New Jersey’s retail automotive industry is a major force in the State’s economy, generating tens of thousands of jobs, and billions of dollars in employment earnings, state and local taxes. This, according to a report commissioned by the New Jersey Coalition of Automotive Retailers (NJ CAR) and compiled by Auto Outlook, Inc., an independent automotive market analysis firm. The report, entitled The Economic Impact of Franchised New Vehicle Retailers on the New Jersey Economy, offers hard data on employment, payroll, tax collections and automotive sales in New Jersey.
The franchised automotive retail industry has been driving the national and New Jersey economic recoveries since 2009. At the time, new light vehicle sales fell below 400,000 in New Jersey- a 20-year low. Now, six years later, the franchised retail automotive industry is poised to sell more than 500,000 vehicles to New Jersey consumers in 2015 for the first time in nearly a decade.
“More and more consumers are embracing the many technological, safety and fuel-efficiency advantages offered in vehicles made today,” said Jim Appleton, president of NJ CAR. “The network of 510 franchised new car dealerships across New Jersey not only drives the state’s economy, it benefits consumers by creating aggressive price competition and offering convenient access to warranty and safety recall service.”
A copy of the report is attached to this press release. Some of the primary findings in the 2015 report include: