2011 ECONOMIC IMPACT REPORT

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1 2011 ECONOMIC IMPACT REPORT The Economic Impact of Franchise New Car Dealership on the West Virginia Economy Sponsored by: West Virginia Automobile and Truck Dealers Association

2 Page 2 DIRECTOR S MESSAGE & BACKGROUND INTRODUCTION President s Message This Automotive Industry Economic Impact Study has been conducted to show the significant contribution our industry makes to the West Virginia economy. The West Virginia Automobile and Truck Dealers Association was founded in The Association was formed in Charleston, WV to represent the interests of new car and truck dealers in the state. The primary purpose then and now has been to make it an easy as possible for dealers and their customers to buy, sell, and maintain automotive vehicles. Dealers provide tens of thousands of jobs to West Virginia residents, and are an important component of the state s economy. West Virginia franchised new vehicle dealers are very proud of their contributions to economic growth and development throughout. Introduction This report provides an in-depth analysis of the economic impact of West Virginia new car and truck dealers on the State s economy. It includes estimates of direct and indirect employment, personal income, and tax collections generated by West Virginia automotive dealers. Also included is a review of dealership financial statistics and operations. This report was prepared by the West Virginia Automobile and Truck Dealers Association. West Virginia Automobile and Truck Dealer Association 1618 Kanawha Boulevard, East PO Box 2028 Charleston, WV

3 Page 3 EXECTUIVE SUMMARY PRIMARY CONCLUSIONS West Virginia Vehicle Dealers Vital contributors to the state s economy in 2011: Total jobs in West Virginia attributable to auto industry.12,215 Total jobs in West Virginia attributable to New Vehicles Dealerships.5,673 Number of jobs per new vehicle dealership Average annual earnings of new-vehicle dealership employees $37,237 Total earnings for West Virginia residents attributable to auto industry.... $586 million Annual earning attributable to West Virginia to New Vehicles Dealerships $211million Average new dealership payroll expense (including fringe benefits)...$1.50 million Total West Virginia New Vehicles Dealership sales (dollar)..$3.1 billion Average dealership sales (dollar).$22.2 million Average dealership advertising expenses..$303,795

4 Page 4 EMPLOYMENT TRENDS EMPLOYMENT WEST VIRGINIA RETAIL EMPLOYMENT NEW VEHICLES DEALER 5,673 3% INDIRECT MOTOR VEHICLES AND PARTS DEALERS 6,543 4% In 2011, West Virginia New Vehicles Dealerships directly employed a total of 5,673 individuals. An additional 6,543 indivduals were employed due to the auto industry ALL OTHER RETAILERS 162,787 93% Observations Dealership Contribution to Total Direct Retail Employment in West Virginia Total employment resulting from New Vehicle Dealers..5,673 Total employment resulting from Auto and Parts Dealers.12,216 Total employment resulting from Retail 162,787 Total employment resulting from Retail Impact 216,257 Total employment resulting from Non-Farm Employment...700,250 Auto and Parts Dealers percentage of state employment 1% West Virginia Retailers support nearly 1 in 4 West Virginia jobs. West Virginia New Vehicle Dealers supports an average of 40 employees per dealership West Virginia New Vehicle Dealers support 3.5% of all retail jobs. New Vehicle dealerships operation accounted for.8% of total non-farm employment in West Virginia The auto industry accounted for 1.7% of total non-farm employment in West Virginia. Retail directly and indirectly generates 15% of labor income in West Virginia. West Virginia Automotive Industry ranked ninth in absolute employment growth ( ).

5 Page 5 EMPLOYEE PAYROLL & TAX REVENUE PAYROLL WEST VIRGINIA NEW VEHICLE ESTIMATE NUMBER OF NEW VEHICLE AVERAGE PAYROLL MILLION AVERAGE EMPLOYEE PER AVERAGE PAYROLL PER AVERAGE ANNUAL EMPLOYEE EARNING MILLION $37,237 WEST VIRGINIA RETAIL PAYROLL Observation West Virginia New Vehicle Dealership Payroll is 10.2% of total retail payroll for the state ALL OTHERS 90% NEW VEHICLE DEALERS 10% West Virginia New Vehicle Dealership employees.8% of total retail employment in the state West Virginia New Vehicle Dealers operates 2.4% of the retail establishments West Virginia New Vehicle Dealership provides thousands of wellpaying jobs in West Virginia.

6 Page 6 SALES AND NEW VEHICLE MARKET TRENDS WV MARKET SUMMARY VEHICLE AVERAGE PER DEALER TOTAL SALES IN WEST VIRGINIA AUTO RETAILING INDUSTRY TREND NEW $22.2 MILLIION 3.1 BILLION BILLION WEST VIRGINIA AND NEIGHBORING STATES 4 YEAR NEW VEHICLE SALES TREND STATE DC 16,486 19,692 16,148 20,995 KENTUCKY 112, , , ,547 OHO 434, , , ,471 PENNSYLVANIA 503, , , ,567 VIRGINIA 302, , , ,456 WEST VIRGINIA 65,497 57,512 71,318 80,352 Observations WV KY DC West Virginia Dealers sales equal 13.1% of total retail sales in the state New Vehicle Dealers represents 2% of total retail establishments West Virginia Dealership new car sales has increase 13% since 2009 National new car average sales has increased only 11% since OH PA VA West Virginia Dealership new car sales % has surpass their neighboring states % since West Virginia Dealership sales dropped 28% during 2007 to Nationally new cars sales dropped 34% during 2007 to 2009.

7 Page 7 ADVERTISING AND INDUSTRY QUICK FACTS ADVERTISING AND PROFILE TV 20% MAIL 10% OTHER 9% INTERNET 23% RADIO 16% NEWSPAPER 22% By Media Used US Average of All Dealership US US US US 500 or more NEWSPAPER $73,651 29,522 38,671 71, ,105 RADIO $52,030 17,813 29,005 56, ,512 TV $67,551 9,962 35,788 86, ,334 DIRECT MAIL $32,690 9,041 18,223 42,337 4,781 INTERNET $79,632 29,154 44,715 81, ,808 OTHER $30,044 9,110 15,067 40,116 4,881 TOTAL $335, , , , ,421 Observations Nearly 25% of dealership advertising expenditures were devoted toward the internet. Average total advertising per new vehicle sold was $ West Virginia New Dealership average total advertising per dealership was $303, West Virginia Dealership total new sales were 3.1 billion West Virginia 2010 total new sales per dealer was 22.2 million

8 BACKGROUND AND METHODOLGY WEST VIRGINIA AUTOMOBILE AND TRUCK DEALERS ASSOCIATION 1618 Kanawha Boulevard, East Post Office Box 2028 Charleston, WV

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