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Neighborhood New Car Dealerships Drive NJ’s Economy

New Jersey’s 510 neighborhood new car and truck dealerships have enjoyed three straight years of record-breaking auto sales. According to a report issued by the New Jersey Coalition of Automotive Retailers (NJ CAR), the Garden State’s 510 franchised automotive retailers represent a $36.1 billion per year industry and directly employ or support more than 74,500 good-paying, local jobs that can’t be outsourced.

“New Jersey’s neighborhood new car and truck dealerships bring tremendous value to every consumer who enters their showroom,” said Jim Appleton, president of NJ CAR. “Not only do they offer aggressive inter and intra-brand price competition, convenient access to free warranty and safety recall service, as well as quality vehicle maintenance, they also create good-paying jobs and fuel New Jersey’s economy.”

In addition to their statewide impact, neighborhood new car dealers are economic drivers and large employers in their communities.

“Malouf Ford/Lincoln, Malouf Chevrolet/Cadillac and Malouf Buick/GMC has proudly called North Brunswick home for over 50 years,” said Richard Malouf Jr., Vice President of Malouf Autogroup. “We employ more than 150 hardworking men and women, sell 3,800 new and used vehicles each year, support dozens of community organizations and events and have invested millions of dollars in North Brunswick. The Malouf Autogroup is here to serve all customers and meet their vehicle needs and we look forward to supporting our community for years to come.”

The enclosed report, entitled The Economic Impact of Franchised New Vehicle Retailers on the New Jersey Economy, contains hard data on employment, payroll, tax collections, automotive sales and charitable contributions from New Jersey’s franchised automotive retailers.  Some of the findings in the 2019 report include:

•       Franchised new car & truck dealerships directly provided or supported more than 74,500 jobs in 2018, up from 73,100 jobs in 2017.

•       Franchised dealerships had total sales of more than $36.1 billion in 2018, up from $35 billion in 2017.

•       Average new vehicle dealership sales were $70.2 million in 2018, up from $67.4 million in 2017.

•       Dealership employees earned $3.89 billion in 2018, up from $3.77 billion in 2017.

•       The average dealership payroll was $5.5 million in 2018, up from $5.3 million in 2017.

•       Dealerships collected or paid nearly $1.79 billion in State and local taxes in 2018, up from $1.71 billion in 2017.

•       Collectively, New Jersey’s franchised automotive dealerships contributed nearly $15.6 million to hundreds of charitable causes in 2018.

To access more business news, visit NJB News Now.

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