GNYADA December NY Auto Outlook

Data Thru November 2014

NEWYORK AUTOOUTLOOK tm a monthly report on vehicle sales in metro new york

NOVEMBER VEHICLE SALES REPORT

metro area new retail car and light truck registrations

In June 2014, GNYADA added three new counties to our roster—Dutchess, Putnam, and Orange. For the next two issues of Auto Outlook, we’re adding a page to highlight what’s going on in those areas (see page 6). This table shows new retail light vehicle (car and light truck) registrations in the nine- county New York Metro Area. Figures exclude fleet transactions. * November 2014 figures were estimated by Auto Outlook. Data source: Polk.

November Estimate*

October Actual

YTD thru November*

2014 2013 % chg.

2014 2013 % chg.

2014 2013 % chg.

Industry Total

38,521 35,668 8.0% 40,248 37,742 6.6% 467,010 447,128 4.4%

Cars

18,807 18,208 3.3% 18,969 19,507 -2.8% 223,823 234,579 -4.6% 19,714 17,460 12.9% 21,279 18,235 16.7% 243,187 212,549 14.4%

Light Trucks

Detroit Three

9,388 8,299 13.1% 9,836 9,314 5.6% 119,244 106,423 12.0% 8,303 7,765 6.9% 7,579 7,784 -2.6% 83,309 83,571 -0.3% 18,435 17,178 7.3% 20,553 17,989 14.3% 233,090 223,763 4.2% 2,395 2,426 -1.3% 2,280 2,655 -14.1% 31,367 33,371 -6.0%

European Japanese

Korean

1. Area new vehicle market increased an estimated 8% in November of 2014 versus a year earlier. U.S. market was up 4.7% . 2. Area market increased 4.4% during the first eleven months of this year versus a year earlier, compared to 6.2% Nationally. 3. The market is predicted to improve 4.4% from 2013 to 2014. 4. SUV market share rose to 43.5% thru November of this year, up 4.1 points . 5. Jeep , Subaru , Mazda , GMC , Lexus , and Audi registrations increased by

THIS MONTH’S SUMMARY The Metro Area new vehicle market is finishing 2014 on a strong note. New retail light vehicle registrations in the nine county Metro Area increased an estimated 8% in November of 2014 versus a year earlier, which followed the actual 6.6% improvement in October. The annual total this year is now expected to exceed 510,000 units.

months 11

14% or more during the first eleven months of 2014. 6. Area used vehicle market was down 1.8% for the first ten months of this year.

The Greater NewYork Automobile Dealers Association (GNYADA) represents nearly 400 franchised new car dealerships in Metro NewYork with combined annual sales totaling over $27 billion. GNYADAmembers are responsible for more than 57,000 jobs in the area and collect over $1.8 billion in state and local taxes annually.

RECAP OF OCTOBER RESULTS

12% 16% 20%

Percent Change in Area Registrations October 2014 vs October 2013

0% 4% 8%

8%

6.6%

October new retail light vehicle registrations in the Metro Area were 40,248 units, up 6.6% compared to a year earlier. Auto Outlook had projected an 8% increase, with a total of 40,761. The actual total was 513 units lower than the estimate. Auto Outlook is predicting that November sales increased by 8% versus a year earlier. We will report on the accuracy of that projection in the January 2015 release.

-8% -4%

-20% -16% -12%

PG: 2 new york auto outlook : NEW VEHICLE MARKET December 2014 Issue 0 100,000 200,000 300,000 400,000 500,000 600,000 Registrations 452,076 New vehicle registrations 20,000 30,000 40,000 50,000 Mar Jan

Auto Outlook projected % change

Actual % change

RECENT RESULTS IN NEWVEHICLE MARKET

Monthly New Retail Light Vehicle Sales 2013 and 2014*

Percent Change in Area and U.S. New Vehicle Sales

1% 2% 3% 4% 5% 6% 7% 8% 9% 10%

Metro NY U.S.

