that will soon be sent to all dealers, legislators and New Jersey media. The report was compiled by Auto Outlook, Inc., an independent automotive market analysis firm.
In addition to the direct impact of New Jersey’s automotive retailers, the industry also generates jobs and income for other community-based businesses to boost the profitability of those operations. Some of the primary findings in this year’s report (based upon 2016 data) include:
¨Franchised new vehicle dealerships in New Jersey employed nearly 67,000 individuals. ¨New Jersey residents earned more than $3.6 billion because of automotive dealership operations. ¨The average dealership payroll was more than $5.19 million.¨Dealerships collected or paid nearly $1.68 billion in State and local taxes.¨Automobile dealerships spent over $412 million on advertising. ¨Franchised new vehicle dealerships in New Jersey had total sales of $34.2 billion. ¨Average dealership sales were $67.2 million. ¨Collectively, automobile dealerships contributed more than $14.7 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 [email protected].