2015

ANNUAL FINANCIAL PROFILE OF AMERICA’S FRANCHISED NEW-CAR DEALERSHIPS

NATIONAL AUTOMOBILE DEALERS ASSOCIATION

Overview NADA Data—the annual financial profile of new-car dealerships—includes the many major milestones achieved by the retail auto industry in 2015: • Franchised dealers sold a record 17.3 million-plus new vehicles. • Total new-vehicle sales topped $938 billion. • Dealerships wrote nearly 300 million repair orders with service and parts sales of more than $100 billion. Local dealers continue to be drivers of economic development in their communities. In 2015, franchised dealers directly employed more than 1.1 million workers; in addition, hundreds of thousands of other local jobs were dependent on dealerships. Dealers spent billions last year on contracting, services and wages—almost all of which flows right back to the community. Steven Szakaly Chief Economist, NADA

In each of the past few years, dealership employees have seen their incomes rise by more than 2 percent and total compensation increase by almost 6 percent. This has outpaced total compensation in other retail sectors, and dealers boast one of the highest average salaries of all industries. We expect 2016 to end with dealership employment at an all-time high. While employment at a dealership is one of the best paths to the middle-class American dream (and has been so consistently for decades), customers also have benefited. There is healthy competition between dealers to sell and service vehicles, and this has meant consistently good deals for consumers. As NADA Data has shown, despite rising sales profitability has been flat at around 2.6 percent for five years. Overall, the past six years have been the longest period of new-vehicle sales growth since the 1920s. Luckily the outlook for 2016 is just as bright.

Patrick Manzi Senior Economist, NADA

This year’s NADA Data has been updated with completely re-benchmarked data and methodologies. As a result, data and figures from previously released reports will not be comparable to our new series. To improve the breadth of information provided in NADA Data, we offer a section focusing on the new- and used-vehicle consumer, with in-depth data from Experian. These stats include average monthly payment, average loan term, leasing and more.

CONTENTS New Light-Vehicle Dealerships ������������������������������������������������������������������������ 2 Dealership Financial Trends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 New Light-Vehicle Department . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 F&I Department. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Used-Vehicle Department. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Service and Parts Department. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 Body Shop Department. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 Dealership Advertising . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 Employment and Payroll. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 New- and Used-Vehicle Consumer. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

NADA DATA 2015

| nada.org

1

New Light-Vehicle Dealerships Average Light-Vehicle Dealership Profile 2013

2014

2015

Total sales

$49,278,573

$52,949,226

$56,723,576

Total gross1

$5,895,175

$6,244,337

$6,572,760

12.0%

11.8%

11.6%

$5,460,530

$5,800,686

$6,099,768

As % of total sales

11.1%

11.0%

10.8%

As % of total gross

92.6%

92.9%

92.8%

Total operating profit

$435,685

$444,464

$472,981

As % of total sales

0.9%

0.8%

0.8%

As % of total gross

7.4%

7.1%

7.2%

$1,283,609

$1,382,379

$1,503,432

As % of total sales

2.6%

2.6%

2.7%

As % of total gross

21.8%

22.1%

22.9%

$26,194,514

$28,460,645

$30,642,685

New-vehicle department sales as % of total sales

60.3%

60.6%

61.0%

New-vehicle department gross as % of total gross

20.8%

20.6%

19.9%

$32,035

$32,824

$33,456

3.7%

3.5%

3.3%

$1,174

$1,152

$1,088

Retail net profit per new vehicle retailed

$3

($10)

($22)

Average number of new vehicles retailed

818

867

916

2.7%

2.8%

2.8%

86.4%

81.5%

90.3%

As % of total sales Total expense

Net profit before tax

New-vehicle department2 New-vehicle department total sales

New-vehicle selling price (retail) Gross as % of selling price Retail gross profit per new vehicle retailed

F&I income as % of new-vehicle department sales F&I penetration (new) 1 Gross profit includes cost of goods sold, but not SG&A or advertising. 2 Excludes F&I sales unless otherwise noted.

NADA DATA 2015

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2

New Light-Vehicle Dealerships (continued) Average Light-Vehicle Dealership Profile (continued) 2013

2014

2015

Used-vehicle department2 Used-vehicle department sales

$11,451,823

$12,288,141

$13,142,817

Used-vehicle department sales as % of total sales

23.2%

23.2%

23.2%

Used-vehicle department gross as % of total gross

21.7%

21.1%

20.7%

$18,081

$18,839

$19,400

8.8%

8.3%

7.9%

$1,584

$1,565

$1,534

Retail net profit per new vehicle retailed

$177

$164

$132

Average number of used vehicles retailed

633

652

677

3.3%

3.4%

3.6%

F&I penetration (used)

61.2%

67.3%

71.4%

Used- to new-unit vehicle ratio (retail only)

77.5%

75.2%

74.0%

$5,783,559

$6,187,243

$6,458,094

Service, parts and body shop sales as % of total sales

11.7%

11.7%

11.4%

Service, parts and body shop gross as % of total gross

57.5%

58.3%

59.4%

Warranty (% of total service, parts and body shop sales)

14.5%

15.7%

17.6%

Advertising expense3

$4,151,238

$4,462,625

$4,788,111

As % of total gross

8.4%

8.4%

8.4%

Per new vehicle retailed

$607

$607

$606

Rent and equivalent

$5,238,947

$5,486,538

$5,824,072

As % of total gross

10.6%

10.4%

10.3%

$766

$746

$737

Used-vehicle selling price (retail) Gross as % of selling price Retail gross profit per new vehicle retailed

F&I income as % of used-vehicle sales

Service, parts and body shop department Service, parts and body shop sales

Per new vehicle retailed

2 Excludes F&I sales unless otherwise noted. 3 Advertising expense includes advertising and sales promotion less advertising rebates. Some advertising data is reported in one account, which includes sales promotion and is already less advertising rebates.