The area market increased 4.4% thru November of this year, while the U.S. market was up 6.2%.

2014 2013

8.0

6.6

6.3

6.2

4.7

4.4

Monthly registrations increased by an estimated 8% in November 2014.

0%

Change November '14* vs. November '13

Change October '14 vs. October '13

Change YTD '14 thru November* vs. YTD '13

Jul

Sep

Nov

May

* Figures for November 2014 were estimated by Auto Outlook.

NEWVEHICLE MARKET FORECAST

New York Metro Area Annual New Retail Registrations History and Forecast New retail % change Years registrations vs. prev. year

Area registrations are predicted to increase by 21,388 units in 2014.

510,700

489,312

2007 2008 2009 2010 2011 2012 2013 2014

452,076 410,906 351,809 397,196 413,207 461,113 489,312 510,700

-

461,113

410,906

-9.1%

413,207

397,196

-14.4% 12.9%

351,809

4.0%

11.6%

6.1% 4.4%

2007 2008 2009 2010 2011 2012 2013 2014 Forecast

Forecast

NEWVEHICLE SEGMENTS

PG: 3 NEW VEHICLE MARKET : new york auto outlook December 2014 Issue

Detroit Three account for 25.5% of area market share—up from 2013

Market Share - YTD 2014 thru November*

Change in share: YTD ‘14 thru November* vs. YTD ‘13

Korean 6.7%

Detroit Three

1.7

Japanese

-0.1

European 17.9%

Japanese 49.9%

Korean

-0.8

Detriot Three 25.5%

European

-0.8

2.0

1.0

0.5

1.5

0.0

-0.5

-1.0

Source: Polk

SUV and Pickup/Van market shares increase

Market Share - YTD 2014 thru November*

Change in share: YTD ‘14 thru November* vs. YTD ‘13

Pick ups/Vans 8.5%

SUVs

4.1

Pickups/Vans

Passenger Cars 48.0%

0.4

SUVs 43.5%

Passenger Cars

-4.5

4.5

7.0

2.0

-8.0

-5.5

-0.5

-3.0

Source: Polk

Gasoline powered vehicles account for over 95% of area market

Market Share - YTD 2014 thru October

Change in share: YTD ‘14 thru October vs. YTD ‘13

Diesel 1.1%

Electric 0.2%

Hybrid 3.1%

Diesel

0.1

Gasoline

0.1

Electric

-0.1

Gasoline 95.6%

Hybrid

-0.1

0.1

0.2

0.3

0.0

-0.2

-0.1

Source: Polk

*Figures for November 2014 were estimated by Auto Outlook.

NEWVEHICLE BRANDS

BRAND REGISTRATIONS REPORT Metro Area New Retail Car and Light Truck Registrations

November Estimate*

Three Month Period (Sep‘14 thru Nov‘14)

YTD thru November*

2014*

2013 % change

2014*

2013 % change

2014*

2013 % change

PG: 4 new york auto outlook : NEW VEHICLE MARKET December 2014 Issue TOTAL Cars Light Trucks Domestic Brands European Brands Japanese Brands Korean Brands Acura Audi BMW Buick Cadillac Chevrolet Chrysler Dodge FIAT Ford GMC Honda Hyundai Infiniti Jaguar Jeep Kia Land Rover Lexus Lincoln Mazda Mercedes MINI Mitsubishi Nissan Porsche Ram Subaru Tesla Toyota Volkswagen Volvo Other

