Economic Impact Report

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1 2007 Economic Impact Report The impact of metro area franchised new vehicle dealerships on the New York economy.* Based on 2006 data. *SEE BACKGROUND PAGE 2.

2 Introduction BACKGROUND This report provides an in-depth analysis of the economic impact of Greater New York metro area new car and truck dealers on the area s economy. It includes estimates of direct and indirect employment, personal income, and tax collections generated by area automobile dealers. Also included is a review of dealership financial statistics and operations. Dealership financial data (and other information cited in the report) was collected from a detailed survey sent to all new franchise automobile retailers in the Greater New York metro area. This report was prepared by Auto Outlook, Inc., an independent automotive market analysis firm, and was sponsored by the Greater New York Automobile Dealers Association. A MESSAGE FROM GNYADA In 2006, franchised new car dealers in the New York metro area (New York City, Long Island, Westchester, and Rockland Counties) sold more than 445,000 vehicles injecting $20.9 billion into the economy. Formed in 1910, the Greater New York Automobile Dealers Association now represents 440 new car dealerships. As an advocate for local dealers, the Association ensures that the industry s contributions are recognized. It also works to protect consumer rights, and to create opportunities for anyone entering the automotive business. Dealers provide tens of thousands of jobs to area residents and are eager to hire even more. The retail automotive industry s continued growth has led to a wealth of openings for dealership personnel, from entry-level office and service help, to highly trained service and management positions. This Economic Impact Report tracks the vital contributions that dealerships and their employees make to the economic growth and development of the metro area. Sincerely, Sheila Meyer Chairman Mark Schienberg President 2

3 Industry Conclusions EXECUTIVE SUMMARY Total sales for franchised new vehicle dealers $20.9 billion Jobs generated from both direct and indirect sources* totaled ,465 Total employee earnings, direct and indirect* $2.37 billion State, payroll, and real estate tax revenues $1.5 billion Dealerships contributions to charitable causes $15.1 million Annual new vehicle retail sales in ,000 vehicles Total advertising expenses $408 million Total capital improvements to dealership facilities during $282 million EXPLANATION OF INDIRECT ECONOMIC BENEFITS * Figures cited in this report refer to direct and indirect economic benefits. Direct economic benefits include employment and compensation that occur at automobile dealerships. Indirect benefits include employment and compensation that occur elsewhere in the economy, but are attributable to dealership operations. For example, dealership employees spend a portion of their salaries on goods and services in the area, which results in additional indirect benefits that occur in other economic sectors. Indirect benefits were estimated utilizing the RIMS II (Regional Industrial Multiplier System, version II, developed by the U.S. Department of Commerce, Bureau of Economic Analysis). AVERAGE DEALERSHIP PROFILE 2006 Facts on Greater New York Metro Area Automotive Retailing Total sales over $47,500,000 New and used vehicle sales* over 1,600 units Dealership payroll $3.7 million New vehicle lease sales % Vehicles serviced over 18,300 Average dealership employs people Advertising expenses (including contributions to manufacturer ad campaigns) over $943,000 * Based on information provided in the dealer survey. 3

4 Employment in Metro Area DEALERSHIP EMPLOYMENT BY DEPARTMENT Average number of employees Percentage of Dealership Employment by Department Service 37.3% New Vehicle 24.0% Parts and Acces. 12.0% Used Vehicle 10.7% Billing/Admin. _ 10.7% Other _ 4.0% Body Shop 1.3% TOTAL 100% 0 Service New Vehicle Parts & Acces. Used Vehicle Department Billing/ Admin Other Body Shop The average dealership in the area employed 75 people, with more than 37% in the Service Department. EMPLOYMENT TOTALS FOR NEW VEHICLE RETAILING INDUSTRY Indirect 27,465 Direct 33,000 In 2006, metro area new vehicle dealerships employed a total of 33,000 individuals. An additional 27,465 individuals were employed as a result of the indirect impact of dealership operations. Automobile dealership employment increased slightly from 2005 to (This applies to both direct and indirect employment.) Dealership Contribution to Total Employment in the Area Total employment resulting from auto dealerships _ 60,465 Total employment in 2005 _ 60,336 PERCENT CHANGE 0.2% 4