NADA DATA 2015

| nada.org

3

New Light-Vehicle Dealerships (continued) Average Light-Vehicle Dealership Profile (continued) 2013 Floorplan interest

2014

2015

($77,224)

($98,214)

($134,238)

-1.3%

-1.6%

-2.0%

($94)

($113)

($147)

$4,973,233

$5,316,310

$5,628,310

As % of total sales

10.1%

10.0%

9.9%

As % of total gross

84.4%

85.1%

85.6%

As % of total sales Per new vehicle retailed Selling, general and administrative expense

Source: NADA Industry Analysis Division

NADA DATA 2015

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4

New Light-Vehicle Dealerships (continued) Average Dealership Profile 2014

2015

Percent change

Total sales

$52,949,226

$56,723,576

7.1%

Total gross1

$6,244,337

$6,572,760

5.3%

11.8%

11.6%

$5,800,686

$6,099,768

As % of total sales

11.0%

10.8%

As % of total gross

92.9%

92.8%

Total operating profit

$444,464

$472,981

As % of total sales

0.8%

0.8%

As % of total gross

7.1%

7.2%

$1,382,379

$1,503,432

As % of total sales

2.6%

2.7%

As % of total gross

22.1%

22.9%

$28,460,645

$30,642,685

New-vehicle department sales as % of total sales

60.6%

61.0%

New-vehicle department gross as % of total gross

20.6%

19.9%

$32,824

$33,456

3.5%

3.3%

$1,152

$1,088

Retail net profit per new vehicle retailed

($10)

($22)

Average number of new vehicles retailed

867

916

2.8%

2.8%

81.5%

90.3%

As % of total sales Total expense

Net profit before tax

5.2%

6.4%

8.8%

New-vehicle department2 New-vehicle department total sales

New-vehicle selling price (retail) Gross as % of selling price Retail gross profit per new vehicle retailed

F&I income as % of new-vehicle department sales F&I penetration (new)

7.7%

1.9%

-5.6%

5.6%

1 Gross profit includes cost of goods sold, but not SG&A or advertising. 2 Excludes F&I sales unless otherwise noted.

NADA DATA 2015

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5

New Light-Vehicle Dealerships (continued) Average Dealership Profile (continued) 2014

2015

Percent change

Used-vehicle department2 Used-vehicle department sales

$12,288,141

$13,142,817

Used-vehicle department sales as % of total sales

23.2%

23.2%

Used-vehicle department gross as % of total gross

21.1%

20.7%

$18,839

$19,400

8.3%

7.9%

$1,565

$1,534

Retail net profit per new vehicle retailed

$164

$132

Average number of used vehicles retailed

652

677

3.4%

3.6%

F&I penetration (used)

67.3%

71.4%

Used- to new-unit vehicle ratio (retail only)

75.2%

74.0%

$6,187,243

$6,458,094

Service, parts and body shop sales as % of total sales

11.7%

11.4%

Service, parts and body shop gross as % of total gross

58.3%

59.4%

Warranty (% of total service, parts and body shop sales)

15.7%

17.6%

Advertising expense3

$4,462,625

$4,788,111

As % of total gross

8.4%

8.4%

Per new vehicle retailed

$607

$606

-0.2%

Rent and equivalent

$5,486,538

$5,824,072

6.2%

As % of total gross

10.4%

10.3%

$746

$737

Used-vehicle selling price (retail) Gross as % of selling price Retail gross profit per new vehicle retailed

F&I income as % of used-vehicle sales

7.0%

3.0%

-2.0%

3.9%

Service, parts and body shop department Service, parts and body shop sales

Per new vehicle retailed

4.4%

7.3%

-1.3%

2 Excludes F&I sales unless otherwise noted. 3 Advertising expense includes advertising and sales promotion less advertising rebates. Some advertising data is reported in one account, which includes sales promotion and is already less advertising rebates.

NADA DATA 2015

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6

New Light-Vehicle Dealerships (continued) Average Dealership Profile (continued) 2014 Floorplan interest

2015

Percent change

($98,214)

($134,238)

As % of total sales

-1.6%

-2.0%

Per new vehicle retailed

($113)

($147)

29.4%

$5,316,310

$5,628,310

5.9%

As % of total sales

10.0%

9.9%

As % of total gross

85.1%

85.6%

Selling, general and administrative expense

36.7%

Source: NADA Industry Analysis Division

NADA DATA 2015

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7

New Light-Vehicle Dealerships (continued) Domestic Dealership Profile 2014

2015

Percent change

Total sales

$45,367,298

$49,882,081

10.0%

Total gross1

$5,275,512

$5,655,845

7.2%

11.6%

11.3%

$4,796,520

$5,142,563

As % of total sales

10.6%

10.3%

As % of total gross

90.9%

90.9%

Total operating profit

$478,992

$513,282

As % of total sales

1.1%

1.0%

As % of total gross

9.1%

9.1%

$1,197,822

$1,306,329

As % of total sales

2.6%

2.6%

As % of total gross

22.7%

23.1%

$23,564,723

$26,119,211

New-vehicle department sales as % of total sales

59.6%

60.1%

New-vehicle department gross as % of total gross

21.5%

21.3%

$34,396

$35,606

3.7%

3.5%

$1,283

$1,260

Retail net profit per new vehicle retailed

$214

$203

Average number of new vehicles retailed

685

734

2.7%

2.7%

88.8%

93.4%

As % of total sales Total expense

Net profit before tax

7.2%

7.2%

9.1%

New-vehicle department2 New-vehicle department total sales

New-vehicle selling price (retail) Gross as % of selling price Retail gross profit per new vehicle retailed

F&I income as % of new-vehicle department sales F&I penetration (new)

10.8%

3.5%

-1.8%

7.1%

1 Gross profit includes cost of goods sold, but not SG&A or advertising. 2 Excludes F&I sales unless otherwise noted.

NADA DATA 2015

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8

New Light-Vehicle Dealerships (continued) Domestic Dealership Profile (continued) 2014

2015

Percent change

Used-vehicle department2 Used-vehicle department sales

$10,922,581

$11,920,391

Used-vehicle department sales as % of total sales

24.1%

23.9%

Used-vehicle department gross as % of total gross

24.2%

23.8%

$18,239

$18,897

9.1%

8.6%

$1,655

$1,634

Retail net profit per new vehicle retailed

$257

$228

Average number of used vehicles retailed

599

631

3.4%

3.5%

F&I penetration (used)

61.2%

70.1%

Used- to new-unit vehicle ratio (retail only)

87.4%

86.0%

$5,077,304

$5,401,407

Service, parts and body shop sales as % of total sales

11.2%

10.8%

Service, parts and body shop gross as % of total gross

54.3%

54.9%

Warranty (% of total service, parts and body shop sales)

15.2%

17.1%

Advertising expense3

$3,713,203

$4,110,280

As % of total gross

8.2%

8.2%

Per new vehicle retailed

$630

$635

0.8%

Rent and equivalent

$4,236,038

$4,652,603

9.8%

As % of total gross

9.3%

9.3%

Per new vehicle retailed

$719

$719

Used-vehicle selling price (retail) Gross as % of selling price Retail gross profit per new vehicle retailed

F&I income as % of used-vehicle sales

9.1%

3.6%

-1.2%

5.3%

Service, parts and body shop department Service, parts and body shop sales

6.4%

10.7%

0.0%

2 Excludes F&I sales unless otherwise noted. 3 Advertising expense includes advertising and sales promotion less advertising rebates. Some advertising data is reported in one account, which includes sales promotion and is already less advertising rebates.