38,521 35,668

8.0% 123,562 115,480 7.0% 467,010 447,128 4.4%

18,807 18,208

3.3%

59,160 59,400

-0.4%

223,823 234,579 -4.6%

19,714 17,460

12.9%

64,402 56,080

14.8%

243,187 212,549 14.4%

9,388

8,299

13.1%

31,192 27,903

11.8%

119,244 106,423 12.0%

8,303

7,765

6.9%

23,308 23,027

1.2%

83,309 83,571 -0.3%

18,435 17,178

7.3%

61,384 56,274

9.1%

233,090 223,763 4.2%

2,395

2,426

-1.3%

7,678

8,276

-7.2%

31,367 33,371 -6.0%

1,016 1,052 1,861

962 833

5.6%

3,359 2,916 5,593 1,412 4,939 1,858 1,766 787

2,761 2,431 5,531 1,596 4,900 1,580 1,710 707

21.7% 20.0%

11,103 11,584 -4.2% 10,207 8,933 14.3% 20,555 20,412 0.7%

26.3%

1,841

1.1%

1.1%

225 346

172 412

30.8% -16.0%

11.3% -11.5%

2,970 5,717

2,866

3.6%

6,407 -10.8%

1,536

1,439

6.7%

0.8%

19,572 19,260 1.6%

585 506

437 482

33.9%

17.6%

6,684 7,175 1,188

6,762 -1.2%

5.0% 4.3% 0.8%

3.3%

7,015

2.3%

73

70

268

333

-19.5% -3.9% 16.6%

1,299 -8.5%

2,350

2,331

7,301 1,900

7,596 1,629

29,145 29,436 -1.0%

532

419

27.0% 8.6% -0.8% -10.4% -11.9% 31.0% -18.4% 11.0% 24.4% 2.2%

7,301

6,267 16.5%

5,536 1,730

5,097 1,744 1,069

17,191 15,951

7.8% -9.1% 0.7%

66,945 67,441 -0.7% 22,182 24,263 -8.6%

5,437 2,688

5,982 2,668

958

9,562

9,524

0.4%

52

59

184

223

-17.5% 41.3%

740

934

-20.8%

2,652

2,024

8,574 2,273

6,068 2,294

31,174 20,987 48.5%

697 213

682 261

-0.9%

9,217 3,186

9,108

1.2%

661

856

-22.8% 13.0%

3,196 -0.3%

1,356

1,222

4,535 1,030 2,085 7,996

4,013 1,024 1,795 8,059

16,480 14,167 16.3%

347 564

279 533

0.6%

3,570 8,591

3,349

6.6%

5.8% 5.6%

16.2% -0.8% -12.1% 30.9% 17.5% 59.9% 31.5% 38.1% 6.1% -1.8% -6.4% 37.0% 2.0%

7,157 20.0%

2,968

2,811

26,506 24,964 6.2%

149 123

132 111

12.9% 10.8%

428 512

487 391

1,852 1,972

2,109 -12.2% 1,479 33.3%

3,309

3,252

1.8%

11,604 11,379

46,171 45,172 2.2%

212 363

174 269

21.8% 34.9% 27.8% 35.3%

597

508 962

2,368 5,520

2,169

9.2%

1,538 4,836

3,484 58.4%

1,412

1,105

3,677

17,000 13,557 25.4%

46

34

163

118

441

510

-13.5%

4,051 1,287

3,827 1,205

5.9% 6.8%

14,462 13,636

55,142 53,625 2.8% 11,938 14,873 -19.7%

3,359

3,422

199 215

226 154

-11.9% 39.6%

699 611

747 446

2,835 2,001

3,396 -16.5% 1,423 40.6%

Top ten ranked brands are shaded.

Data Source: Polk. * November ’14 figures are estimated.

PG: 5 NEW VEHICLE MARKET : new york auto outlook December 2014 Issue

NEWVEHICLE BRANDS

Percent Change in Area Registrations YTD ‘14 thru November* vs. YTD ‘13 Top 20 Selling Brands

Area and U.S. New Vehicle Market Share YTD ‘14 thru November* Top 20 Selling Brands

14.3

Jeep

48.5

U.S. Area

Honda

9.9

11.8

Subaru

25.4

Toyota

13.5

Jeep, Subaru, Mazda, GMC, Lexus, and Audi each had big increases so far this year.

