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Study sponsored by: New Jersey Coalition of Automotive Retailers 856 River Road P. O. Box 7510 6WXG\6SRQVRUHGE\ Trenton, NJ 08628 (609) 883-5056 1HZ-HUVH\&RDOLWLRQRI$XWRPRWLYH5HWDLOHUV www.njcar.org

Study produced by: Auto Outlook, Inc. 5 Great Valley Parkway &RQILGHQWLDOUHSRUW Suite 234 FRPSLOHGIURPGDWD Malvern, PA 19355 (610) 648-3805 www.autooutlook.com 0D\ 7KHZRUOGZLGHILQDQFLDOV\VWHPLVWHHWHULQJRQWKHEULQNFRQVXPHUFRQILGHQFHLVDWDQDOOWLPHORZUHWDLO DQGZKROHVDOHFUHGLWPDUNHWVKDYHVHL]HGXSOLNHWKHDOXPLQXPHQJLQHEORFNRQD9HJDDQGLFRQLF $PHULFDQDXWRPDNHUVDUHRQOLIHVXSSRUW7KHVHDUHWKHZRUVWRIWLPHVIRUDXWRUHWDLOHUVRIZKRP KDYHFORVHGXSVKRSLQWKHSDVW\HDUV$QRWKHURIWKHFDUGHDOHUVGRLQJEXVLQHVVLQ1HZ-HUVH\ FRXOGWKURZLQWKHWRZHOWKLV\HDU«DQGWKDW VLI*0RU&KU\VOHUGRQ WILOHIRUEDQNUXSWF\SURWHFWLRQ  ,W VIDLUWRVD\WKHUHKDVQHYHUEHHQDPRUHGHVSHUDWHPRPHQWLQWKHKLVWRU\RIDXWRUHWDLOLQJLQ1HZ -HUVH\,QRUGHUWRJLYHVRPHFRQWH[WWRWKHFXUUHQWFULVLVLQWKHFDUEXVLQHVVWKLVUHSRUWWDNHVDVOLJKWO\ GLIIHUHQWDSSURDFKWKDQLQ\HDUVSDVW5DWKHUWKDQVLPSO\UHSRUWQXPEHUVWKLV\HDU·VUHSRUWRIIHUVD FRPSDULVRQEHWZHHQDQGDQGPDNHVVRPHJULPSUHGLFWLRQVDERXWZKDWWRH[SHFWLQ

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:KLOHGHDOHUVDUHEOHHGLQJUHGLQNDQGKDYHEHHQFORVLQJXSLQUHFRUGQXPEHUVMREORVVLQWKHFDU Dealership Financial Summary-2008 James B. Appleton EXVLQHVVIRUHYHU\RQHIURPVDOHVSHUVRQQHOWRFDUZDVKHUVDQGILQDQFHSURIHVVLRQDOVKDVEHHQ VWDJJHULQJ5HODWHGLQGXVWULHVWKDWVHOOWRGHDOHUVDQGVXSSO\WKHVHORFDOEXVLQHVVHVZLWKHYHU\WKLQJIURP President $YHUDJHGHDOHUVKLSVDOHV FRPSXWHUDQGWHOHFRPPXQLFDWLRQVVHUYLFHVWRVWDWLRQDU\DQGRIILFHVXSSOLHVKDYHORVWHPSOR\PHQWWRR New Jersey Coalition of :HHVWLPDWHWKDWPRUHWKDQMREVZHUHORVWLQWKHUHWDLODXWRVHFWRUDQGUHODWHGEXVLQHVVHVLQ $YHUDJHGHDOHUVKLSFRQWULEXWLRQVWRFKDULWDEOHFDXVHV Automotive Retailers DQGDQRWKHUFRXOGEHORVWWKLV\HDU

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Employment Total for New Vehicle Retailing Industry-2008 Employee Compensation (Direct: at dealerships; Indirect: elsewhere in economy) 2007 2008 2009 % Change Projected 07-'09 Indirect Total Payroll for AVERAGE Dealership $3,356,000 $3,290,000 $2,900,000 -13.6% 19,562 Total Number of Franchised Dealerships x 634 x 575 x 525 -17.2%

Total Employee Compensation at Dealerships $2,127,704,000 $1,891,750,000 $1,522,500,000 -28.4%

