1、2022ANNUAL FINANCIAL PROFILE OF AMERICAS FRANCHISED NEW-CAR DEALERSHIPSNATIONALAUTOMOBILEDEALERSASSOCIATIONM I D Y E A RR E P O R TNADA DATA 2022:MIDYEAR REPORT|nada.org 1 OverviewCONTENTSFranchised Dealership Workforce .2New Light-Vehicle Dealerships .3 Dealership Financial Trends .5New Light-Vehic

2、le Department .7Used-Vehicle Department .9Service and Parts Department .10Body Shop Department .12Dealership Advertising .13Employment and Payroll.14New-and Used-Vehicle Consumer.16Patrick Manzi Chief Economist,NADAThe NADA Data financial profile of new-car dealerships is now published twice a yeara

3、s a full annual review at year-end and as a midyear update.This midyear 2022 review features the many major milestones achieved by the retail auto industry during the first half of 2022,including such highlights as:The nations 16,752 franchised light-vehicle dealers sold 6.8 million light-duty vehic

4、les.Total light-vehicle dealership sales topped$618 billion.Dealerships wrote nearly 135 million repair orders,with service and parts sales totaling more than$68 billion.At the end of first-half 2022,the industry was still feeling the effects of the semiconductor microchip shortage that began in ear

5、ly 2021.Over the past 12 months,new-vehicle inventory on the ground and in transit was persistently stuck between roughly 1 million and 1.2 million units,about a third of the average level seen in 2018 and 2019.Dealers order books filled quickly,and many dealers are still working through the order b

6、acklogs they have built up over the past year.When vehicles arrived on dealer lots in the first half of the year,they sold quickly,and this will also likely be true for the rest of 2022 and into 2023.Still,despite the challenges of a new-vehicle shortage,the average dealership has performed very wel

7、l through first-half 2022.With tight supplies of vehicles and high demand from consumers,manufacturers pulled back on incentive spending in the first half,and average incentive spending per unit fell each month through June.Average incentive spending has decreased from a record high of over$4,700 pe

8、r unit in April 2020 to record lows of under$1,000 per unit in June 2022.The cuts to incentive spending,OEM production mix and strong demand from consumers pushed new-vehicle average transaction prices to record highs as welljust shy of$46,000 through June 2022.The shortage of new vehicles caused us

9、ed-vehicle wholesale and retail pricing to hit record highs near the end of 2021 as many consumers and fleet buyers switched to the used market.While used-vehicle wholesale prices have fallen slightly from their recent highs,we expect that used-vehicle values will continue to be well above their pre

10、-pandemic levels for as long as the industry is dealing with the chip shortage and its limiting effects on new-vehicle inventories.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

11、 include average monthly payment,average loan term,leasing and more.Note:NADA Data was first published in 1979,and some of the methodology and data sources have naturally changed along the way.Therefore,previous reports may not be directly comparable with the current version.NADA DATA 2022:MIDYEAR R

12、EPORT|nada.org 2 Average Weekly EarningsData resource200202021Growth 2020-2021Total sample,franchised dealerships$1,383$1,400$1,470$1,554$1,987 27.9%Franchised dealers,same stores$1,387$1,409$1,494$1,565$2,026 29.4%Franchised dealers,same employees$1,432$1,450$1,560$1,665$2,126 27.7%BLS f

13、ranchised dealerships$1,113$1,133$1,180$1,292$1,601 23.9%BLS U.S.private sector$905$934$963$1,015$1,063 4.8%Franchised Dealership WorkforceMedian Weekly EarningsData resource200202021Growth 2020-2021Total sample,franchised dealerships$1,061$1,092$1,142$1,181$1,392 17.9%Franchised dealers,

14、same stores$1,070$1,103$1,160$1,179$1,428 21.1%Franchised dealers,same employees$1,108$1,147$1,219$1,245$1,450 16.4%BLS franchised dealershipsN/AN/AN/AN/AN/AN/ABLS U.S.private sector$860$886$917$966$988 3.3%Earnings Growth,20253035%BLS U.S.Private SectorBLS Auto DealersFranchised Deal

15、er Same EmployeesFranchised Dealer Same StoresTotal Sample Franchised Dealerships Average Median 17.929.4%21.1%27.7%16.4%23.9%N/A4.8%3.3%27.9%Source:Bureau of Labor Statistics,NADASource:Bureau of Labor Statistics,NADASource:Bureau of Labor Statistics,NADANADA DATA 2022:MIDYEAR REPORT|nada.org 3 New