NADA DATA 2015

| nada.org

9

New Light-Vehicle Dealerships (continued) Domestic Dealership Profile (continued) 2014 Floorplan interest

2015

Percent change

($83,653)

($115,927)

As % of total sales

-1.6%

-2.0%

Per new vehicle retailed

($122)

($158)

29.4%

$4,420,357

$4,767,377

7.9%

As % of total sales

9.7%

9.6%

As % of total gross

83.8%

84.3%

Selling, general and administrative expense

38.6%

Source: NADA Industry Analysis Division

NADA DATA 2015

| nada.org

10

New Light-Vehicle Dealerships (continued) Import Dealership Profile 2014

2015

Percent change

Total sales

$61,149,592

$64,952,534

6.2%

Total gross1

$7,301,648

$7,675,626

5.1%

11.9%

11.8%

$6,914,083

$7,251,095

As % of total sales

11.3%

11.2%

As % of total gross

94.7%

94.5%

Total operating profit

$389,375

$424,506

As % of total sales

0.6%

0.7%

As % of total gross

5.3%

5.5%

$1,580,027

$1,740,509

As % of total sales

2.6%

2.7%

As % of total gross

21.6%

22.7%

$33,921,043

$36,083,525

New-vehicle department sales as % of total sales

61.7%

61.8%

New-vehicle department gross as % of total gross

19.9%

18.6%

$31,561

$31,785

3.3%

3.0%

Retail gross profit per new vehicle retailed

$1,048

$955

Retail net profit per new vehicle retailed

($186)

($198)

Average number of new vehicles retailed

1,075

1,135

F&I income as % of new-vehicle department sales

2.8%

2.9%

75.7%

88.0%

As % of total sales Total expense

Net profit before tax

4.9%

9.0%

10.2%

New-vehicle department2 New-vehicle department total sales

New-vehicle selling price (retail) Gross as % of selling price

F&I penetration (new)

6.4%

0.7%

-8.9%

5.6%

1 Gross profit includes cost of goods sold, but not SG&A or advertising. 2 Excludes F&I sales unless otherwise noted.

NADA DATA 2015

| nada.org

11

New Light-Vehicle Dealerships (continued) Import Dealership Profile (continued) 2014

2015

Percent change

Used-vehicle department2 Used-vehicle department sales

$13,683,312

$14,613,153

Used-vehicle department sales as % of total sales

22.4%

22.5%

Used-vehicle department gross as % of total gross

18.2%

18.0%

$19,480

$19,920

7.5%

7.2%

$1,470

$1,429

Retail net profit per new vehicle retailed

$63

$32

Average number of used vehicles retailed

702

734

3.4%

3.7%

F&I penetration (used)

73.7%

72.7%

Used- to new-unit vehicle ratio (retail only)

65.4%

64.6%

$7,415,807

$7,729,079

Service, parts and body shop sales as % of total sales

12.1%

11.9%

Service, parts and body shop gross as % of total gross

61.9%

63.4%

Warranty (% of total service, parts and body shop sales)

16.1%

18.0%

Advertising expense3

$5,296,194

$5,598,517

As % of total gross

8.7%

8.6%

Per new vehicle retailed

$588

$583

-1.0%

Rent and equivalent

$6,902,156

$7,210,257

4.5%

As % of total gross

11.3%

11.1%

$767

$751

Used-vehicle selling price (retail) Gross as % of selling price Retail gross profit per new vehicle retailed

F&I income as % of used-vehicle sales

6.8%

2.3%

-2.8%

4.4%

Service, parts and body shop department Service, parts and body shop sales

Per new vehicle retailed

4.2%

5.7%

-2.1%

2 Excludes F&I sales unless otherwise noted. 3 Advertising expense includes advertising and sales promotion less advertising rebates. Some advertising data is reported in one account, which includes sales promotion and is already less advertising rebates.

NADA DATA 2015

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12

New Light-Vehicle Dealerships (continued) Import Dealership Profile (continued) 2014

2015

($114,142)

($156,263)

As % of total sales

-1.6%

-2.0%

Per new vehicle retailed

($106)

($138)

29.6%

$6,306,667

$6,663,841

5.7%

As % of total sales

10.3%

10.3%

As % of total gross

86.4%

86.8%

Floorplan interest

Selling, general and administrative expense

Percent change 36.9%

Source: NADA Industry Analysis Division

NADA DATA 2015

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13

New Light-Vehicle Dealerships (continued) Luxury Dealership Profile 2014

2015

Percent change

Total sales

$88,794,446

$93,016,150

4.8%

Total gross1

$9,942,696

$9,980,162

0.4%

11.2%

10.7%

$9,630,169

$9,785,416

As % of total sales

10.8%

10.5%

As % of total gross

96.9%

98.0%

Total operating profit

$312,527

$194,619

As % of total sales

0.4%

0.2%

As % of total gross

3.1%

2.0%

$2,345,414

$2,606,132

As % of total sales

2.6%

2.8%

As % of total gross

23.6%

26.1%

$48,038,269

$50,349,469

New-vehicle department sales as % of total sales

60.7%

60.8%

New-vehicle department gross as % of total gross

18.4%

15.7%

$49,150

$50,191

3.2%

2.6%

Retail gross profit per new vehicle retailed

$1,566

$1,282

Retail net profit per new vehicle retailed

($558)

($732)

Average number of new vehicles retailed

977

1,003

1.9%

2.0%

40.5%

66.4%

As % of total sales Total expense

Net profit before tax

1.6%

-37.7%

11.1%

New-vehicle department2 New-vehicle department total sales

New-vehicle selling price (retail) Gross as % of selling price

F&I income as % of new-vehicle department sales F&I penetration (new)

4.8%

2.1%

-18.1%

2.6%

1 Gross profit includes cost of goods sold, but not SG&A or advertising. 2 Excludes F&I sales unless otherwise noted.

NADA DATA 2015

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14

New Light-Vehicle Dealerships (continued) Luxury Dealership Profile (continued) 2014