Additional Indirect Employee Compensation Direct Resulting from Dealership Operations + $623,417,272 + $548,607,500 + $441,525,000 -29.2% 36,225 7RWDO(PSOR\HH&RPSHQVDWLRQ  1HZ-HUVH\5HVLGHQWVIURPWKH  )UDQFKLVHG'HDOHUVKLS,QGXVWU\      Dealerships’ Contribution to Statewide Retail Employment 2007 thru 2009 2007 2008 2009 % Change Projected 07-'09 Total Employment Resulting from Auto Dealerships 65,204 55,787 47,702 -26.8% Total Retail Employment in the State 472,300 457,500 410,000 -13.2%

 'HDOHUVKLSV·RI5HWDLO6WDWHZLGH7RWDO    Tax Revenue Advertising Automobile delaerships collected New franchised automobile or paid a total of over $1.25 dealerships spent a total of over $366 million on billion in State and local taxes State and Local Taxes Collected during 2008. State sales tax and/or Paid by Dealerships advertising during 2008, down revenue exceeded $1.08 billion. 11.1% from 2007. Internet Real Estate and Federal tax revenue generated by Other Local advertising accounted for the $58,650,000 dealerships exceeded $609 State and Local largest percentage of Payroll million. Total dealership State and $114,425,000 dealership advertising local tax revenue (collected or expense (31%), up from 19% paid) declined 10% from 2007 to in 2007. 2008. The two-year decline (2007 to 2009) is projected to be 26.2%

State Sales $1,084,162,500 State and Local Taxes Collected and/or Percentage of Dealership Advertising Expense by Media Paid by Dealerships - 2007 thru 2009

2007 2008 2009 % Change Radio Projected 07-'09 9% Other State Sales Tax $1,202,581,344 $1,084,162,500 $880,000,000 -26.8% Direct Mail 6% State and Local Payroll Taxes $131,917,648 $114,425,000 $96,100,000 -27.2% Real Estate and Other Local Taxes $62,449,000 $58,650,000 $55,000,000 -11.9% 13%

 7RWDO6WDWHDQG/RFDO7D[5HYHQXH      Television Internet 14% 31%

Federal Tax Summary - 2007 thru 2009

2007 2008 2009 % Change Projected 07-'09 Federal Payroll Taxes $638,311,200 $567,525,000 $475,000,000 -25.6% Federal Business Income Taxes $48,818,000 $41,975,000 $35,000,000 -28.3% Newspaper 27%  7RWDO     New Vehicle Dealership Sales New retail registrations of New franchised automobile cars and light trucks in New Market Review dealers in New Jersey had total Jersey exceeded 500,000 from sales exceeding $24 billion 2000 thru 2005. Registrations during 2008. Average declined to 408,794 in 2008, dealership sales approached down 15.5% from 2007. For $42 million, with the new vehicle 2009, registrations are department accounting for 60% predicted to fall to 351,500, of the total. Average a 14.2% drop from 2008. dealership sales are predicted Light truck market share in to fall 16.2% from 2007 to 2009, the State declined from 51.2% while the overall total is in 2004 to 42.5% in 2008. projected to decline 30.6%.

Dealership Sales Summary - 2007 thru 2009

2007 2008 2009 % Change Projected 07-'09 Average Dealership Sales $44,112,00 $41,900,000 $36,950,000 -16.2% 7RWDO$XWRPRWLYH5HWDLOLQJ6DOHV  LQ1HZ-HUVH\     