9.9

Mazda

20.0

Nissan

7.5

6.7

16.5

GMC

Jeep

4.5

6.2

Lexus

16.3

Ford

12.5

5.7

Audi

14.3

Mercedes

Nissan area market share was 9.9% versus 7.5% in the nation.

2.2

4.7

Mercedes

6.2

Hyundai

4.3

4.4

2.8

Toyota

BMW

2.2

4.2

Dodge

2.3

Chevrolet

10.3

3.6

Nissan

2.2

Subaru

3.7 3.5

1.6

Chevrolet

Lexus

2.1

2.6 2.3 2.4

1.2

Kia

Volkswagen

BMW

0.7

Acura

1.2

2.2

In niti

0.4

Audi

1.2

2.0

-0.7

Honda

In niti

0.8

2.0

Ford

-1.0

Kia

3.7

1.8 2.0

Chrysler

-1.2

Mazda

1.6

Acura

-4.2

GMC

3.1

1.5

-8.6

Hyundai

Dodge

3.1

1.4

Volkswagen

-19.7

Chrysler

1.3

-20% -10% 0% 10% 20% 30% 40% 50%

0% 3% 6% 9% 12% 15%

Market Share

% change in new retail light vehicle registrations

* Figures for November ‘14 were estimated by Auto Outlook.

SPECIAL ANALYSIS: COVERAGE OF DUTCHESS, ORANGE, AND PUTNAM COUNTY MARKETS

GNYADA now represents three new counties in New York State—Dutchess, Putnam, and Orange. For the next two issues, this page will present specific information on this three-county market. Starting with the February issue, the data from these counties will be incorporated into the overall data.

Three County Market New Retail Car and Light Truck Registrations October Actual

YTD Thru October

PG: 6 new york auto outlook : SPECIAL ANALYSIS / THREE COUNT Y MARKET December 2014 Issue Industry Total Cars Light Trucks Detroit Three European Japanese Korean 0% 3% 6% 9% 12% 15% 5.7 Source: Polk Source: Polk

2014

2013

% chg.

2014

2013

% chg.

3,650

3,548

2.9%

38,140

36,170

5.4%

1,593 2,057

1,732 1,816

-8.0% 13.3%

17,986 20,154

18,669 17,501

-3.7% 15.2%

1,222

1,147

6.5%

12,374

11,025

12.2% -3.7%

370

445

-16.9%

3,722

3,866

1,801

1,670

7.8%

19,092

17,900

6.7%

257

286

-10.1%

2,952

3,379

-12.6%

Percent Change in Metro Area and Three County Area New Vehicle Registrations

Metro NYC 3 Counties

12.9

11.6

8.1

6.9

6.1

6.1

5.4

4.1

4.0

Change 2010 vs 2009

Change 2011 vs 2010

Change 2012 vs 2011

Change 2013 vs 2012

Change YTD '14 vs YTD '13

1. The Three County new vehicle market increased 2.9% in October of 2014 versus a year earlier. Nine county Metro Area market was up 6.6% . 2. Year-to-date thru October increase in the Three County market was 5.4% . 3. Car registrations declined slightly so far this year, while light trucks were up by 15.2%. 4. Three County area new retail light vehicle registrations were up by more than 15% for the following brands: Jeep , Ram , Audi , Subaru , Lexus , Mitsubishi , Mazda and Jaguar . 5. Area market share leaders were Honda , Toyota , Ford , Subaru , and Nissan . Honda’s market share was 14.8% during the first 10 months of this year.