16、 Light-Vehicle DealershipsAlabama276Alaska27Arizona246Arkansas209California1,299Colorado252Connecticut249Delaware54Florida902Georgia486Hawaii68Idaho100Illinois703Indiana404Iowa271Kansas205Kentucky231Louisiana280Maine110Maryland302Massachusetts384Michigan616Minnesota337Mississippi175Missouri372Montan

17、a93Share of Dealerships by Volume of New-Unit Sales,June YTD 2022Nebraska155Nevada98New Hampshire130New Jersey456New Mexico112New York858North Carolina570North Dakota73Ohio715Oklahoma251Oregon221Pennsylvania867Rhode Island53South Carolina253South Dakota84Tennessee342Texas1,237Utah141Vermont77Virgini

18、a454Washington309West Virginia131Wisconsin466Wyoming48Total U.S.16,752TOTAL NEW-CAR DEALERSHIPS16,752Source:NADA1,500+750-1,-499150-025%18.2%18.0%16.9%15.3%21.1%10.5%Percent of dealershipsNew Light-Vehicle Dealerships by State,June YTD 2022Source:NADANADA DATA 2022:MIDYEA

19、R REPORT|nada.org 4 New Light-Vehicle Dealerships(continued)Share of Owners by Number of Stores Operated,June YTDNumber of stores200002120221-595.8%95.5%95.0%94.8%94.4%94.3%94.0%93.8%93.7%93.2%92.7%6-102.9%3.2%3.4%3.5%3.8%3.9%4.1%4.2%4.2%4.4%4.8%11-251.0%1.1%1.4%1.5%

20、1.5%1.5%1.5%1.6%1.7%1.9%2.1%26-500.1%0.1%0.1%0.1%0.1%0.2%0.2%0.3%0.3%0.3%0.3%Greater than 500.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%0.1%Source:NADANADA DATA 2022:MIDYEAR REPORT|nada.org 5 Dealership Financial TrendsStateAll dealerships ($millions)Average per dealership ($thousands)Alabama$8,241$29,8

21、59 Alaska$1,072$39,687 Arizona$14,962$60,819 Arkansas$4,846$23,185 California$73,519$56,597 Colorado$10,944$43,429 Connecticut$6,179$24,814 Delaware$1,944$35,996 Florida$52,609$58,325 Georgia$19,219$39,546 Hawaii$3,016$44,359 Idaho$2,916$29,156 Illinois$21,356$30,379 Indiana$9,949$24,627 Iowa$5,008$

22、18,481 Kansas$3,943$19,235 Kentucky$5,756$24,916 Louisiana$8,385$29,946 Maine$2,778$25,257 Maryland$11,362$37,621 Massachusetts$12,576$32,749 Michigan$22,518$36,555 Minnesota$8,857$26,282 Mississippi$4,133$23,619 Missouri$11,773$31,647 Montana$2,427$26,095 StateAll dealerships ($millions)Average per

23、 dealership ($thousands)Nebraska$3,261$21,036 Nevada$5,733$58,503 New Hampshire$4,117$31,667 New Jersey$20,343$44,613 New Mexico$3,226$28,805 New York$35,807$41,733 North Carolina$17,319$30,384 North Dakota$1,294$17,728 Ohio$21,892$30,619 Oklahoma$16,888$67,282 Oregon$6,824$30,879 Pennsylvania$24,23

24、4$27,951 Rhode Island$1,894$35,730 South Carolina$8,728$34,499 South Dakota$1,511$17,988 Tennessee$10,778$31,515 Texas$59,107$47,783 Utah$5,922$41,998 Vermont$1,615$20,972 Virginia$14,071$30,994 Washington$11,657$37,725 West Virginia$2,448$18,687 Wisconsin$8,898$19,095 Wyoming$896$18,673 Total U.S.$

25、618,750$36,936 Total Sales by State,June YTD 2022Source:NADANADA DATA 2022:MIDYEAR REPORT|nada.org 6 Dealership Financial Trends(continued)20 25 30$40 35425475525575$625200022All dealerships,orange graph(left scale),in billions of dollarsAverage per dealership,blue graph(right

26、scale),in millions of dollars$491.39$494.76$503.86$518.74$437.80$26.30$30.00$29.43$29.46$30.99$36.04$600.44$618.75$36.94Total Sales of New-Vehicle Dealerships by Year,June YTD2021Service,parts and body shop10.6%New vehicles54.6%Used vehicles 34.9%2022Service,parts and body shop11.7%New vehicles48.7%