New Retail Light Vehicle Light Truck Market Share in Average Dealership Sales by Department ($) Registrations in New Jersey New Jersey NJ CAR Member List DISTRICT: 7 DCH BMW of Freehold Millennium Automotive North Plainfield Nissan DISTRICT: 26 Gensinger Motors, Inc. Ayres Pontiac Cadillac Company DCH Freehold Nissan Millennium Volkswagen Saturn of Green Brook 23 Dodge Liberty Lincoln Mercury DISTRICT: 40 DISTRICT: 1 Barlow Chevrolet DCH Freehold Toyota Ray Catena Infiniti of Bridgewater Suzuki of Green Brook Bentley Parsippany Bob Ciasulli Auto Group Avalon Honda Bergey's Trucks, Inc. Freehold Automotive Group Royal Chevrolet VIP Honda Butler Chrysler Jeep DISTRICT: 35 Borough Chrysler Jeep Burke Motors, Inc. Burlington Chevrolet, Inc. Freehold Chrysler Jeep Somerset Nissan West End Garage, Inc. Crestmont Toyota Volkswagen 46 Mitsubishi Cadillac - Hummer of Mahwah Gallo GMC Truck Sales, Inc. Burlington KIA Freehold Dodge, Inc. Team Welsh Jeep Chrysler DeMassi Pontiac Buick GMC Brogan Cadillac Company DCH Montclair Acura Gentilini Chevrolet Burlington Lincoln Mercury Freehold Ford Town & Country Motors, Inc. DISTRICT: 23 Ed Carney Ford, Inc. Hawthorne Auto Sales, Inc. Ken Smith Motors, Inc. Gentilini Ford, Inc. Burlington Volkswagen Freehold Mitsubishi Callaremi Pontiac Cadillac Hilltop Nissan, Inc. Nissan 46 Liberty Hyundai Kindle Ford Mercury Lincoln Classic Cars Nissan Freehold Pontiac Buick GMC DISTRICT: 17 Clinton Acura Land Rover Parsippany O'Brien Nissan Mahwah Ford Sales & Service, Inc. Lilliston Chrysler Dodge Jeep Dodge Chrysler City Freehold Subaru Brunswick KIA Clinton Chevrolet Cadillac Loman Auto Group, Inc. Paul's Motors Sales & Service Mahwah Honda Lilliston Ford, Inc. Elite Acura George Wall Lincoln Mercury DCH Brunswick Toyota Clinton Honda Loman Ford of Parsippany, Inc. Saturn of Totowa Maroon KIA Isuzu Matt Blatt Suzuki F. C. Kerbeck & Sons Haldeman Ford of Hightstown DCH Saturn of Brunswick Ditschman Flemington Ford Lincoln Norman Gale Buick Pontiac GMC McGuire Buick Pontiac GMC Perry-Egan Chevrolet, Inc. Holman Infiniti Honda of Freehold Malouf Buick Pontiac GMC, Inc. Flemington BMW Paul Miller Audi DISTRICT: 36 Open Road Acura of Wayne Quality Lincoln Mercury Hyundai Holman Lincoln Ford Mercury - Maple Shade Hunter Keystone Peterbilt, L.P. Malouf Chevrolet-Cadillac, Inc. Flemington Buick Chevrolet Pontiac GMC Paul Miller Porsche Bellavia Chevrolet Buick Paul Miller BMW RK Chevrolet, Inc. Lexus of Cherry Hill Irwin Lincoln Mercury Company Malouf Ford Lincoln Mercury, Inc. Flemington Dodge Chrysler Jeep Prestige Volvo East Coast Toyota Scion Pontiac GMC of Mahwah Rossi Honda Liberty Toyota Scion Maurice Schwartz & Sons, Inc. Raritan Valley Truck Sales Flemington Hyundai Route 23 Auto Mall Frank's Pontiac GMC Truck Preakness Chevrolet, Inc. Team Nissan Lucas Motor Company Mercedes Benz of Freehold Somerset Subaru Flemington Infiniti Route 23 Honda Nutley Chevrolet Prestige Mini Toyota Scion of Vineland Mall Chrysler Suzuki Nissan World of Red Bank Flemington Mazda Royal Cadillac Corp. Quality Auto Mall Ridgewood's Village Ford, Inc. Vann Dodge Chrysler Maple Shade Mazda Pine Belt Chevrolet of Freehold DISTRICT: 18 Flemington Nissan Saturn of Route 23 Scheeler UD