USED VEHICLE REPORT

PG: 7 NEW & USED VEHICLE MARKET : new york auto outlook December 2014 Issue

METRO AREA USED CAR AND LIGHT TRUCK REGISTRATIONS October AugustThru October YTDThru October 2014 2013 % change Current Previous % change 2014 2013 % change

44,942 43,168 4.1% 147,933 144,536 2.4% 486,533 495,376 -1.8 %

INDUSTRY TOTAL

Cars

24,505 24,227 1.1% 81,922 81,925 0.0% 270,033 281,502 -4.1% 20,437 18,941 7.9% 66,011 62,611 5.4% 216,500 213,874 1.2% 16,023 15,638 2.5% 51,835 52,211 -0.7% 172,620 182,387 -5.4% 7,165 6,492 10.4% 23,726 21,827 8.7% 76,645 74,368 3.1% 19,712 19,276 2.3% 65,654 64,497 1.8% 216,345 218,932 -1.2% 2,042 1,762 15.9% 6,718 6,001 11.9% 20,923 19,689 6.3% 4,535 4,006 13.2% 13,143 12,031 9.2% 32,959 33,035 -0.2% 3,946 3,716 6.2% 12,253 11,936 2.7% 33,631 34,859 -3.5% 3,989 3,566 11.9% 14,474 12,988 11.4% 51,679 48,801 5.9% 1,796 1,524 17.8% 5,822 5,225 11.4% 22,248 20,313 9.5% 1,557 2,121 -26.6% 5,089 6,944 -26.7% 16,709 23,711 -29.5% 29,119 28,235 3.1% 97,152 95,412 1.8% 329,307 334,657 -1.6%

Light Trucks

Detroit Three

European Japanese

Korean

1-year-old or newer vehicles

2-year-old vehicles 3-year-old vehicles 4-year-old vehicles 5-year-old vehicles

6-year-old vehicles or older

Data Source: Polk.

Quarterly Percent Change in Area New and Used Vehicle Markets Third Quarter 2013 thru Fourth Quarter 2014

10% 15% 20%

Used New

19.1

14.8

0% 5%

2.5

5.3

4.9

4.5

4.4

4.1

-5.6

-6.1

-15% -10% -5%

-11.8 -13.6

Q3 '13

Q4 '13

Q1 '14

Q2 '14

Q3 '14

Q4 '14*

* New vehicle registrations for 4Q ’14 are based on data for October and November only (November is estimated). Used vehicle figures are for October.

Year-to-Date Comparison (thru October)

YTD change in used vehicle registrations

Used down -1.8%

YTD change in new vehicle registrations

New up 4.1%

0%

1%

4%

5%

3%

-1%

-2%

2%

COUNTY MARKETS (NEW & USED VEHICLES)

COUNTY NEW AND USED MARKETS

New Retail Registrations

Used Retail Registrations

Aug ‘14 Aug ‘13

YTD ‘14

YTD ‘13

Aug ’14 Aug ‘13

YTD ‘14

YTD ‘13

Thru

Thru

%

Thru Oct

Thru Oct

%

Thru

Thru

%

Thru Oct

Thru Oct

%

Oct ’14 Oct ‘13 Change

Change

Oct ’14 Oct ‘13 Change

change

Bronx

5,425 4,624 17% 17,504 15,656 12% 11,110 10,456 6% 39,054 12,197 11,017 11% 40,881 38,931 5% 16,076 15,417 4% 54,120

38,257 2% 55,030 -2% 24,651 -7% 76,253 -5% 81,950 -2% 18,365 1% 22,723 -6%

Brooklyn

PG: 8 new york auto outlook : NEW & USED VEHICLE MARKET December 2014 Issue Top three are shaded. Manhattan Nassau Queens Rockland Staten Island Suffolk Westchester TOTAL Brand Honda Toyota Nissan Jeep Ford Mercedes Hyundai BMW Chevrolet Subaru Lexus Volkswagen Acura Audi Infiniti Kia Mazda GMC Dodge Chrysler Cadillac Ram Lincoln Land Rover Buick Volvo Porsche Mitsubishi Other MINI

6,607 6,371 4% 22,789 21,942 4%

6,755 6,620 2% 22,998

27,953 26,975 4% 91,234 90,631 1% 22,426 22,325 0% 72,463 18,555 16,864 10% 59,212 55,669 6% 24,080 23,579 2% 79,912