27、Used vehicles 39.7%Share of Total Dealership Sales Dollars,2021 vs.2022,June YTDSource:NADASource:NADANADA DATA 2022:MIDYEAR REPORT|nada.org 7 New Light-Vehicle DepartmentNew-Vehicle Inventories and Days Supply by Year,June YTD012345Inventory(in millions)Days supply 2050804060907030ImportTotalDomest

28、icDomesticImport2022200192019Number of New Vehicles Sold and Selling Price by Year,June YTDYearAverage new vehicles sold Average retail selling price2016515$34,221 2017500$34,335 2018511$35,249 2019503$36,402 2020386$38,043 2021498$40,2322022404$45,646Source:NADASource:Automotive News,War

29、ds IntelligenceNEW-VEHICLE DAYS SUPPLY30 22domesticimportNEW-VEHICLE INVENTORY1,032,482domestic189,741import1,222,223SOLD$45,646AVERAGE SELLING PRICE OF NEW VEHICLES SOLD(by new-vehicle dealerships)NADA DATA 2022:MIDYEAR REPORT|nada.org 8 New Light-Vehicle Department(continued)New Light-Duty Vehicle

30、 Sales by Year,June YTDYearNew carsLight-duty trucksTotal light-duty vehiclesLight-duty trucks as%of total20123,742,3683,506,5257,248,89348.4%20133,899,7813,898,8027,798,58350.0%20143,896,0784,227,3118,123,38952.0%20153,840,8334,645,4808,486,31354.7%20163,531,9245,061,8768,593,60058.9%20173,105,8555

31、,295,8608,401,71563.0%20182,747,1655,827,1038,574,26868.0%20192,502,2535,910,6638,412,91670.3%20201,589,0424,839,9926,429,03475.3%20211,917,0376,377,0708,294,10776.9%20221,430,5455,336,9576,767,50278.9%Source:Automotive News,Wards IntelligenceYTD market shareYTD market share change2.4%2.5%13.0%16.1%

32、7.5%10.4%2.1%5.7%11.9%3.9%15.5%3.8%5.3%Market Share by Manufacturer,June YTDBMWDaimlerFordGeneral MotorsHondaHyundaiMazdaNissanStellantisSubaruToyotaVWOther*0.2%0.3%1.5%0.1%-2.6%0.7%-0.2%-1.4%0.5%0.0%-0.1%-0.7%1.6%*Includes Jaguar/Land Rover,Lucid,Mitsubishi,Rivian,Tesla and VolvoSource:Wards Intell

33、igenceNADA DATA 2022:MIDYEAR REPORT|nada.org 9 Used-Vehicle DepartmentUsed-Vehicle Sales by New-Vehicle Dealerships,by Year,June YTDIn millions(units)2346785002220217.006.917.557.896.447.786.75Average Retail Selling Price of Used Vehicles Sold by New-Vehicle Dealerships,by Year

34、,June YTDIn thousands of dollars$21.21$19.88$19.97$20.39$20.84$24.549$32020016$30.80SOLD$30,796 AVERAGE RETAIL SELLING PRICE OF USED VEHICLES SOLD(by new-vehicle dealerships)Source:NADASource:NADANADA DATA 2022:MIDYEAR REPORT|nada.org 10 Service and Parts DepartmentS

35、ervice labor sales(in billions of dollars)OtherInternalSubletWarrantyCustomer bodyCustomermechanical$13.24$1.93$4.84$2.20$5.10$2.5302468101214Dealerships Total Service and Parts Sales,June YTD 2022Service labor sales(in billions of dollars)024681012OtherInternalCounterWarrantyWholesaleCustomer bodyC

36、ustomermechanical$2.01$11.57$2.18$5.97$3.71$4.20$11.14Dealerships Total Service and Parts Sales,June YTD 2022(in billions of dollars)Service labor salesCustomer mechanical$13.24 Customer body$1.93 Warranty$4.84 Sublet$2.20 Internal$5.10 Other$2.53 Total service labor$29.84 Parts salesCustomer mechan

37、ical$11.14 Customer body$2.01 Wholesale$11.57 Counter$2.18 Warranty$5.97 Internal$3.71 Other$4.20 Total parts$40.79 Source:NADAParts sales(in billions of dollars)$68.89 billionSERVICE AND PARTS SALES(for all new-vehicle dealerships)30405060$70In billions of dollars$60.43$68.89$54.42$56.75$58.40$62.5

38、5$51.9420222021820172016Dealerships Total Service and Parts Sales by Year,June YTDSource:NADASource:NADANADA DATA 2022:MIDYEAR REPORT|nada.org 11 Service and Parts Department(continued)Profile of Dealerships Service and Parts Operations,June YTD 2022Average dealership All dealersTotal ser

39、vice and parts sales$4,112,626$68,894,707,801 Total number of repair orders written8,056134,957,852Total service and parts sales per customer repair order$420Total service and parts sales per warranty repair order$429Number of technicians(including body)15257,650Parts sales per service labor sale$1.

