New York Metro Auto Retailers Create Jobs and Pump $24.9 Billion into the Economy

NEW YORK, Jan. 3, 2012 /PRNewswire/ -- Franchised new car dealers in the New York metro area sold 403,000 new and used cars – injecting $24.9 billion into the economy while helping to sustain a workforce of nearly 56,000.  They also generated $1.71 billion in tax revenue to state and local governments last year, according to a new study of automotive retailers released today by the Greater New York Automobile Dealers Association (GNYADA).  The report also includes details of the New York International Automobile Show's $253.6 million economic impact for the city.

"Our area's auto dealers are an enormously important part of the local and state economy because of the revenue they generate and the jobs they produce," said Mark Schienberg, president of GNYADA.  "Directly and indirectly, greater New York's franchised auto dealers provide nearly 56,000 jobs to area residents, and are a key part of the region's economic growth and development."

"An average dealer employs 79 people of which more than a third are in high paying jobs in the service department. Dealers also purchase more advertising than any other sector providing a lifeline to many local broadcast, print and online media companies.  Last year, area dealership advertising totaled $385 million," said Schienberg.

Here are some of the key findings:

• Dealerships (through taxes collected and paid) generated $1.71 billion in revenue for the state and local governments in 2010.
• Franchised new vehicle retailers employ 55,877 jobs (directly and indirectly) in greater New York.
• The average dealership employs 79 people.
• The average dealership paid over $4.1 million in payroll expenses.
• Average dealership total payroll expense exceeded $4.17 million.
• Total new vehicle sales in metro area exceeded $24.9 billion.
• The average area dealership repaired and serviced over 20,000 vehicles in 2010.
• In 2010, dealers in Greater New York collectively sold 403,000 new vehicles.

2011 New York International Automobile Show (NYIAS) Economic Impact Highlights:

In addition, GNYADA owns and operates one of the world's largest automobile marketing events which generates a huge amount of economic impact for the city.

• NYIAS generated $253.6 million in direct and indirect economic impact for NYC.
• Nearly $24 million in city-wide special events and public relations activities by the automobile manufacturers.

The report provides an in-depth analysis of the economic impact of New York metro area new car and truck retailers on the New York economy.  It includes a review of direct and indirect employment, personal income, tax collections generated by area automobile dealers, and a review of dealership financial statistics and operations.

Headquartered in Whitestone, NY, the Greater New York Automobile Dealers Association (GNYADA) represents nearly 600 franchised automobile dealerships in the metro area of New York.  GNYADA owns and operates the Center for Automotive Education & Training, and the New York International Automobile Show.  The Association opened its doors in 1910 and has continued to serve the needs of the industry and the car-buying public ever since.    

SOURCE Greater New York Automobile Dealers Association