The 2017 Greater New York Automobile Dealers Association (GNYADA) Economic Impact Report recently revealed the enormous impact that Long Island auto dealers have on jobs, tax revenues and philanthropic endeavors in communities across metro New York.
According to the comprehensive research study on the economic impact of franchised new car dealerships, Long Island, New York City, Westchester and Rockland auto retailers pumped an astounding $48.5 billion into the economy, provided 68,600 direct and indirect jobs and collected $2.4 billion in state and local taxes.
In addition to illustrating the importance franchised new car dealers have on metro New York’s economic health, the study also showed the tremendous investments dealers have in their local communities. Dealers invested $265 million in capital improvements to facilities and contributed another $20.7 million in charitable donations to local community organizations.
“These figures demonstrate that franchised new car dealerships are more critical than ever to the health of our economy and are to be encouraged and celebrated for the 68,000+ jobs they provide and for the economic resource they bring to communities across greater New York,” said GNYADA President Mark Schienberg. “If you have a dealership in your neighborhood, think about the jobs, the tax dollars that go to support schools and hospitals, the investment in infrastructure, and the charitable giving that new car dealers provide every day.”
This report clearly proves franchised new car dealerships provide a robust marketplace. Dealers have created a record numbers of jobs, generated opportunity and economic growth in communities across metro New York and returned tax dollars to help support the localities in which they operate. The Association will use the results of this report to educate legislators and the media that this business model is worth protecting.
The 2017 New York Metropolitan Franchised New Car Dealership Economic Impact study was commissioned the GNYADA and conducted by Auto Outlook, an independent automotive market research firm providing a comprehensive collection of market analysis services for automotive trade associations and dealers.