March NY Auto Outlook

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Data Thru February 2015

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

FEBRUARY VEHICLE SALES REPORT

metro area new retail car and light truck registrations

February Estimate*

January Actual

YTD thru Feb*

2015 2014 % chg.

Industry Total

39,104 36,546 7.0% 36,517 36,942 -1.2% 75,621 73,488 2.9%

Cars

15,713 15,837 -0.8% 15,965 16,732 -4.6% 31,678 32,569 -2.7% 23,391 20,709 13.0% 20,552 20,210 1.7% 43,943 40,919 7.4%

This table shows new retail light vehicle (car and light truck) registrations in the twelve-county New York Metro Area. Figures exclude fleet transactions. * February 2015 figures were estimated by Auto Outlook.

Light Trucks

Detroit Three

10,625 10,417 2.0% 10,308 10,372 -0.6% 20,933 20,789 0.7% 5,830 5,482 6.3% 5,651 5,865 -3.6% 11,481 11,347 1.2% 20,043 18,249 9.8% 18,369 18,195 1.0% 38,412 36,444 5.4% 2,606 2,398 8.7% 2,189 2,510 -12.8% 4,795 4,908 -2.3%

European Japanese

Korean

Data Source: IHS Automotive

THIS MONTH’S SUMMARY: After treading water in 2014, the Metro Area used vehicle market got off to a good start in 2015, with used registrations increasing 5.1% in January of this year versus a year earlier. Five-year-old vehicles led the recovery, with registrations improving 19.9%. Extremely cold weather held back the new vehicle market in January, as new retail registrations declined slightly versus a year earlier. The market is expected to post a small increase in February, with more increases likely in the Spring.

1.) Area new vehicle market increased an estimated 7% in February of 2015 versus a year earlier. 2.) Area market increased 2.9% from during the first two months of this year versus a year earlier, compared to 3.6% Nationally. The market is predicted to improve 3.2% from 2014 to 2015. 3.) SUV market share rose to 48.7% thru February of this year, up two percentage points from a year earlier. 4.) Chrysler , Lexus , GMC , Subaru , Acura , and Jeep registrations were up by more than 10% during the first two months of this year. 5.) Area used vehicle market increased 5.1% in January.

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 JANUARY RESULTS

12% 16% 20%

Percent Change in Area Registrations January 2015 vs January 2014

13%

0% 4% 8%

Extremely cold weather and a snowstorm late in the month held back the area new vehicle market in January. New retail light vehicle registrations declined slightly versus a year earlier, even though Auto Outlook projected an increase. We fully expect that the market will recover as the weather improves. A small increase is possible in February (registrations in 2014 were also weak due to poor weather), with further improvement expected in the Spring.

-8% -4%

-1.2%

-20% -16% -12%

PG: 2 new york auto outlook : NEW VEHICLE MARKET March 2015 Issue 0 100,000 200,000 300,000 400,000 500,000 600,000 Registrations 452,076 New vehicle registrations 0 10,000 20,000 30,000 40,000 50,000 60,000 Apr Mar Feb Jan

Auto Outlook projected % change

Actual % change

RECENT RESULTS IN NEWVEHICLE MARKET

Monthly New Retail Light Vehicle Sales 2014 and 2015*

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

0% 1% 2% 3% 4% 5% 6% 7% 8%

Metro NY U.S.

The area market increased 2.9% during the rst two months of 2015, while the U.S. market was up 3.6%.

2014 2015

7.0

5.5

3.6

2.9

1.8

Monthly registrations increased by an estimated 7% in February 2015.

-2% -1%

-1.2

Change February '15* vs February '14

Change January '15 vs January '14

Change YTD '15 Thru Feb* vs YTD '14

Jul

Oct

Jun

Dec

Sep

Nov

Aug

May

* Figures for February 2015 were estimated by Auto Outlook. Data Source: IHS Automotive

Data Source: IHS Automotive

NEWVEHICLE MARKET FORECAST

New York Metro Area Annual New Retail Registrations History and Forecast New retail % change Years registrations vs. prev. year 2007 452,076 - 2008 449,172 -0.6% 2009 384,763 -14.3% 2010 432,032 12.3% 2011 450,850 4.4% 2012 501,070 11.1% 2013 532,017 6.2% 2014 557,886 4.9% 2015 575,500 3.2% Forecast

Area registrations are predicted to increase by more than 17,600 units in 2015.

