Published On: Tuesday, 17 April 2018
BC New Car Dealers Economic Impact Summary Released
BC - The New Car Dealers Association of BC is the provincial industry association that represents 375 new car and truck dealers throughout British Columbia.
A report entitled Economic Impact of Members of the New Car Dealers Association of BC in 2017 and prepared by MNP Chartered Accountants, reveals:
- The new car sector in B.C. generated over $16 billion in retail sales last year, an increase of 85 per cent since 2010
- BC’s New Car Dealers contributed $2.9 Billion of total GDP into BC last year
- The sector generated $675 million in total revenue to all three levels of government
- The number of new vehicles sold in B.C. increased from 157,000 to 237,000 – or 51 percent between 2010 and 2017
- Employment at new car dealerships increased 22 per cent between 2010 and 2017.
- In 2017, new car dealers were responsible for almost 30,000 family supporting jobs for British Columbians across the province.
- NCDA members also spend approximately $154 million each year on new dealership construction and renovation. The economic spinoff includes 1,200 FTEs of employment and $34 million in revenue to all levels of government.
- The share of total retail sales in B.C. attributed to new car dealers increased from 15 per cent to 19 per cent between 2010 and 2017
- The study also includes economic impacts generated by NCDA members in comparison to other industries, suggesting:
- The employment generated by NCDA members is equivalent to the employment supported by the construction of approximately 10,000-11,000 new homes
- The total employment generated from the operations of NCDA members in 2017 was equivalent to the employment supported by the filming of a full season of 30-35 high-end television productions
- The employment generated by the operations of NCDA members is equivalent to the employment generated through the handling of 3.5 million containers at the Port of Vancouver.
View the Economic Impact of Members of the New Car Dealers Association of BC in 2017 here.