March NY Auto Outlook

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