575,500

557,886

532,017

501,070

450,850

449,172

432,032

384,763

2007 2008 2009 2010 2011 2012 2013 2014 2015 Forecast

Data Source: IHS Automotive

NEWVEHICLE SEGMENTS

PG: 3 NEW VEHICLE MARKET : new york auto outlook March 2015 Issue

Japanese brands gain ground in early 2015

Market Share - YTD 2015 thru February*

Change in share: YTD ‘15 thru February* vs. YTD ‘14

Korean 6.3%

Japanese

1.2

European 15.2%

European

-0.2

Japanese 50.8%

Korean

-0.4

Detroit Three 27.7%

Detroit Three

-0.6

0.2

0.6

1.2

0.0

-0.4

*Figures for February 2015 were estimated by Auto Outlook. Data Source: IHS Automotive. Data Source: IHS Automotive. *Figures for February 2015 were estimated by Auto Outlook.

SUV market share approaches 50%

Market Share - YTD 2015 thru February*

Change in share: YTD ‘15 thru February* vs. YTD ‘14

Pick ups/Vans 9.4%

SUVs

2.0

Pickups/Vans

Passenger Cars 41.9%

0.4

SUVs 48.7%

Passenger Cars

-2.4

2.0

1.0

0.0

-2.0

-1.0

Gasoline powered vehicle market share hits 96.6% in January of this year

Market Share - January 2015

Change in share: Jan ‘15 vs. Jan ‘14

Diesel 0.9%

Electric 0.1%

Hybrid 2.4%

Gasoline

0.5

Electric

0.0

Hybrid

-0.2

Gasoline 96.6%

Diesel

-0.3

0.0

0.2

0.4

-0.2

Data Source: IHS Automotive

NEWVEHICLE BRANDS

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

February Estimate*

Three Month Period (Dec‘14 thru Feb‘15)

YTD thru February*

2015

2014 % change

Current

Yr Earlier

% change

2015

2014 % change

PG: 4 new york auto outlook : NEW VEHICLE MARKET March 2015 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

39,104 36,546

7.0% 124,980 119,139 4.9%

75,621 73,488 2.9%

15,713 15,837

-0.8%

54,680 55,210

-1.0%

31,678 32,569 -2.7%

23,391 20,709

13.0%

70,300 63,929

10.0%

43,943 40,919 7.4%

10,625 10,417

2.0%

33,165 31,849

4.1%

20,933 20,789 0.7%

5,830

5,482

6.3%

22,766 21,416

6.3%

11,481 11,347 1.2%

20,043 18,249

9.8%

61,797 58,339

5.9%

38,412 36,444 5.4%

2,606

2,398

8.7%

7,252

7,535

-3.8%

4,795

4,908 -2.3%

942 753

839 717

12.3%

3,106 2,662 6,291 1,339 5,657 2,271 1,618 764

2,746 2,274 5,395 1,737 5,181 1,697 1,796 839

13.1% 17.1% 16.6% -8.9% -22.9% 33.8% -9.9% -22.3% -4.9% 22.8% -1.0% -5.7% -4.2% 9.2%

1,907 1,397 2,933

1,705 11.8%

5.0%

1,282 2,759

9.0% 6.3%

1,490

1,306

14.1% -9.6% -12.8% 12.5% -15.7% -5.3% -2.1% 18.9% 19.5% -9.1% 20.7% 22.5% 21.6% -7.7% 6.5% 50.4% 26.0% 0.8% -1.5% 11.1% 18.1% -14.3% 11.8% 3.5% 3.8% 6.8% 5.0% 5.0%

