GNYADA January 2017 NY Auto Outlook

RECENT RESULTS IN NEWVEHICLE MARKET

Percent Change in New Retail Registrations

% Change YTD '16 Through November* vs YTD 15

% Change November '16* vs November '15

6%

6%

Metro NYC NewVehicles

Metro NYC NewVehicles

PG: 2 new york auto outlook : NEW VEHICLE MARKET January 2017 Issue Registrations -3% 0% 3% 6% 9% 12% 15% 12/14 2/15 Avg 11/14 1/15 Avg 5.5% -6% -4% -2% 0% 2% 4% -4.4%

U.S. New Vehicles

U.S. New Vehicles

4%

3.5%

2%

0%

-0.4%

-2.2%

-2%

-4%

Data Source: IHS Markit.

-6%

TRACKING MONTHLY RESULTS

Percent Change in Three-Month Moving Average of New Retail Registrations vs Same Period Year Earlier

After posting big increases during the second half of 2015 and early 2016, the area new vehicle market has stabilized during the past few months. Despite the leveling o , sales remain very strong.

12.3%

10.3%

9.6%

10.1%

9.2%

9.0%

8.5%

8.3%

6.1%

2.0%

4.9%

4.8%

4.2%

4.2%

4.0%

3.2%

3.1%

2.8%

2.6%

Data Source: IHS Markit.

-0.0%

6/16 8/16 Avg -0.7%

7/16 9/16 Avg -0.8%

1/15 3/15 Avg

2/15 4/15 Avg

3/15 5/15 Avg

4/15 6/15 Avg

5/15 7/15 Avg

6/15 8/15 Avg

7/15 9/15 Avg

8/15 10/15 Avg

9/15 11/15 Avg

10/15 12/15 Avg

11/15 1/16 Avg

12/15 2/16 Avg

1/16 3/16 Avg

2/16 4/16 Avg

3/16 5/16 Avg

4/16 6/16 Avg

5/16 7/16 Avg

8/16 10/16 Avg

9/16 11/16 Avg

The graph above provides a clear picture of the trending direction of the metro area market. It shows the year-over-year percent change in the three-month moving average of new retail light vehicle registrations; this average is less erratic than monthly registrations, which can fluctuate due to factors like the timing of manufacturer incentive programs, weather, and title processing delays by governmental agencies.