2015

Percent change

Used-vehicle department2 Used-vehicle department sales

$19,414,177

$20,634,395

Used-vehicle department sales as % of total sales

21.9%

22.2%

Used-vehicle department gross as % of total gross

14.8%

13.9%

$29,180

$30,205

6.3%

5.5%

$1,850

$1,667

Retail net profit per new vehicle retailed

($15)

($37)

Average number of used vehicles retailed

665

683

2.3%

2.3%

F&I penetration (used)

72.7%

45.8%

Used- to new-unit vehicle ratio (retail only)

68.1%

68.1%

$11,656,618

$11,826,547

Service, parts and body shop sales as % of total sales

13.1%

12.7%

Service, parts and body shop gross as % of total gross

66.8%

70.4%

Warranty (% of total service, parts and body shop sales)

19.1%

20.6%

Advertising expense3

$5,500,245

$5,926,811

As % of total gross

6.2%

6.4%

Per new vehicle retailed

$630

$634

0.6%

Rent and equivalent

$11,100,367

$11,600,783

4.5%

As % of total gross

12.5%

12.5%

Per new vehicle retailed

$1,272

$1,241

Used-vehicle selling price (retail) Gross as % of selling price Retail gross profit per new vehicle retailed

F&I income as % of used-vehicle sales

6.3%

3.5%

-9.9%

2.7%

Service, parts and body shop department Service, parts and body shop sales

1.5%

7.8%

-2.4%

2 Excludes F&I sales unless otherwise noted. 3 Advertising expense includes advertising and sales promotion less advertising rebates. Some advertising data is reported in one account, which includes sales promotion and is already less advertising rebates.

NADA DATA 2015

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15

New Light-Vehicle Dealerships (continued) Luxury Dealership Profile (continued) 2014

2015

($104,694)

($193,876)

As % of total sales

-1.1%

-1.9%

Per new vehicle retailed

($107)

($193)

80.4%

$8,706,702

$8,949,810

2.8%

As % of total sales

9.8%

9.6%

As % of total gross

87.6%

89.7%

Floorplan interest

Selling, general and administrative expense

Percent change 85.2%

Source: NADA Industry Analysis Division

NADA DATA 2015

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16

New Light-Vehicle Dealerships (continued) Mass Market Dealership Profile 2014

2015

Percent change

Total sales

$48,944,442

$52,689,062

7.7%

Total gross1

$5,831,074

$6,194,993

6.2%

11.9%

11.8%

$5,372,479

$5,690,071

As % of total sales

11.0%

10.8%

As % of total gross

92.1%

91.8%

Total operating profit

$459,507

$504,923

As % of total sales

0.9%

1.0%

As % of total gross

7.9%

8.2%

$1,275,841

$1,381,859

As % of total sales

2.6%

2.6%

As % of total gross

21.9%

22.3%

$26,286,864

$28,464,612

New-vehicle department sales as % of total sales

60.6%

61.0%

New-vehicle department gross as % of total gross

21.1%

20.7%

$30,695

$31,359

3.6%

3.4%

$1,096

$1,062

Retail net profit per new vehicle retailed

$59

$65

Average number of new vehicles retailed

856

908

2.9%

3.0%

86.9%

93.3%

As % of total sales Total expense

Net profit before tax

5.9%

9.9%

8.3%

New-vehicle department2 New-vehicle department total sales

New-vehicle selling price (retail) Gross as % of selling price Retail gross profit per new vehicle retailed

F&I income as % of new-vehicle department sales F&I penetration (new)

8.3%

2.2%

-3.1%

6.0%

1 Gross profit includes cost of goods sold, but not SG&A or advertising. 2 Excludes F&I sales unless otherwise noted.

NADA DATA 2015

| nada.org

17

New Light-Vehicle Dealerships (continued) Mass Market Dealership Profile (continued) 2014

2015

Percent change

Used-vehicle department2 Used-vehicle department sales

$11,491,092

$12,307,054

Used-vehicle department sales as % of total sales

23.5%

23.4%

Used-vehicle department gross as % of total gross

22.4%

22.0%

$17,640

$18,171

8.7%

8.4%

$1,532

$1,518

Retail net profit per new vehicle retailed

$184

$150

Average number of used vehicles retailed

651

677

3.6%

3.8%

F&I penetration (used)

66.6%

74.3%

Used- to new-unit vehicle ratio (retail only)

76.1%

74.6%

$5,572,800

$5,859,437

Service, parts and body shop as % of total sales

11.4%

11.1%

Service, parts and body shop as % of total gross

56.5%

57.3%

Warranty (% of total service, parts and body shop sales)

14.9%

16.9%

Advertising expense3

$4,340,326

$4,648,340

As % of total gross

8.9%

8.8%

Per new vehicle retailed

$604

$602

-0.3%

Rent and equivalent

$4,870,949

$5,200,445

6.8%

As % of total gross

10.0%

9.9%

$678

$674

Used-vehicle selling price (retail) Gross as % of selling price Retail gross profit per new vehicle retailed

F&I income as % of used-vehicle sales

7.1%

3.0%

-0.9%

4.0%

Service, parts and body shop department Service, parts and body shop sales

Per new vehicle retailed

5.1%

7.1%

-0.6%

2 Excludes F&I sales unless otherwise noted. 3 Advertising expense includes advertising and sales promotion less advertising rebates. Some Advertising data is reported in one account which includes sales promotion and is already less advertising rebates.

NADA DATA 2015

| nada.org

18

New Light-Vehicle Dealerships (continued) Mass Market Dealership Profile (continued) 2014 Floorplan interest

2015

Percent change

($98,215)

($128,653)

As % of total sales

-1.7%

-2.1%

Per new vehicle retailed

($115)

($142)

23.6%

$4,937,495

$5,259,782

6.5%

As % of total sales

10.1%

10.0%

As % of total gross

84.7%

84.9%

Selling, general and administrative expense

31.0%

Source: NADA Industry Analysis Division

NADA DATA 2015

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19

New Light-Vehicle Dealerships (continued) New Light-Vehicle Dealerships by State, 2015 269

Alabama

Nebraska

161

Alaska

29

Arizona

243

New Hampshire

138

Arkansas

202

New Jersey

445

California

1,319

New Mexico

111

Nevada

Colorado

243

New York

834

Connecticut

252

North Carolina

573

52

North Dakota

79

Delaware Florida

843

Ohio

710

Georgia

485

Oklahoma

259

Hawaii

68

Oregon

219

Idaho

96

Pennsylvania

862

Illinois

712

Rhode Island

51

Indiana

385

South Carolina

250

Iowa

295

South Dakota

88

Kansas

212

Tennessee

Kentucky

239

Texas

1,142

Louisiana

269

Utah

136

Maine

109

Vermont

83

Maryland

290

Virginia

452

Massachusetts

388

Washington

307

Michigan

602

West Virginia

135

Minnesota

328

Wisconsin

458

Mississippi

171

Wyoming

52

Missouri

378

Montana

100

Total U.S.