274 470

303 539

453 850

559

-19.0%

1,073 -20.8%

1,795

1,734

3,533 1,392 1,009 5,146 1,698 9,955 3,252 1,540 141

3,361

5.1%

658 478

585 567

1,132 23.0% 1,154 -12.6%

230

296

184

-23.4%

2,578

2,633

7,855 2,750

8,263 2,240

5,490 -6.3% 1,450 17.1%

907

763

5,168 1,756

4,981 1,644

15,909 16,069

9,643

3.2%

5,046 2,587

5,351 2,700

3,419 -4.9%

834

698

1,530

0.7%

197

192

2.6%

100

128

-21.9%

3,024

2,505

8,575 2,159 1,050 5,298

7,686 2,184 1,004 4,344

11.6% -1.1%

5,596 1,496

5,060 10.6%

803 278

754 227

1,489

0.5%

4.6%

609

546

11.5%

1,221

1,004

22.0%

2,583

2,201 17.4%

263 750

285 714

926

913

1.4% 7.0% 2.3%

574

553

3.8% 1.7% 0.9%

2,130 7,588

1,990 7,421

1,385 3,700

1,362 3,668

1,885

1,796

188 218

125 173

517 572

425 451

21.6% 26.8% -0.7% 17.7% 23.5% 36.8% 6.5% -9.5% 18.2% -18.8% 9.2%

289 376

231 300

25.1% 25.3%

4,520

4,485

12,394 12,476

8,072

8,332 -3.1%

135 539

137 485

512

469

293

292 920

0.3% 8.8%

1,638 5,711

1,392 4,624

1,001 3,522

1,685

1,427

3,089 14.0%

119

59.3%

4,388

3,925

13,769 12,932

8,753 1,423

8,278

5.7%

731 183

773 183 106

-5.4% 0.0%

2,553

2,821

1,641 -13.3%

823 364

696 448

403 197

386 244

4.4%

-36.8%

-19.3%

Top ten ranked brands are shaded.

Data Source: IHS Automotive *February ’15 figures are estimated.

PG: 5 NEW VEHICLE MARKET : new york auto outlook March 2015 Issue

NEWVEHICLE BRANDS

Percent Change in Area Registrations YTD ‘15 thru February* vs. YTD 2014 Top 20 Selling Brands

Area and U.S. New Vehicle Market Share YTD 2015 thru February* Top 20 Selling Brands

13.2

Chrysler

23.0

Honda

9.3

U.S. Area

11.6

17.4

Lexus

Toyota

13.4

10.7

17.1

GMC

Nissan

7.8

7.4

14.0

Subaru

Jeep

4.8

6.8

Acura

11.8

Ford

12.4

4.9

Jeep

10.6

Mercedes

Chrysler, Lexus, GMC, Subaru, Acura, and Jeep registrations increased by more than 10%.

2.2

Audi

4.7

9.0

Chevrolet

10.7

4.7

BMW

6.3

Subaru

4.0

4.3

5.7

Toyota

Honda area market share was 13.2% versus 9.3% in the Nation.

Hyundai

4.0

3.9

5.1

Chevrolet

BMW

2.2

3.4

Honda

3.2

Lexus

2.4

1.7

2.5

Mazda

Acura

1.3

0.9

2.2

Mercedes

GMC

3.4

0.7

2.0

In niti

0.9

2.0

0.5

Kia

3.7

1.9 1.9

-3.1

Nissan

Volkswagen

1.8

-4.9

Hyundai

Audi

1.1

-6.3

Ford

1.8

Chrysler

1.5

Dodge

1.8

-12.6

Mazda

2.0

1.3

Volkswagen

-13.3

Dodge

2.7

-15% -10% -5% 0% 5% 10% 15% 20% 25%

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

% change in new retail light vehicle registrations

Market Share

Data Source: IHS Automotive

*Figures for February ‘15 were estimated by Auto Outlook.

USED VEHICLE REPORT

METRO AREA USED CAR AND LIGHT TRUCK REGISTRATIONS January November‘14Thru January‘15 AnnualTotals 2015 2014 % change Current Previous % change 2014 2013 % change

41,920 39,902 5.1% 141,325 131,526 7.5% 655,824 653,380 0.4 %

INDUSTRY TOTAL

Cars

22,671 21,733 4.3% 76,886 72,553 6.0% 364,564 371,292 -1.8% 19,249 18,169 5.9% 64,439 58,973 9.3% 291,260 282,088 3.3% 15,206 14,707 3.4% 51,684 49,486 4.4% 239,053 245,907 -2.8% 6,573 5,897 11.5% 21,776 19,474 11.8% 100,408 96,171 4.4% 18,349 17,586 4.3% 61,711 56,971 8.3% 287,526 284,589 1.0% 1,792 1,712 4.7% 6,154 5,595 10.0% 28,837 26,713 8.0% 2,382 2,012 18.4% 13,518 11,346 19.1% 48,562 46,898 3.5% 2,696 2,489 8.3% 11,942 11,243 6.2% 47,611 48,219 -1.3% 4,261 4,405 -3.3% 12,104 11,118 8.9% 65,944 61,178 7.8% 2,956 2,639 12.0% 6,853 5,923 15.7% 29,328 26,173 12.1% 1,701 1,419 19.9% 5,093 5,797 -12.1% 22,423 31,232 -28.2% 27,924 26,938 3.7% 91,815 86,099 6.6% 441,956 439,680 0.5%

Light Trucks

PG: 6 new york auto outlook : NEW & USED VEHICLE MARKET March 2015 Issue Detroit Three European Japanese Korean 2-year-old vehicles 3-year-old vehicles 4-year-old vehicles 5-year-old vehicles -15% -12% -9% -6% -3% 0% 3% 6% 9% -10.4 January change in used vehicle registrations January change in new vehicle registrations