Trucks Route 46 Chrysler Miller Ford Rassas Pontiac Buick, Inc. Cambria Mack Flemington Porsche Audi VW Warnock Dodge, Inc. Three County Volkswagen Corp. Schumacher Chevrolet, Inc. DISTRICT: 2 W & D Imports Ray Catena Lexus of Freehold Campbell Freightliners Flemington Subaru Wayne Dodge Admiral Nissan, Inc. Red Bank Volvo, Inc. Ferrari Maserati of Central NJ Hackettstown Ford DISTRICT: 27 DISTRICT: 37 Wayne Ford Atlantic Chrysler Jeep Audi DISTRICT: 8 Rittenhouse-Kerr Ford HK Truck Services, Inc. Hackettstown Hyundai Caldwell Toyota All American Ford, Inc. Wayne Mazda Hyundai Atlantic KIA Burns Buick Pontiac GMC Hyundai Shrewsbury Motors McDonagh Chrysler Jeep Dodge Hunterdon BMW, Inc. Clairmont Cadillac Benzel-Busch Motor Car Corp. Wayne Motors, Inc. Bennett Chevrolet Company Burns Honda Volkswagen of Freehold Open Road BMW of Edison James Toyota Scion Compass Dodge D & C Honda of Tenafly Wayne Subaru, Inc. BMW of Atlantic City Classic Chevrolet Windsor Nissan Open Road Honda Johnson Dodge Chrysler DCH Millburn Audi Deluxe International Trucks Wyckoff Chrysler, Inc. Boardwalk Acura DeSimone BMW World Jeep Subaru Open Road Mazda Mercedes Benz of Flemington Globe Motor Car Company Di Feo BMW Wyckoff Ford, Inc. Boardwalk Honda DeSimone Cadillac Ray Catena Aston Martin Motion Lincoln Mercury Konner Chevrolet, Inc. Dodge of Englewood Chapman Ford Elkins Chevrolet DISTRICT: 13 Ray Catena Infiniti Muller Chevrolet Paul Miller Honda of West Caldwell East Coast Automotive, Inc. Holman Motor Cars Hainesport Auto & Truck Center Able Ford of NJ, Inc. Ray Catena Jaguar of Edison Muller Toyota, Inc. Saturn of Livingston Englewood Auto Group Kerbeck Buick Pontiac GMC Mitsubishi Lenihan Jeep All American Chevrolet, Inc. Ray Catena Motor Car Opdyke's Sales & Service Verner-Cadby, Inc. Ford of Englewood, Inc. Kerbeck Cadillac Chevrolet Subaru Lucas Chevrolet Buhler Chrysler Jeep Reydel Volkswagen, Inc. Phillipsburg-Easton Honda, Inc. Warnock Lexus Garden State Nissan Lexus of Atlantic City Lucas Dodge DCH Academy Honda Ryan's Open Road Acura Rossi Chevrolet Pontiac Buick GMC, Inc. Wigder Chevrolet, Inc. Great American Chevrolet Matt Blatt Suzuki-Egg Harbor Twp. Medford Ford Oasis Chevrolet Smart Center Edison Saturn of Mount Olive Hackensack Nissan Precision Cars of AC Corp. Saturn of Mount Laurel Pine Belt of Keyport Volvo of Edison Smith Chrysler Jeep Dodge DISTRICT: 28 Infiniti of Englewood, LLC Saturn of English Creek Remsen Dodge Smith Motor Company, Inc. DCH BMW of Bloomfield Kundert Volvo of Englewood Shore Toyota DISTRICT: 9 Straub Lincoln Mercury, Inc. DISTRICT: 19 Stateline Hyundai Ford Elite Ford, Inc. Lexus of Englewood Sport Hyundai Dodge Arena Buick Pontiac GMC Straub Motors, Inc. All Star Mitsubishi Subaru of Mt. Olive Lynnes Hyundai Martin Cadillac, LLC Asplundh Buick Pontiac GMC Tom's Ford, Inc. Bell Ford Western Jersey Trucks Lynnes Nissan Maywood Mitsubishi DISTRICT: 3 Causeway Ford Lincoln Mercury Jeep Werner's Automotive, Inc. Galleria Lincoln Mercury Lynnes Subaru MTC Kenworth Avis Volkswagen, Inc. Causeway Honda Land Rover Woodbridge DISTRICT: 24 Nissan of Bergenfield Bay Shore Ford of Pennsville, Inc. Causeway Nissan DISTRICT: 14 Loman Ford, Inc. Bell Imports Limited, Inc. DISTRICT: 