16,545

Source: NADA Industry Analysis Division

NADA DATA 2015

| nada.org

16,545

94

TOTAL NEW-CAR DEALERSHIPS

Number of Dealerships by Volume of New-Unit Sales, 2015 Number of dealerships

5,000

4,000

327

3,000

2,000

1,000

0

0-149

150-399

400-749

750+

20

New Light-Vehicle Dealerships (continued) Count by Chain Size by Year Number of chains

2013

2014

2015

1

5,500

5,290

5,133

2

1,346

1,345

1,294

3

553

547

558

4

258

266

289

5

173

173

175

6

100

114

100

7

53

52

63

8

57

49

54

9

30

30

33

10

22

28

28

11-50

100

119

125

9

9

9

Greater than 50 Source: NADA Industry Analysis Division

NADA DATA 2015

| nada.org

21

Dealership Financial Trends Total Sales by State, 2015 All dealerships ($ millions)

Average per dealership ($ thousands)

$11,793

$43,842

Nebraska

$4,903

$30,457

Alaska

$1,726

$59,522

Nevada

$8,112

$86,301

Arizona

$20,476

$84,266

New Hampshire

$5,238

$37,958

Arkansas

$7,488

$37,072

New Jersey

$32,147

$72,242

California

$112,112

$84,998

New Mexico

$5,169

$46,573

Colorado

$15,344

$63,147

New York

$55,478

$66,521

Connecticut

$9,897

$39,275

North Carolina

$24,250

$42,322

Delaware

$2,898

$55,739

North Dakota

$2,345

$29,689

Florida

$72,987

$86,580

Ohio

$33,735

$47,514

Georgia

$27,797

$57,313

Oklahoma

$42,276

$163,230

Hawaii

$3,855

$56,697

Oregon

$9,302

$42,478

Idaho

$3,300

$34,383

Pennsylvania

$36,997

$42,920

Illinois

$37,329

$52,429

Rhode Island

$2,865

$56,177

Indiana

$13,761

$35,743

South Carolina

$11,866

$47,467

Iowa

$7,553

$25,604

South Dakota

$2,168

$24,636

Kansas

$6,412

$30,249

Tennessee

$14,938

$45,682

Kentucky

$8,377

$35,051

Texas

$86,719

$75,936

Louisiana

$12,556

$46,679

Utah

$7,100

$52,207

$3,496

$32,077

Vermont

$2,366

$28,517

Maryland

$18,582

$64,079

Virginia

$21,542

$47,661

Massachusetts

$20,602

$53,098

Washington

$15,654

$50,992

Michigan

$33,130

$55,034

West Virginia

$4,525

$33,522

Minnesota

$13,823

$42,144

Wisconsin

$13,877

$30,300

Mississippi

$6,327

$37,001

Wyoming

$1,476

$28,399

Missouri

$16,343

$43,237

Montana

$3,562

$35,620

Total U.S.

$938,492

$56,724

State Alabama

Maine

State

All dealerships ($ millions)

Average per dealership ($ thousands)

Source: NADA Industry Analysis Division

NADA DATA 2015

| nada.org

22

Dealership Financial Trends (continued) Total Sales of New-Vehicle Dealerships by Year $1,000

$60

All dealerships (left scale) in billions of dollars Average per dealership (right scale) in millions of dollars

50 800 40 600 30 400 2009

2010

2011

2012

2013

2014

2015

20

Source: U.S. Department of Commerce and NADA Industry Analysis Division

Share of Total Dealership Sales Dollars, 2014 vs. 2015 Service and parts

Service and parts

11.7%

30.7%

11.4%

57.6%

Used vehicles

New vehicles

2014

30.4%

58.2%

Used vehicles

New vehicles

2015

Source: NADA Industry Analysis Division

NADA DATA 2015

| nada.org

23

Dealership Financial Trends (continued) New-Vehicle Department Gross Profit by Year Average dealership, in millions of dollars, including F&I

$2.0 1.5 1.0 0.5 0.0

2009

2010

2011

2012

2013

2012

2013

2014

2015

Source: NADA Industry Analysis Division

Used-Vehicle Department Gross Profit by Year Average dealership, in thousands of dollars, including F&I

$2.0 1.5 1.0 0.5 0

2009

2010

2011

2014

2015

Source: NADA Industry Analysis Division

NADA DATA 2015

| nada.org

24

Dealership Financial Trends (continued) Service and Parts Department Gross Profit by Year Average dealership, in millions of dollars

$3.0 2.5 2.0 1.5 1.0 .5 0

2009

2010

2011

2012

2013

2014

2015

2012

2013

2014

2015

Source: NADA Industry Analysis Division

Total Net Profit Share of Sales by Year Average dealership, in percent of sales

3.0% 2.5 2.0 1.5 1.0 .5 0

2010

2009

2011

Source: NADA Industry Analysis Division

NADA DATA 2015

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25

New Light-Vehicle Department New-Vehicle Inventories and Days’ Supply by Year Inventory (in millions) 4.0

Days’ supply Total

3.5

domestic

2,867,653

80

import

Import

655,522

Domestic

3.0

70

NEW-CAR INVENTORY

3,523,175

2.5 2.0

60

1.5 Domestic

1.0

Import

50

NEW-VEHICLE DAYS’ SUPPLY

.5

65 55 domestic

import

40

0 2010

2015

2010

2015

Source: NADA Industry Analysis Division

Number of New Vehicles Sold and Selling Price Year

New vehicles sold

Average retail selling price

2009

615

$28,133

2010

714

$29,930

2011

793

$30,982

2012

896

$31,194

2013

960

$32,035

2014

1,003

$32,824

2015

1,050

$33,456

D

SOL

$33,456

AVERAGE SELLING PRICE OF NEW VEHICLES SOLD (by new-vehicle dealerships)

Source: NADA Industry Analysis Division

NADA DATA 2015

| nada.org

26

New Light-Vehicle Department (continued) New Light-Duty Vehicle Sales by Year Year