5 Employment In Metro Area EMPLOYEE COMPENSATION ALL DEALERS 2006 Estimates Direct Indirect TOTAL Payroll $1,412,650,360 $642,755,914 $2,055,406,274 Fringe Benefits $220,951,280 $100,532,832 $321,484,112 TOTAL $1,633,601,640 $743,288,746 $2,376,890,386 AVERAGE PER DEALER 2006 Estimates Per Dealer Payroll $3,210,569 Fringe Benefits $502,162 TOTAL $3,712,731 Average dealership total payroll expense during 2006 exceeded $3.7 million. Total employee compensation in the metro area attributable to new vehicle franchised dealers was $2.37 billion! From Automotive Retailing Today America s Dealers are Hiring Now 109,000 Positions Available for Students, Vets, and Others Looking for Great Careers Sales: 45,698 vacancies (Est. Salary Range for Sales Positions $31,000-$118,000) Service: 36,456 vacancies (Est. Salary Range for Service Positions $28,000-$96,000) Collision Repair: 7,695 vacancies (Est. Salary Range for Collision Positions $31,000-$64,000) Parts: 6,491 vacancies (Est. Salary Range for Parts Positions $22,000-$63,000) Dealership Administration: 5,159 vacancies (Est. Salary Range for Administration Positions $21,000-$163,000) Other (porters, car washers, detailers, etc): 7,315 vacancies (Est. Salary Range for Other Positions $21,000-$33,000) One-third of the nation's auto dealers reported hiring at least one veteran since January A majority of dealerships (68 percent) report offering summer/seasonal employment and participate in internship programs. Three-in-four dealerships say that this is an effective method to identify candidates for permanent positions. 5

6 Tax Collections Tax Category Average Per Dealer Total Number Metro Area Total of Dealers State Sales Taxes Collected $2,885, $1,269,678,080 State Payroll Taxes $281, $123,887,720 Real Estate Tax $148, $65,543,720 Other $110, $48,631,440 AREA TOTAL $3,426, $1,507,740,960 In 2006, dealers collected or paid a total of more than $1.5 billion in state and local tax, up from $1.2 Billion in Dealership Capital Improvements Automotive Dealers in the Greater New York Area Allocate Significant Expenditures to Improve Facilities Total capital improvements during $282 million Total average dealership capital improvements during $640,000 Highest expenditure for a single dealership during $4.1 million Jobs created due to dealership capital improvements during 2006* ,122 Capital expenditures based on information provided in the dealer survey. * Calculated utilizing RIMS II formulas. See page 3 for more information. During 2006, automobile dealers spent a total of $282 million on capital improvements to facilities! More than 6,100 total jobs were created due to dealership expenditures for capital improvements. 6

7 Metro Area New Vehicle Sales TOTAL NEW RETAIL REGISTRATIONS New retail car and light truck registrations 500, , , , , , , , ,000 50, Area dealers sold more than 445,000 new cars and light trucks during New retail light vehicle sales in the metro area increased more than 50% from 1993 to 2006, much higher than the 20% increase in U.S. sales during the same period. Source: AutoCount, an Experian Company. NEW RETAIL REGISTRATIONS BY CATEGORY Car 233, ,671 Light Truck 214, ,187 TOTAL 448, , Domestic 145, ,448 Japanese 216, ,143 European 63,460 70,810 Korean 22,325 21,457 TOTAL 448, ,858 Light truck share of the total area market increased from 23% in 1993 to 46% in Registrations of Japanese vehicles increased 4.5% from 2005 to Source: AutoCount, an Experian Company. 7

8 Metro Area New Vehicle Sales AVERAGE DEALERSHIP SALES BY DEPARTMENT New Vehicle Used Vehicle Parts Service Other $7,508,321 $33,047,259 $1,079,191 $2,739,030 $3,198,811 Total average dealership sales $47,572,000. More than 69% of average total sales were in the new vehicle department. Average used vehicle sales were 16% of the total. PERCENTAGE OF NEW VEHICLES PURCHASED OR LEASED % 34.1% New Vehicles Leased by Customers New Vehicles Purchased by Customers Greater New York metro area dealers sold an average of 1,000 new vehicles. Of that total, 65.9% were purchased and 34.1% were leased by customers. 8