5,579 5,318 5% 18,369 17,624 4% 8,924 8,521 5% 29,751 29,248 2%

5,631 5,509 2% 18,462 6,521 6,291 4% 21,331

28,892 26,516 9% 91,608 86,058 6% 38,199 37,265 3% 122,458 122,897 0% 17,823 16,984 5% 57,141 55,701 3% 17,135 17,074 0% 55,735 55,250 1%

131,955 123,190 7% 428,489 411,460 4% 147,933 144,536 2% 486,533 495,376 -2%

Data Source: Polk.

new vehicle market share in area counties Top 30 Selling Brands in Area, YTD 2014 Thru October

Bronx

Brooklyn Manhattan

Nassau

Queens

Rockland Staten Island Suffolk

Westchester

17.9 18.4 12.6

17.9 16.1 10.3

9.4

12.9

17.0 17.1 12.8

13.8 15.2 10.2

15.0

12.3 10.4 10.0

15.2

11.0

9.5

8.6

9.0 6.4 7.3 6.0 6.3 3.1 6.1 3.8 7.0 3.9 2.2 4.2 3.0 2.0 1.6 1.8 1.7 1.1 0.8 1.0 0.9 0.8 0.7 0.7 0.9 0.6 0.3 0.4 0.6

4.9 5.7 4.7 2.4 9.5 2.3 3.0 4.5 2.7 2.2 5.5 1.3 0.9 1.3 1.1 1.2 0.7 1.4 0.4 0.6 2.6 0.4 1.3 2.2 0.3 1.3 1.0

10.5

11.7

5.3 5.9 2.8 5.4 2.4 4.3 2.7 2.2 2.2 3.0 0.7 1.1 2.6 1.3 1.1 2.2 1.3 0.8 0.3 0.5 0.3 0.7 0.2 0.1 0.9 0.2 0.2

4.5 5.1 4.7 3.2 4.0 2.9 2.4 5.9 2.1 2.2 1.4 3.0 1.6 1.3 0.8 1.5 3.3 0.8 0.5 0.6 0.8 0.3 0.5 0.4 0.6 0.5 0.4

7.4 5.7 6.6 5.1 4.8 3.9 3.2 3.5 2.5 2.4 2.6 2.2 1.6 2.2 2.4 1.5 1.4 1.8 1.2 0.8 0.7 0.9 0.8 0.6 0.3 0.5 0.3

5.2 4.3 4.9 4.9 3.5 3.7 3.0 3.5 2.2 2.5 1.4 2.0 1.7 1.6 0.9 1.6 1.3 0.9 0.6 0.5 0.5 0.4 0.3 0.3 0.4 0.4 0.3

5.4 7.3 4.6 5.2 3.2 3.2 6.2 2.8 1.7 1.8 1.8 1.4 2.6 2.0 1.4 1.5 2.5 0.9 1.2 0.8 0.3 0.6 0.6 0.2 0.3 0.4 0.4

6.3 9.6 4.5 5.6 3.3 3.5 2.1 4.4 2.6 1.4 1.1 3.1 4.0 1.9 1.8 1.4 1.3 1.1 1.0 1.5 0.5 0.6 0.4 0.3 0.3 0.4 0.2

8.2 7.9 3.9 6.2 3.3 6.5 3.3 2.2 3.1 1.5 1.8 1.5 2.3 2.3 1.7 1.9 1.1 1.4 2.6 0.8 0.5 0.7 0.5 0.4 0.7 0.2 0.4

12.3

Data Source: Polk.

The top three counties for each brand are shaded.