New cars

Light-duty trucks

Total light-duty vehicles

Light-duty trucks as % of total

2006

7,780,800

8,721,000

16,502,700

52.8%

2007

7,618,400

8,470,900

16,089,300

52.6%

2008

6,813,550

6,381,050

13,194,600

48.4%

2009

5,456,300

4,945,400

10,401,700

47.5%

2010

5,635,400

5,919,100

11,554,500

51.2%

2011

6,089,300

6,644,900

12,734,200

52.2%

2012

7,242,800

7,199,000

14,441,800

49.8%

2013

7,582,500

7,942,300

15,524,800

51.2%

2014

7,688,900

8,748,100

16,437,000

53.2%

2015

7,525,023

9,861,024

17,386,047

56.7%

Source: NADA Industry Analysis Division

Gross Margin as Percentage of Selling Price by Year New vehicles retailed

5%

4.5

4

3.5

3 2010

2011

2012

2013

2014

2015

Source: NADA Industry Analysis Division

NADA DATA 2015

| nada.org

27

New Light-Vehicle Department (continued) Market Share by Manufacturer, 2015 0.06 ● Gain

● No change

● Loss

0.04

Subaru

Loss/Gain

0.02

FCA

Other* Daimler

0

Nissan -0.02

BMW

HyundaiKia VW

-0.04

Toyota

Ford

GM

Honda

-0.06

*Other is JLR, Mitsubishi, Mazda, Tesla, Volvo

New-Vehicle Sales and Market Share by Manufacturer Year

FCA

Ford

GM

Toyota

Honda

Nissan

Volkswagen

Other

2,228,100

2,548,900

3,082,400

2,499,300

1,586,500

1,484,900

349,400

3,601,000

12.8%

14.7%

17.7%

14.4%

9.1%

8.5%

2.0%

20.7%

Total

17,380,500

2015

Source: WardsAuto

NADA DATA 2015

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28

F&I Department Aftermarket Income by Year As % of new- and used-vehicle department gross profit 50% Total

40

30 Service contract and other

20

10

Finance and insurance

0 2009

2010

2011

2012

2013

2014

2013

2014

2015

Source: NADA Industry Analysis Division

Service Contract Penetration Rates by Year As % of new- and used-vehicle department gross profit

50%

40

30 2009

2010

2011

2012

2015

Source: NADA Industry Analysis Division

NADA DATA 2015

| nada.org

29

Used-Vehicle Department Used-Vehicle Sales by New-Vehicle Dealerships, by Year

Sources of Used Vehicles Retailed by New Vehicle Dealerships, 2015

In millions

4%

15

Street purchase

12

26%

9

6

4%

Other

Trade-in on new vehicle

24%

Trade-in on used vehicle

3

0

42%

Auction purchase

2010

2011

2012

2013

2014

2015

Source: NADA Industry Analysis Division

Source: NADA Industry Analysis Division

Average Retail Selling Price of Used Vehicles Sold by New-Vehicle Dealerships In thousands $20.0

D

SOL

$19,400

17.5

AVERAGE RETAIL SELLING PRICE OF USED VEHICLES SOLD (by new-vehicle dealerships)

15.0 2010

2011

2012

2013

2014

2015

Source: NADA Industry Analysis Division

NADA DATA 2015

| nada.org

30

Service and Parts Department Dealerships’ Total Service and Parts Sales, 2015 (in billions of dollars)

Dealerships’ Total Service and Parts Sales, 2015 Service labor sales (in billions of dollars) Service labor sales (in billions of dollars) $20

Service labor sales Customer mechanical

15 10 5 0

Customer mechanical

Customer body

Warranty

Sublet

Internal

Customer body

4.15

Warranty

8.75

Sublet

3.48

Internal

7.63

Other

3.13

Other

Total service labor

Parts sales (in(in billions of dollars) Parts sales billions of dollars)

Customer mechanical 10

Customer body Wholesale

5

Customer Customer mechanical body

$44.83

Parts sales

$15

0

$17.69

Wholesale

Counter

Warranty

Internal

Other

Source: NADA Industry Analysis Division

Dealerships’ Total Service and Parts Sales by Years $120

3.50 15.38

Counter

2.85

Warranty

10.06

Internal

5.65

Other

5.85

Total parts

In billions of dollars

$15.75

$59.04 Source: NADA Industry Analysis Division

$100.02 billion

100

SERVICE AND PARTS SALES (for all new-vehicle dealerships)

80

60 2009

2010

2011

2012

2013

2014

2015

Source: NADA Industry Analysis Division

NADA DATA 2015

| nada.org

31

Service and Parts Department (continued) Profile of Dealerships’ Service and Parts Operations, 2015

Total service and parts sales

Average dealership

All dealers

$6,045,373

$100,020,688,949

Total gross profit as % of service and parts sales

45.8%

Total net profit as % of service and parts sales

20.1%

Total number of repair orders written

17,923

296,538,651

Total service and parts sales per customer repair order

$265

Total service and parts sales per warranty repair order

$273

Number of technicians (including body)

$1.59

Number of service bays (excluding body)

15

251,710

$356,518

$5,898,582,125

Total parts inventory Average customer mechanical labor rate

$107

Source: NADA Industry Analysis Division

$6.04 million

251,710

296 million

SERVICE AND PARTS SALES (per new-vehicle dealership)

TECHNICIANS (including body shop)

REPAIR ORDERS WRITTEN

NADA DATA 2015

| nada.org

32

Body Shop Department Dealerships Operating On-Site Body Shops by Year Percent of total dealership population

40%

35

30

2009

2010

2011

2012

2013

2014

2015

Source: NADA Industry Analysis Division

Total Dealership Body Shop Sales by Year In billions of dollars

$7

6

5

2009

2010

2011

2012

2013

2014

2015

2014

2015

Source: NADA Industry Analysis Division

Body Shop Sales per Repair Order, by Year In thousands of dollars

$900 700 500 300 100

2009

2010

2011

2012

2013

Source: NADA Industry Analysis Division

NADA DATA 2015

| nada.org

33

Dealership Advertising Total Franchised Dealership Advertising Expenditures by Year In billions of dollars

$10

8

6

4 2009

2010

2011

2012

2013

2014

2015

Source: NADA Industry Analysis Division

Average Dealership Advertising per New Unit Sold, Year In dollars

$800

700

600

500 2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Source: NADA Industry Analysis Division