29 Park Avenue Acura Bob Novick Chevrolet, Inc. Gardner Chevrolet, Inc. Acme Motors Mauro Motors, Inc. Family Ford, Inc. Route 22 Honda Park Avenue Motor Corp. Bobbitt Pontiac Buick Manahawkin Chrysler Dodge Brad Benson Mitsubishi Hyundai McGuire Cadillac Franklin Sussex Auto Mall, Inc. Route 22 Nissan Parkfield Saab Downer Motor Company Dayton Toyota Miller Buick Pontiac GMC Corp. High Point Chevrolet Hyundai Route 22 Toyota Parkway Toyota Freightliner of Bridgeport DISTRICT: 10 Haldeman Nissan Richard Lucas Chevrolet Hoover Truck Center Smart Center Englewood Jay Fisher Pontiac GMC Bob Ciasulli Auto Mall South Hamilton Chrysler Route 1 Mazda-Woodbridge Intercar Mercedes-Benz DISTRICT: 30 Tenafly Chrysler Jeep Liberty Kenworth of South Jersey Circle Dodge, Inc. Hamilton Mazda Volkswagen, Inc. Route 1 Toyota Kevil Chevrolet Bob Maguire Chevrolet, Inc. Town Motors Maple Shade Mazda-Turnersville DeFelice Chevrolet Hamliton Honda Sansone Chevrolet Lynnes Nissan West Colonial Automall Inc. Toyota of Hackensack Pointe Pontiac Buick GMC Downs Ford Lincoln Mercury Nitti's Subaru Sansone Jeep Magarino Ford Lincoln Mercury Global Truck Center Saturn of Turnersville Garden State Volvo Perrine Buick Pontiac GMC Hummer Sansone Nissan McGuire Chevrolet Cadillac Honda Universe DISTRICT: 38 Spirit Chrysler Dodge Jeep Gateway Toyota Scion Saab Newton Motorsport, LLC Jim Curley Pontiac Buick GMC All American Ford of Paramus Lester Glenn Auto Group DISTRICT: 20 Royal Pontiac Buick GMC, Inc. Kelle Chevrolet Bergen Jaguar DISTRICT: 4 Pine Belt Automotive DISTRICT: 15 Cambria Mack Trucks, Inc. Salerno-Duane Buick Pontiac GMC Larson Ford, Inc. Chrysler of Paramus Holman Ford Lincoln Mercury of Turnersville Saturn of Toms River Baker Chrysler Jeep Dodge, Inc. Maplecrest of Union Sussex Imports Pine Belt Chevrolet of Lakewood DCH Paramus Honda Matt Blatt Suzuki-Glassboro Tally's Sales & Service, Inc. Coleman Auto Group, Inc. Maxon Hyundai Mazda Toyota World of Newton Pine Belt Chrysler Jeep Dodge - Hyundai of Paramus Nissan of Turnersville Toms River Mazda Coleman Buick Pontiac GMC, Inc. Multi Chevrolet Pine Belt Subaru Glen Motors, Inc. Pellegrino Pontiac Buick GMC Tom's River Auto Mall Colonial Cadillac Hyundai Multi Subaru DISTRICT: 25 Saturn of Bordentown Jack Daniels Audi Prestige Volkswagen Mitsubishi Weisleder Ford Lincoln Mercury Mazda Greenfield Dodge, Inc. Planet Honda Acura of Denville Toyota Scion World of Lakewood Jack Daniels KIA Toyota of Turnersville Haldeman Ford Ray Catena of Union Audi of Mendham Jeep 17 Turnersville Auto Complex DISTRICT: 11 Honda of Princeton Union Pontiac GMC Buick, Inc. Ayers Chevrolet DISTRICT: 31 Kundert Motors, Inc. Acura of Ocean Lawrence Lexus BMW of Morristown Di Feo Buick Pontiac GMC, Inc. Lamborghini-Bergen County DISTRICT: 5 Buhler Dodge, Inc. Lawrence Toyota Scion DISTRICT: 21 BMW of Roxbury Di Feo Chevrolet Land Rover Paramus Ace Motor Sales, Inc. Buhler Ford Lawrenceville Ford Lincoln Mercury Crown Cadillac, Inc. Dalessio Chevrolet Buick, Inc. Hudson Hyundai Mazda of Lodi Barlow Buick Pontiac GMC Buhler Pontiac Isuzu Malek Chevrolet DMT Automotive Enterprises, Inc. Dover Dodge Chrysler Jeep, Inc. Hudson Nissan Meadowlands Nissan Echelon Ford, Inc. Circle