car dealership

New Jersey’s 510 neighborhood new car and truck dealerships represent a $34.6 billion per year industry and directly employ or support more than 69,000 good-paying, local jobs that can’t be outsourced. The New Jersey Coalition of Automotive Retailers (NJ CAR) released a report that highlights the significant impact the franchised auto retail industry had on the New Jersey economy in 2020, despite the unprecedented challengers posed by the COVID-19 pandemic.

“New Jersey’s neighborhood new car and truck dealerships have always been able to adapt quickly to unforeseen circumstances,” said Jim Appleton, president of NJ CAR. “The pandemic caused dealers to re-invent how they serve their customers practically overnight. The adaptability of the industry to safely serving their customers is a testament to the strength of the automotive franchise system and the many benefits it brings to New Jersey consumers.”

The 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 report include:

  • Franchised new car & truck dealerships directly provided or supported more than 69,000 jobs in 2020.
  • Franchised dealerships had total sales of more than $34.6 billion in 2020.
  • Average new vehicle dealership sales were $67.9 million in 2020.
  • Dealership employees earned $3.84 billion in 2020.
  • The average dealership payroll was $5.49 million in 2020.
  • Dealerships collected/paid nearly $1.73 billion in state and local taxes in 2020.
  • Collectively, New Jersey’s franchised automotive dealerships contributed nearly $15 million to hundreds of charitable causes in 2020.

The New Jersey Coalition of Automotive Retailers (NJ CAR), founded in 1918, is a non-profit organization serving approximately 510 franchised car and truck retailers throughout New Jersey. NJ CAR promotes the principals of commercial honor and integrity in the sale and service of motor vehicles. The Coalition keeps its members informed on a variety of business matters, practices, trends, and legislation. NJ CAR also works to ensure all members are educated to assure regulatory compliance.

To access more business news, visit NJB News Now.

Related Articles: