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NJ CAR Releases 2019 Economic Impact Document

Jul 12, 2019

New Jersey’s automotive retail industry is the strongest part of the State’s retail economy. In 2018, New Jersey’s franchised car and truck retailers sold 520,000 new vehicles and generated more than $36.1 billion in vehicle, parts and service sales. The industry also collected $1.8 billion in State and local taxes. In addition, more than 74,500 individuals are either directly employed or work in jobs supported by New Jersey’s 510 franchised new car and truck dealerships. These are good-paying, local jobs that can’t be outsourced.

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 2018 data) include:

? Franchised new vehicle dealerships in New Jersey had total sales of $36.1 billion.

? Average dealership sales were $70.2 million.

? Franchised new vehicle dealerships in New Jersey employed more than 74,500 individuals.

? Those employed by New Jersey new car and truck retailers earned nearly $3.9 billion.

? The average dealership payroll was $5.5 million.

? Dealerships collected or paid nearly $1.79 billion in State and local taxes.

? Automobile dealerships spent over $427 million on advertising.

? Collectively, automobile dealerships contributed more than $15.6 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].