North America's Largest Auto Show Generates $181 Million for New York City's Economy

New York International Automobile Show Releases Economic Impact Study

NEW YORK, March 19 -- With less than three weeks before the annual New York International Auto Show opens its doors to the press and public, the event's organizer announced the economic impact results from last year's Show, revealing more than $181 million of economic benefit to New York City's economy. The report was conducted by BBC Research & Consulting (BBC) and was commissioned by the Greater New York Automobile Dealers Association (GNYADA), owners and operators of the Auto Show.

"For over 106 years, the New York International Automobile Show has been a vital component of New York City's economy, and today, we're proud to announce that the 2006 event surpassed all expectations and positively impacted our city's economy more than ever," said GNYADA president, Mark Schienberg. "Creating a valuable marketing event for our industry and providing an economic boon for this city have always been a top priority of ours."

According to Schienberg, it takes more than 1,200 workers to set up and run America's largest-attended auto show. Over its three-day Press Preview, the 2006 Show registered more than 17,000 press and exhibitors, and was responsible for 25,000 hotel room nights. The ten-day public event welcomed over 1.2 million people through its doors.

Following is a summary of the 2006 New York International Auto Show's impact study:

Direct Impact

The direct impact of the 2006 Show on the New York City area was over $112 million. This direct impact resulted from spending on lodging, entertainment, parking, eating and drinking, transportation, and retail by attendees and vendors, and from event-related expenditures by Show vendors and the Show producer. The direct spending related to the Show is carefully constructed to include only those new dollars spent as a direct result of the New York International Automobile Show.

Indirect Impact

The indirect effect of the Show on the local economy was $69 million. Generally, for every $1 million in Show related spending, $620,000 was generated in the local economy.

Total Impact

The total impact of the New York International Auto Show on the New York City economy was $181,000,000.

Calculation Method

To measure the economic impact of the New York International Automobile Show on New York City's economy, a spending flow chart was developed to trace the flow of dollars generated by the show. The spending of individual attendees, Show vendors, and the Show producer flows into the economy directly and is then multiplied within the economy. The indirect, or multiplied, spending is estimated using a RIMS-II multiplier developed by the Bureau of Economic Analysis.

About the Auto Show

Situated in the media, financial and advertising capital of the world, the New York International Auto Show hosts a wide range of important industry events as well as dozens of world and North American new vehicle introductions each year. The Show's annual Wall Street Awards Dinner recognizes leading automotive stock performers, while the Television Bureau of Advertising's Annual Spring Conference attracts more than 1,200 of the nation's leading broadcasting executives. Top international automotive journalists present the World Car of the Year Awards, and IAG Research hosts the IAG Automotive Advertising Awards. It all takes place in America's largest car market at America's largest-attended auto show.

The New York International Auto Show is owned and produced by the Greater New York Automobile Dealers Association, an organization which represents nearly 650 franchised automobile dealerships in the metro area of New York, selling approximately 450,000 new cars each year.

                      Important 2007 Auto Show Dates
                        Press Preview  April 4 & 5
                      Public Sneak Preview  April 6
                     Public Show Dates  April 6 - 15