MODELS (NEW & USED VEHICLES)

PG: 9 NEW & USED VEHICLE MARKET : new york auto outlook December 2014 Issue

New Vehicles Top 25 New Models - YTD 2014 thru October

Used Vehicles Top 25 Used Models - YTD 2014 thru October

Honda Civic Honda CR-V Honda Accord

Toyota Corolla BMW 3-Series Nissan Rogue Honda CR-V Honda Civic Nissan Altima Toyota Camry Honda Accord

18,911

6,785

16,900

6,399

12,738 12,193 12,498

6,329

Ram BMW 3-Series Ford Explorer Hyundai Elantra Toyota Highlander Honda Odyssey JeepWrangler Nissan Sentra Mercedes E-Class Ford Escape Toyota Corolla Subaru Forester Toyota Sienna Lexus RX Honda Pilot Jeep Cherokee Hyundai Sonata Toyota RAV4 Nissan Rogue Toyota Camry Nissan Altima Jeep Grand Cherokee

4,937

4,575

4,135

11,533

10,990 10,914

4,011

3,456

Mercedes C-Class Hyundai Sonata

7,836

3,230

6,621

3,059 3,044

In niti G Mercedes M-Class Honda Odyssey Hyundai Elantra Nissan Maxima Ford Escape Nissan Sentra Mercedes E-Class Volkswagen Jetta BMW 5-Series Ford E-Series Toyota RAV4 Toyota Sienna Jeep Grand Cherokee Honda Pilot

6,056 6,021 5,906

Honda Accord was the best-selling model in the new vehicle market.

Accord, Camry, and Altima were at the top of the used vehicle sales chart.

2,820

2,785 2,761

5,630 5,585

2,664

5,578 5,472 5,327

2,369 2,354

2,343

5,306 5,220 5,209

2,271

2,207 2,197 2,124

4,851 4,816

2,101 2,069 2,049

4,790 4,614

0

5,000

10,000

15,000

20,000

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000

New retail light vehicle registrations

Used retail light vehicle registrations

HOW DATA IS COMPILED All data represents retail vehicle registrations in the New York Metro Area and excludes fleet and wholesale transactions. December 2014 figures were estimated by Auto Outlook based on recent trends in the Metro Area market, seasonal factors, and results in the National market. Please keep in mind that monthly registration figures can occasionally be subject to fluctuations, resulting in over or under estimation of actual results. This usually occurs due to processing delays by governmental agencies. For this reason, the year-to-date figures will typically be more reflective of market results. For year-to-date figures, most recent month (November) is estimated and previous months are actual. Historical registration figures were recently updated by Polk, and will differ slightly from those presented in previous issues.

Any material quoted must be attributed to Auto Outlook and GNYADA. New and Used Vehicle Auto Outlook is produced by Auto Outlook Inc. for the Greater New York Automobile Dealers Association. Statements contained or incorporated by reference in this publication that are not historical facts (including those that GNYADA or Auto Outlook, Inc. believes, expects, anticipates, plans, intends, foresees, it appears, a fact portends that or other similar expressions) are forward-looking statements. These forward-looking statements are based on the current expectations and beliefs of GNYADA or Auto Outlook concerning future developments and their potential effects on the automobile industry. There can be no assurance that future developments affecting the automobile industry will be those anticipated by GNYADA or Auto Outlook, Inc. These forward-looking statements are based on the current expectations and beliefs of GNYADA and/or Auto Outlook concerning future developments and their potential effects on the automobile industry. Consequently, Auto Outlook and GNYADA are not responsible for management decisions based on the content of New and Used Vehicle Auto Outlook. Data provided by: Polk GNYADA: 718.746.5900 • info@gnyada.com • 18-10 Whitestone Expressway, Whitestone, NY 11357 Media inquiries: Sams Crispe Communications • 212.560.9494 • questions@samscrispe.com

NEW YORK AUTO OUTLOOK Prepared by: Auto Outlook, Inc. PO Box 390 Exton, PA 19341 Editor: Jeffrey A. Foltz NewYork Auto Outlook is published by the Greater NewYork Automobile Dealers Association and is provided free of charge to all members as an added benefit of Association membership. Copyright GNYADA, December 2014