40、59Total parts inventory$488,520$8,183,679,896 Average customer mechanical labor rate$147 Source:NADA$4.11 millionSERVICE AND PARTS SALES(per new-vehicle dealership)257,650TECHNICIANS(including body shop)134+millionREPAIR ORDERS WRITTENNADA DATA 2022:MIDYEAR REPORT|nada.org 12 Body Shop DepartmentDea

41、lerships Operating On-Site Body Shops by Year,June YTDPercent of total dealership population37.2%37.1%39.1%37.8%37.3%35.9%34.8%34353637383940%20222021820172016Source:NADATotal Dealership Body Shop Sales by Year,June YTD2.5$4.03.03.5In billions of dollars$2.88$3.80$3.36$3.28$3.64$2.95$3.27

42、20222021820172016Source:NADABody Shop Sales per Repair Order by Year,June YTD400$1,000800600In dollars$749$726$870$571$745$723$76020222021820172016Source:NADANADA DATA 2022:MIDYEAR REPORT|nada.org 13 Dealership Advertising343.54.5$5In billions of dollars$3.60$4.69$4.87$4.68$4.6

43、6$4.09$4.2620222021820172016Average Dealership Advertising per New Unit Sold by Year,June YTD*In dollars$700600500650550$541$628$645$642$655$640$69520222021820172016Source:NADASource:NADATotal Franchised Dealership Advertising Expenditures by Year,June YTD$4.26 billionTOTAL DEA

44、LERSHIP ADVERTISING EXPENDITURES*Advertising expense includes advertising and sales promotion minus advertising rebates.Some advertising data is reported in one account that includes sales promotion and already is minus advertising rebates.NADA DATA 2022:MIDYEAR REPORT|nada.org 14 Dealership Employm

45、ent by Position,June YTD 2022Employment and PayrollEstimated Number of Dealership Employees by Year,June YTDNew-and used-carsalespeopleSupervisors,othersOther service andparts employees19.1%23.6%22.6%34.8%TechniciansTotal of all dealerships(left scale,in millions)Average number per dealership(right

46、scale)0.91.01.11.2506070801.420222020651.131.131.131.011.051.06Average Weekly Earnings of New Light-Vehicle Dealership Employees by State,Year-end 2021*Alabama$1,505 Alaska$1,426 Arizona$1,688 Arkansas$1,457 California$1,889 Colorado$1,636 Connecticut$1,596 Delaware$

47、1,474 Florida$1,743 Georgia$1,706 Hawaii$1,632 Idaho$1,479 Illinois$1,461 Indiana$1,413 Iowa$1,393 Kansas$1,337 Kentucky$1,427 Louisiana$1,455 Maine$1,409 Maryland$1,578 Massachusetts$1,785 Michigan$1,492 Minnesota$1,336 Mississippi$1,358 Missouri$1,415 Montana$1,363 Nebraska$1,340 Nevada$1,888 New

48、Hampshire$1,914 New Jersey$1,872 New Mexico$1,448 New York$1,676 North Carolina$1,512 North Dakota$1,278 Ohio$1,476 Oklahoma$1,456 Oregon$1,560 Pennsylvania$1,380 Rhode Island$1,464 South Carolina$1,528 South Dakota$1,324 Tennessee$1,608 Texas$1,754 Utah$1,560 Vermont$1,421 Virginia$1,505 Washington

49、$1,611 West Virginia$1,245 Wisconsin$1,222 Wyoming$1,263 Total U.S.$1,600 Source:NADASource:NADA*Payroll Information is from year-end 2021.Source:Bureau of Labor Statistics,NADANADA DATA 2022:MIDYEAR REPORT|nada.org 15 Employment and Payroll(continued)StateTotal,all dealers(billions)Average per deal

50、ership(millions)Alabama$1.18$4.29 Alaska$0.13$4.97 Arizona$2.08$8.45 Arkansas$0.71$3.37 California$10.38$7.99 Colorado$1.55$6.16 Connecticut$1.03$4.16 Delaware$0.28$5.27 Florida$7.43$8.24 Georgia$2.98$6.12 Hawaii$0.34$4.96 Idaho$0.48$4.77 Illinois$3.14$4.46 Indiana$1.62$4.00 Iowa$0.88$3.24 Kansas$0.