NADA DATA 2015

| nada.org

34

Dealership Advertising (continued) Advertising Expenditures by Medium, 2015 Newspaper

Other

8.7% 13.9% Radio

27.8%

16.1%

Internet

9.8%

23.7% TV

Direct mail Source: NADA Industry Analysis Division

Estimated Advertising Expenses per Dealership, 2015 By media used

Average of all dealerships

Newspapers

$74,395

Radio

$86,170

TV

$126,846

Direct mail

$52,451

Internet

$148,790

Other

$46,564

Total

$535,215

Total advertising as % of total sales

0.09%

Source: NADA Industry Analysis Division

NADA DATA 2015

| nada.org

35

Employment and Payroll Number Dealership Employees by State, 2015 State Alabama

Total number, all dealers

Average number per dealership

State

Total number, all dealers

Average number per dealership

14,564

55

North Carolina

34,537

59

Alaska

2,968

76

North Dakota

3,912

46

Arizona

23,178

97

Ohio

42,551

59

Arkansas

9,570

44

Oklahoma

14,324

65

California

114,154

96

Oregon

12,483

61

Colorado

18,461

77

Pennsylvania

49,457

57

Connecticut

13,839

56

Rhode Island

3,453

62

Delaware

4,399

84

South Carolina

15,008

61

Florida

76,082

96

South Dakota

4,204

44

Georgia

32,825

72

Tennessee

21,146

59

Hawaii

4,277

60

Texas

96,651

86

Idaho

5,392

62

Utah

9,227

68

Illinois

45,469

63

Vermont

3,063

38

Indiana

22,047

57

Virginia

31,400

67

Iowa

12,682

41

Washington

20,980

74

Kansas

10,317

49

West Virginia

6,418

44

Kentucky

13,205

55

Wisconsin

23,873

52

Louisiana

16,521

59

Wyoming

2,303

40

5,388

53

Maryland

23,482

80

Total U.S.

1,088,001

66

Massachusetts

23,180

62

Michigan

35,255

60

Minnesota

19,677

57

Mississippi

7,939

45

Missouri

22,017

59

Montana

3,893

42

Nebraska

7,634

46

Nevada

8,658

100

New Hampshire

6,711

52

New Jersey

32,200

72

New Mexico

6,874

65

50,153

61

Maine

New York

NADA DATA 2015

| nada.org

66 1,088,001 DEALERSHIP EMPLOYEES

Average per dealership

36

Employment and Payroll (continued) Average Weekly Earnings of New Light-Vehicle Dealership Employees by State, 2015 Alabama

$1,039

Indiana

$963

Nebraska

Alaska

$1,091

Iowa

$972

Nevada

Arizona

$1,116

Kansas

$987

Arkansas

$1,010

Kentucky

California

$1,212

Louisiana

Colorado

$1,129

Maine

Connecticut

$1,178

Maryland

Delaware

$1,072

Florida

South Carolina

$1,022

$1,232

South Dakota

$1,034

New Hampshire

$1,219

Tennessee

$1,103

$985

New Jersey

$1,264

Texas

$1,217

$1,049

New Mexico

$1,035

Utah

$1,018

New York

$1,183

Vermont

$1,023

$1,098

North Carolina

$1,002

Virginia

$1,072

Massachusetts

$1,248

North Dakota

$1,019

Washington

$1,088

$1,121

Michigan

$1,083

Ohio

Georgia

$1,096

Minnesota

$973

Oklahoma

Hawaii

$1,152

Mississippi

$997

Oregon

Idaho Illinois

$982

$984

West Virginia

$896

$1,015

Wisconsin

$857

$1,033

Wyoming

$951

Total U.S.

$1,094

$996

Missouri

$1,000

Pennsylvania

$996

$1,028

Montana

$987

Rhode Island

$1,049

Estimated Number of Dealership Employees by Year 1200

$990

Dealership Employment by Position, 2015 80

Total of all dealerships (left scale) Average number per dealership (right scale)

New and used-car salespeople

Supervisors, others

70

31.9%

1000

20.1% 23.1%

60

24.9% 800

50 2010

NADA DATA 2015

2011

2012

| nada.org

2013

2014

2015

Technicians Other service and parts employees

37

Employment and Payroll (continued) Annual Payroll of New-Vehicle Dealerships by State, 2015 Total all dealers (billions)

Average per dealership (millions)

Total all dealers (billions)

Average per dealership (millions)

Total all dealers (billions)

Average per dealership (millions)

Alabama

$0.80

$2.96

Indiana

$1.08

$2.81

Nebraska

$0.39

$2.40

Alaska

$0.12

$4.30

Iowa

$0.60

$2.05

Nevada

$0.59

$6.31

Arizona

$1.36

$5.60

Kansas

$0.54

$2.57

New Hampshire

$0.42

$3.06

Arkansas

$0.47

$2.32

Kentucky

$0.66

$2.77

New Jersey

$2.08

$4.67

California

$7.77

$5.89

Louisiana

$0.87

$3.23

New Mexico

$0.37

$3.37

Colorado

$1.10

$4.54

Maine

$0.28

$2.58

New York

$3.11

$3.73

Connecticut

$0.85

$3.37

Maryland

$1.31

$4.52

North Carolina

$1.77

$3.09

Delaware

$0.24

$4.58

Massachusetts

$1.52

$3.92

North Dakota

$0.19

$2.44

Florida

$4.56

$5.41

Michigan

$2.03

$3.37

Ohio

$2.11

$2.97

Georgia

$1.97

$4.06

Minnesota

$0.95

$2.89

Oklahoma

$0.93

$3.61

Hawaii

$0.24

$3.54

Mississippi

$0.39

$2.29

Oregon

$0.69

$3.16

Idaho

$0.30

$3.12

Missouri

$1.16

$3.08

Pennsylvania

$2.50

$2.90

Illinois

$2.41

$3.38

Montana

$0.21

$2.08

Rhode Island

$0.18

$3.53

South Carolina

$0.79

$3.15

South Dakota

$0.21

$2.37

Tennessee

$1.08

$3.29

Texas

$6.34

$5.55

Utah

$0.48

$3.53

Vermont

$0.16

$1.91

Virginia

$1.67

$3.69

Washington

$1.27

$4.14

West Virginia

$0.28

$2.05

Wisconsin

$1.04

$2.27

Wyoming

$0.11

$2.15

Total U.S.