9 Dealership Advertising and Marketing TOTAL ADVERTISING EXPENSE (including contributions to manufacturer ad programs) Television, $195,892,876 Newspaper, $109,636,880 Radio, $46,221,830 Outdoor, $2,242,512 Direct Mail, $12,209,526 Internet, $42,006,643 TOTAL = $408,210,267 Average dealership advertising expenses were $927,750 The area s $408 million advertising spending includes mandatory contributions to manufacturer ad programs. Internet advertising spending increased 170% from 2003 to INDIVIDUAL DEALERSHIP ADVERTISING EXPENSE (excluding contributions to manufacturer ad programs) Newspaper, $128,324,084 Television, $41,598,960 Radio, $27,489,934 Other, $1,915,056 Direct Mail, $5,430,572 Internet, $23,739,548 Television advertising spending increased 100% from 2003 to Internet advertising spending increased 160% from 2003 to Direct mail spending dropped 63% from 2003 to TOTAL = $228,498,154 9

10 New York International Auto Show More than 1.2 million people attend the New York International Auto Show each year, and the Show represents more than $181 million in direct and indirect economic impact for the city. The figures below represent 2006 spending. Direct Impacts Indirect Impacts Total Impact Lodging $11,720,000 $7,010,000 $18,740,000 Non-local attendees Eating and Drinking $9,430,000 $23,830,000 $14,400,000 Non-local press Entertainment $7,350,000 $7,100,000 $14,450,000 Non-local employees Retail from local stores $12,070,000* Travel and transportation $10,670,000 $8,330,000 $20,400,000 $7,510,000 $18,230,000 Advertising $1,630,000 $1,150,000 $2,780,000 Exhibiting companies and PR departments Rental/ Leasing $1,930,000 $840,000 $2,780,000 Personnel services $14,900,000 $43,340,000 $28,450,000 NYIAS Producer Security $1,090,000 $630,000 $1,720,000 The New York International Auto Show is owned and produced by the Greater New York Automobile Dealers Association. Professional/ technical services $12,680,000 $6,690,000 $19,370,000 Other goods and services $5,460,000 $15,610,000 $10,150, Total Direct Total Indirect $112,150,000 $69,080,000 NOTE: Retail expenditure data for non-local employees is not included in the model. Columns and rows may not add to total due to rounding. Grand Total $181,220,000

11 2007 Economic Impact Report Methodology & Background Dealership financial data (and other information in this report) was collected from a survey sent to all new vehicle automotive retailers in the Greater New York metro area. Economic impact is separated into two categories: direct and indirect. Direct impact comprises economic activity at automotive dealerships, including dealership employment and employee compensation. Indirect impact occurs away from the dealership, and includes the extended contributions dealerships and their employees make to the area s economy. The indirect economic impact of automotive retailers was estimated by Auto Outlook, Inc. Estimates were based on previous impact studies that relied upon regional input-output computer models. In this report, indirect economic impact estimates are intentionally conservative, and may therefore underestimate the overall contribution dealers make to the area economy. ABOUT AUTO OUTLOOK, INC. Auto Outlook, an automotive market analysis firm, provides market research services to automobile dealers. Its President, Jeffrey Foltz, holds a MS in Economics (University of Delaware) and has conducted numerous research projects analyzing state and regional economies. To contact Auto Outlook, Inc. directly, please call (800) , or visit 11

12 HEADQUARTERS Greater New York Automobile Dealers Association, Inc Whitestone Expressway Whitestone, NY Mark Schienberg, President Stuart Rosenthal, Vice President, Legal Affairs & Operations Pamela Yaeger, Director, Communications & Website GOVERNMENTAL AFFAIRS OFFICE Wilson, Elser, Moskowitz, Edelman & Dicker, LLP 677 Broadway Albany, NY Cynthia Shenker, Esq. Printed on recycled paper.

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