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 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.
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 their operations. Some of the primary findings in this year’s report (based upon 2014 data) include:
¨Franchised new vehicle dealerships in New Jersey generated more than 55,000 jobs. ¨New Jersey residents earned more than $3 billion as a result of automotive dealership operations. ¨The average dealership payroll was more than $4.625 million in 2014.¨Dealerships collected or paid nearly $1.57 billion in State and local taxes.¨Automobile dealerships spent over $395 million on advertising during 2014. ¨Franchised new vehicle dealerships in New Jersey had total sales of $32.13 billion in 2014. ¨Average dealership sales exceeded $63 million. ¨Collectively, automobile dealerships contributed more than $13.2 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@example.com.