51、65$3.18 Kentucky$0.94$4.07 StateTotal,all dealers(billions)Average per dealership(millions)Louisiana$1.18$4.22 Maine$0.40$3.61 Maryland$1.80$5.96 Massachusetts$1.94$5.05 Michigan$2.67$4.33 Minnesota$1.34$3.97 Mississippi$0.58$3.33 Missouri$1.60$4.30 Montana$0.28$2.98 Nebraska$0.51$3.30 Nevada$0.88$8

52、.98 New Hampshire$0.63$4.84 New Jersey$2.83$6.21 New Mexico$0.47$4.22 New York$4.15$4.84 North Carolina$2.77$4.86 North Dakota$0.25$3.46 StateTotal,all dealers(billions)Average per dealership(millions)Ohio$3.18$4.44 Oklahoma$0.99$3.95 Oregon$1.03$4.66 Pennsylvania$3.31$3.82 Rhode Island$0.24$4.54 So

53、uth Carolina$1.25$4.94 South Dakota$0.29$3.48 Tennessee$1.80$5.26 Texas$8.85$7.15 Utah$0.89$6.33 Vermont$0.22$2.79 Virginia$2.38$5.24 Washington$1.77$5.72 West Virginia$0.39$2.94 Wisconsin$1.46$3.13 Wyoming$0.13$2.78 Total U.S.$88.25$5.27 Annual Payroll of New-Vehicle Dealerships by State,Year-end 2

54、021*Payroll information is from year-end 2021.Source:Bureau of Labor StatisticsNADA DATA 2022:MIDYEAR REPORT|nada.org 16 New-and Used-Vehicle ConsumerCredit Score RangeCategoryScore rangeSuperprime781-850Prime661-780Nonprime601-660Subprime501-600Deep subprime300-500Average Amount Financed,2021 vs.20

55、22,Q205,00010,00015,00020,00025,00030,00035,00040,000$45,000Q2 2022Q2 2021 New Used$35,587$24,047$40,290$28,534Percentage of Vehicles Leased,2021 vs.2022,Q2Q2 2022Q2 2021 New Used035%27.8%9.0%10.5%19.7%Source for all charts on this page:Experian Automotive.For more information,visit Share

56、 of New-Vehicle Financing(Loan/Lease)by Lender Type,2021 vs.2022,Q2Q2 20224.8%Finance56.2%Captive27.3%BankQ2 20210.7%BHPH/Other11.2%Credit union5.2%Finance46.1%Captive25.9%Bank1.4%BHPH/Other21.4%Credit unionNADA DATA 2022:MIDYEAR REPORT|nada.org 17 New-and Used-Vehicle Consumer(continued)Average Loa

57、n Term in Months,2021 vs.2022,Q2606264666870Q2 2022Q2 2021UsedNew72 Q2 2021 Q2 2022 69.569.566.168.0UsedNew00500600700$85 Q2 2021 Q2 2022$75$582$440$667$515Average Monthly Loan Payment,2021 vs.2022,Q2Source for all charts on this page:Experian Automotive.For more information,visit 20228.1

58、%1-48 mo.1.9%85+mo.18.5%49-60 mo.38.8%61-72 mo.32.7%73-84 mo.Q2 202110.3%1-48 mo.1.7%85+mo.17.1%49-60 mo.36.5%61-72 mo.34.4%73-84 mo.Share of New-Vehicle Loans by Term Length in Months,2021 v.2022,Q2NADA DATA 2022:MIDYEAR REPORT|nada.org 18 New-and Used-Vehicle Consumer(continued)Average Interest Ra

59、te on Vehicle Financing,2021 vs.2022,Q2Source for all charts on this page:Experian Automotive.For more information,visit 2022Q2 2021 New Used4.17%8.59%4.33%8.62%New Vehicle Loans by Risk Segment,2021 vs.2022,Q2Subprime0.3%Deep SubprimeSubprime0.2%Deep Subprime20222021 51.4%Prime 48.4%Prime 29.9%Super Prime 29.5%Super Prime 13.3%Nonprime 15.0%Nonprime6.8%5.2%