$62.56

$3.78

State

State

Annual Payroll of New-Vehicle Dealerships by Year $70

$4.0

Total of all dealerships (left scale), in billions Average per dealership (right scale), in thousands

60 3.5 50 3.0 40

2.5

30 2010

NADA DATA 2015

2011

| nada.org

2012

2013

2014

2015

State

38

New- and Used-Vehicle Consumer Credit Score Ranges

Percentage of Vehicles With Financing ■ New ■ Used

100 80 60

82.2%

81.4%

53.3%

50.9%

83.7%

82.1%

52.8%

53.5%

84.0%

55.2%

85.9%

20 0 Q4 2011

Q4 2012

Q4 2013

Q4 2014

Score range

Superprime

781-850

Prime

661-780

Nonprime

601-660

Subprime

501-600

Deep subprime

300-500

54.7%

40

Q4 2010

Category

Q4 2015

Consumer Leasing

New Leasing by Risk Segment 100

35%

Lease % of all new Lease % of new financing Lease % of total

30

26.8%

26.2%

48.8%

47.8%

17.2%

18.0%

6.9%

7.8%

Q4 2014

Q4 2015

80 25 20

60

15

40

10 Q4 2010

Q4 2011

Q4 2012

Q4 2013

Q4 2014

Q4 2015

20

0

■ Superprime ■ Prime ■ Nonprime ■ Subprime

NADA DATA 2015

| nada.org

Source: Experian Automotive

39

New- and Used-Vehicle Consumer (continued) Average Monthly Payment

New-Vehicle Market Share by Lender Type ■ Q4 2014 ■ Q4 2015

$600

Finance

Credit union

500

400

4.9%

10.1%

$11

$482 $493

$4

$355 $359

300

35.1% Bank

200

49.8% Captive

100

0.2% BHPH

0

New

Used

Average Loan Term, in Months ■ Q4 2014 ■ Q4 2015

68

One month

67

67

66 65

66

64

One month

63

63

62

62

61 60 59

New

NADA DATA 2015

| nada.org

Used

Source: Experian Automotive

40

New- and Used-Vehicle Consumer (continued) Average Loan Credit Scores by Vehicle Type ■ New ■ Used

800

750

711

726

736

732

727

723

653

Q4 2011

715

712

711

650

646

648

649

Q4 2012

Q4 2013

Q4 2014

Q4 2015

700

650

640

647

657

659

Q4 2009

Q4 2010

600 Q4 2007

Q4 2008

Source: Experian Automotive

For more information on Experian data, contact [email protected].

NADA DATA 2015

| nada.org

41

New- and Used-Vehicle Consumer (continued) New-Vehicle Loan Origination by State New-vehicle share

New-vehicle share

New-vehicle share

New-vehicle share

Alabama

1.7%

Iowa

0.8%

Montana

0.3%

Pennsylvania

4.3%

Alaska

0.2%

Kansas

0.6%

Nebraska

0.3%

South Carolina

1.5%

Arizona

2.3%

Kentucky

1.0%

Nevada

1.2%

South Dakota

0.3%

Arkansas

1.2%

Louisiana

1.8%

New Hampshire

0.5%

Tennessee

2.1%

California

12.7%

Maine

0.4%

New Jersey

2.3%

Texas

12.6%

Colorado

1.7%

Maryland

2.6%

New Mexico

0.6%

Utah

0.9%

Florida

7.4%

Massachusetts

1.9%

New York

4.7%

Vermont

0.2%

Georgia

3.3%

Michigan

2.0%

North Carolina

3.6%

Virginia

3.0%

Idaho

0.3%

Minnesota

1.7%

North Dakota

0.3%

Washington

2.0%

Illinois

4.6%

Mississippi

0.9%

Ohio

3.6%

West Virginia

0.5%

Indiana

1.5%

Missouri

1.9%

Oregon

1.3%

Wisconsin

1.6%

2.04 0.29 1.29 0.30

0.29

1.17

0.33 0.85

1.65

12.68

0.19

0.27 1.68

1.62

4.32

1.85

0.59

1.51

0.52

1.81

3.02

0.99

2.62

3.58 1.54

1.19 12.59

2.28

3.61

2.06

2.27

0.48 1.86

4.70

2.04

0.82 4.58

0.63

0.39

0.87

1.70

3.28 7.41

0.24 HI

■ <1%

■ 1.0-2.0%

NADA DATA 2015

■ 2.1-3.0%

| nada.org

■ 3.1-4.0%

■ 4.1-6.0

■ 6.1-12%

■ >12.1%

■ data not available

Source: Experian Automotive

42

New- and Used-Vehicle Consumer (continued) Used-Vehicle Loan Origination by State Used-vehicle share

Used-vehicle share

Used-vehicle share

Used-vehicle share

Alabama

2.1%

Iowa

1.6%

Montana

0.3%

Pennsylvania

4.4%

Alaska

0.3%

Kansas

1.0%

Nebraska

0.4%

South Carolina

1.9%

Arizona

2.2%

Kentucky

1.2%

Nevada

1.2%

South Dakota

0.4%

Arkansas

1.1%

Louisiana

0.8%

New Hampshire

0.5%

Tennessee

2.9%

California

9.6%

Maine

0.5%

New Jersey

0.5%

Texas

10.0%

Colorado

2.0%

Maryland

2.0%

New Mexico

0.5%

Utah

1.1%

Florida

6.8%

Massachusetts

1.7%

New York

4.5%

Vermont

0.2%

Georgia

3.3%

Michigan

3.0%

North Carolina

4.0%

Virginia

2.6%

Idaho

0.4%

Minnesota

2.4%

North Dakota

0.3%

Washington

2.2%

Illinois

4.2%

Mississippi

1.3%

Ohio

4.8%

West Virginia

0.6%

Indiana

2.6%

Missouri

2.0%

Oregon

1.3%

Wisconsin

2.0%

2.21 0.31

0.17

0.28

1.32 0.37

0.42

1.21

2.36

1.99

9.56

4.40 4.20

1.02

2.03

2.56

0.48

0.58

0.77

2.61

1.08

1.98

4.01 1.91

1.12 10.04

2.08

4.80

2.92

2.23

0.54 1.67

4.46

3.02

1.55

0.44 1.14

1.95

0.48

1.31

2.09

3.29 6.75

0.27 HI

■ <1%

■ 1.0-2.0%

NADA DATA 2015

| nada.org

■ 2.1-3.0%

■ 3.1-4.0%

■ 4.1-6.0%

■ 6.1-8.0%

■ 8.1-10.0%

■ >10.1%

Source: Experian Automotive

■ data not

43