1-year-old or newer vehicles

6-year-old vehicles or older

Data Source: IHS Automotive

Quarterly Percent Change in Area New and Used Vehicle Markets Fourth Quarter 2013 thru First Quarter 2015

Used New

7.5

7.3

6.4

5.2

5.1

4.2

2.9

2.6

-4.8

-5.5

-12.7

Q4 '13

Q1 '14

Q2 '14

Q3 '14

Q4 '14

Q1 '15*

* New vehicle figures for the First Quarter of 2015 are thru February. (February figures were estimated). Used vehicles include January only. Data Source: IHS Automotive

January Comparison

New down 1.2

Used up 5.1%

-1%

-2%

Data Source: IHS Automotive

COUNTY MARKETS (NEW & USED VEHICLES)

PG: 7 NEW & USED VEHICLE MARKET : new york auto outlook March 2015 Issue

COUNTY NEW AND USED MARKETS

New Retail Registrations

Used Retail Registrations

Nov ‘14 Nov ‘13

Nov ’14 Nov ‘13

Thru

Jan

Thru

Jan

Jan ’15 Jan ‘14 Change

2015

2014 Change

Jan ’15 Jan ‘14 Change

2015

2014

change

Bronx

4,631 3,921 18% 1,411 11,811 10,437 13% 3,190

1,230 3,122

15%

9,758

8,463 15% 2,983

2,657 3,895 2,057 1,547 5,376 2,390 5,726 1,387 1,462 8,806 4,001 598

12%

Brooklyn Dutchess

13,499 12,802 5%

3,946 2,067 1,699 5,519 2,534

1% 0%

3,450 3,523 -2%

1,010 1,629 7,192 1,329 4,697 1,511 2,440 7,086 4,524 498

1,127 -10%

6,822 5,559

6,711 5,109

2% 9%

Manhattan

5,914 5,773

1,695 7,429 1,406 4,556 1,494 2,475 7,240 4,644 524

-4% -3% -5% -5%

10%

Nassau Orange Putnam Queens Rockland

25,668 24,762 4%

18,713 17,450 7%

3% 6% 3% 7% 2%

4,558 4,422 1,702 1,647

3% 3%

8,473 2,270

7,783

2,020 12%

614

16,438 15,144 9%

3% 1%

20,955 19,001 10% 6,149

5,154 4,875 8,145 7,701

6% 6%

4,839 5,369

4,577 4,970

6% 8%

1,421 1,631 9,131 4,226

Staten Island

-1% -2% -3%

12%

Suffolk

24,163 23,619 2% 16,140 15,505 4%

30,584 28,974 6% 14,484 13,666 6%

4% 6%

Westchester

TOTALS

127,774 121,329 5% 36,517 36,942 -1% 141,325 131,526 7% 41,920 39,902 5%

Data Source: IHS Automotive

Top three are shaded.

new vehicle market share in area counties Top 30 Selling Brands in Area, January 2015

Brand Honda Toyota Nissan

Bronx Brooklyn Dutchess Manhattan Nassau Orange Putnam Queens Rockland Staten Island Suffolk Westchester

15.8 19.6 10.8

15.7 16.1 10.4

15.5

8.1

11.8

12.6 11.3

13.1

15.3 17.9 13.4

10.8 12.6 11.0

14.2

11.1 11.5

14.9

9.2 8.3 5.1 7.5 4.6 9.1 3.6 1.6 1.0 2.9 2.7 1.2 0.5 2.0 2.4 0.7 3.0 0.6 2.2 1.1 0.3 0.1 0.5 0.8 0.2 0.3 0.5 0.0

12.7

9.1

6.2 6.2 6.2 7.8 2.0 6.8 3.8 2.6 1.2 2.0 3.4 2.0 0.2 1.8 1.4 1.6 1.6 5.2 2.6 0.8 0.0 0.2 0.2 0.6 0.4 0.2 0.2 0.0

8.3

8.6 6.9 7.9 5.9 8.6 5.9 4.2 2.7 5.7 3.7 4.4 2.3 1.1 2.0 1.9 1.3 2.8 1.5 0.8 0.8 0.9 0.9 0.8 0.8 0.5 0.5 0.3 0.3 0.2

3.8 5.3 4.5 3.7 2.5 1.9 8.5 4.6 2.5 1.1 1.0 1.7 0.7 1.8 5.4 0.9 0.9 0.4 2.2 4.1 0.8 1.2 0.1 2.8 0.2 0.9 1.1