Infiniti Mercedes-Benz of Princeton Douglas Buick Pontiac GMC Gearhart Chevrolet Hudson Toyota North Jersey Truck Center La Flam Chrysler Coast Honda O'Shea Truck Center Douglas Infiniti H & H Mack Jersey City Ford Lincoln Mercury Paramus Auto Mall Mount Ephraim Chrysler Dodge DCH Kay Honda Precision Acura Douglas Volkswagen Jack Trebour Ford Suzuki Metro Honda Prestige Motors Corp. Pellegrino Chevrolet DCH Saturn of Eatontown Princeton Audi Hall & Fuhs, Inc. Jim Salerno Pontiac Saturn of Hudson Saturn of Paramus Pellegrino Chrysler Jeep Galaxy Toyota Princeton BMW Mini JMK Auto Sales John Johnson Dodge, LLC Walsh Dodge Teterboro Chrysler Jeep Performance Dodge Gold Coast Automotive, LLC Princeton Land Rover Liccardi Ford, Inc. Joyce Honda Toyota Scion of Runnemede Land Rover Monmouth Princeton Porsche Lindeman Buick Company Maplecrest Ford of Mendham DISTRICT: 32 DISTRICT: 39 Woodbury Nissan, Inc. Pine Belt Chevrolet of Eatontown Princeton Volkswagen Madison Honda Mercedes-Benz of Morristown Beyer Bros. Corp. Acura of Ramsey Plaza Nissan Ford Dodge Sports & Specialist Cars, Inc. Madison Jaguar Morristown Mazda Elm Auto Sales, Inc. Jack Daniels Audi-Upper Saddle DISTRICT: 6 Ray Catena Jaguar of Monmouth Superior Chevrolet Nissan World of Springfield Morristown Mini Hudson County Motors Joe Heidt Motors Berlin Chrysler Ray Catena Lexus of Monmouth Volvo of Princeton Salerno-Duane, Inc. Nissan World of Denville Lynn Chevrolet, Inc. Liberty Subaru, Inc. Cherry Hill Classic Cars Sansone Ford Lincoln Mercury Smythe Volvo, Inc. Open Road Nissan McGuire Buick Pontiac GMC Prestige BMW Cherry Hill Dodge, Inc. Schneider + Nelson Motor Cars DISTRICT: 16 Springfield Acura Reinertsen Motors Meadowland Ford Truck Sales Prestige Lexus Cherry Hill Imports Schneider + Nelson, Inc. Audi of Bernardsville Springfield Truck Center, Inc. Route 10 Mitsubishi Prestige Toyota Cherry Hill Jeep KIA Sea Breeze Ford Autosport Honda Thomas Lincoln Mercury, Inc. Salerno * Duane Infiniti, LLC DISTRICT: 33 Ramsey Auto Group Cherry Hill Mitsubishi Sea Coast Chevrolet Belle Mead Garage Saturn of Denville Hudson Honda Ramsey Chrysler Jeep Dodge Cherry Hill Nissan Sea View Auto Corp. Bernardsville Volkswagen DISTRICT: 22 Subaru of Morristown Towne Cadillac, Inc. Ramsey Infiniti Cherry Hill Toyota Scion T & T Coast Buick Pontiac GMC Bill Vince's Bridgewater Acura Bell Audi Towne Hyundai Ramsey Mazda Cherry Hill Volvo World Volkswagen Bridgewater Volvo Bell Mitsubishi Towne Toyota DISTRICT: 34 Ramsey Mitsubishi Land Rover Cherry Hill Clayton Amerman, Inc. Crystal Motors Toyota of Morristown, Inc. Crane Chevrolet Ramsey Nissan Mall Chevrolet, Inc. DISTRICT: 12 Colonial Motors Global Auto Mall Trend Motors DeCozen Chrysler Jeep Saturn of Ramsey Mercedes-Benz of Cherry Hill Circle Chevrolet Company Fullerton Chrysler Jeep Dodge Green Brook Pontiac Buick GMC, Inc. Warnock Automotive Fette Ford, Inc. Westwood Chrysler Jeep Subaru of Cherry Hill Circle Motorsport, Inc. Fullerton Ford Liccardi Motors, Inc. Fette Infiniti Westwood Lincoln Mercury Winner Ford Coleman Chrysler Jeep, Inc. Kemper Pontiac Cadillac Buick, Inc. Linden Volkswagen Garden State Honda Contemporary Motor Car Company Lexus of Bridgewater Mid Atlantic Truck Center