10.6

9.0 5.6

11.9

8.6 8.4 8.5 4.3 3.8 7.5 5.3 2.9 2.6 2.0 2.2 1.2 1.7 2.3 2.7 1.8 2.2 1.6 2.6 1.2 0.6 0.8 0.5 0.7 0.2 0.6 0.2 0.1

Jeep Ford

6.0 6.7 3.3 3.3 3.7 4.3 2.6 2.5 3.6 1.0 3.6 0.9 2.8 1.3 0.6 1.6 1.3 0.5 0.8 0.9 0.6 0.2 0.2 0.1 1.0 0.0 0.0

4.8 6.4 3.0 4.0 2.2 3.4 3.5 7.4 2.6 1.6 4.4 2.8 1.3 1.3 1.3 1.1 1.3 0.6 0.5 1.0 0.7 0.4 0.1 0.3 0.7 0.2 0.3

8.1 6.5 3.6 5.8 4.8 3.8 4.8 4.1 2.7 3.4 1.7 2.2 1.7 1.7 2.0 2.0 1.6 1.2 1.3 1.1 0.9 0.8 0.5 0.6 0.3 0.3 0.1

5.9 4.1 3.4 4.9 3.0 4.2 3.6 3.6 2.9 1.3 1.9 2.1 1.3 1.9 1.0 1.5 1.8 0.5 0.9 0.6 0.7 0.5 0.4 0.2 0.4 0.2 0.2

5.8 8.6 8.7 4.2 4.1 3.4 3.1 3.2 2.1 1.7 5.2 1.8 2.5 1.3 1.1 1.7 0.9 1.0 0.9 0.4 0.8 0.7 0.9 0.3 0.3 0.4 0.0

7.6

10.9

11.2

Subaru

12.6

8.1 2.6 6.5 6.2 2.6 0.8 1.5 1.4 2.9 1.0 2.2 2.4 0.5 1.7 2.0 3.0 0.9 0.4 1.1 0.3 1.1 0.1 0.9 0.3 0.0

19.3

2.4 4.3 3.9 5.6 2.6 5.1 1.5 2.5 1.8 2.5 2.9 2.3 0.9 1.6 1.4 0.7 0.6 0.5 1.9 0.4 0.2 0.3 0.1 0.1 0.2

Mercedes Chevrolet Hyundai

12.3

BMW Lexus Acura

GMC

Chrysler

Infiniti

Kia

Volkswagen

Audi

Mazda Dodge

Ram

Cadillac

Land Rover

Lincoln

Volvo Buick

Porsche

Mitsubishi

MINI FIAT

Data Source: IHS Automotive

The top three counties for each brand are shaded.

MODELS (NEW & USED VEHICLES)

New Vehicles Top 25 New Models - January 2015

Used Vehicles Top 25 Used Models - January 2015

Nissan Rogue Toyota RAV4 Nissan Altima Honda Accord Honda CR-V

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

1,299

569

1,243

548

1,153

482

1,025

390

1,010

373

PG: 1 new york auto outlook : NEW & USED VEHICLE MARKET March 2015 Issue 0 JeepWrangler Ford Explorer Chevrolet Equinox Hyundai Elantra Subaru Impreza Ford Fusion Toyota Sienna Nissan Sentra Lexus RX Toyota Corolla Toyota Highlander Ford Escape Hyundai Sonata Subaru Forester Mercedes C-Class Jeep Cherokee Honda Civic Toyota Camry Honda Pilot Jeep Grand Cherokee

986

303

885

309

881

296

826

Hyundai Sonata Mercedes C-Class Honda Pilot

275 270

688

557

Honda CR-V got o to a fast start this year, out-selling all other models in January.

262

Toyota Camry took over the top spot in the area’s used vehicle market.

552 532

Chevrolet Suburban Toyota Highlander BMW 5-Series JeepWrangler Ford E-Series Nissan Maxima Nissan Sentra Mercedes M-Class Toyota Sienna Hyundai Elantra Toyota RAV4 Mercedes E-Class Volkswagen Jetta Jeep Grand Cherokee

260

226

528 523 519

218

216

204

513

200

470

194

464 464 463 449

194

187 183

174

445

173 170 158

443 429

300

600

900

1,200

1,500

100

200

300

400

500

600

New retail light vehicle registrations

Data Source: IHS Automotive

HOW DATA IS COMPILED All data represents retail vehicle registrations in the twelve-county New York Metro Area and excludes fleet and wholesale transactions. February 2015 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 (February) is estimated and previous months are actual.

Any material quoted must be attributed to Auto Outlook and GNYADA, and must also include the statement “Data Source: IHS Automotive.” 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: IHS Automotive 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, March 2015

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