'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18* Years Historical data source: IHS Markit

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Comprehensive information on the California vehicle market Volume 14, Number 3 Released August 2018 Covering Second Quarter 2018 TM Publication Sponsored By: New Vehicle Registrations in State Exceed

5 1.04 1.11 1.22 1.0 0.5 0.0 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18* Years Historical data source: IHS Markit *2018 forecast by Auto Outlook.

1 Comprehensive information on the California vehicle market Volume 14, Number 3 Released August 2018 Covering Second Quarter 2018 TM Publication Sponsored By: New Vehicle Registrations in State Exceed 1 Million Units in First Half of 2018 ANNUAL TRENDS New vehicle regs. (millions) California Annual New Light Vehicle Registrations thru '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18* Years Historical data source: IHS Markit *2018 forecast by Auto Outlook. New vehicle registrations in California are projected to be right around the 2 million unit mark in The market is expected to decline slightly this year, but based on historical standards, new vehicle sales will be very strong. The annual total this year should exceed 2009 levels by nearly 100 percent. TWO YEAR PERSPECTIVE California and U.S. New Light Vehicle Registrations - YTD thru June California U.S. YTD '17 YTD '18 Change YTD '17 YTD '18 Change Registrations TOTAL 1,027,296 1,004, % 8,540,528 8,572, % Car 512, , % 3,160,050 2,776, % Light Truck 514, , % 5,380,478 5,795, % Detroit Three 292, , % 3,814,334 3,813,417 European 151, , % 752, , % Japanese 504, , % 3,315,494 3,336, % Korean 78,602 65, % 658, , % Market Share Car Light Truck Detroit Three European Japanese Korean California new light vehicle market declined by 2.2 percent during the first six months of this year, versus the less than one percent increase in the U.S. Light truck registrations in the state increased 5.6 percent in the first half of 2018, while passenger cars fell 10.1 percent. Truck market share in California was 54.1 percent 67.6 percent in the Nation. QUARTERLY RESULTS % chgange year earlier California Quarterly New Light Vehicle Registrations Percent Change Year Earlier 0.2% 0.8% 0.8% 3Q '16 3Q '15 4Q '16 4Q '15 1Q '17 1Q '16-4.3% -2.8% -1.2% -3.4% -1.1% 2Q '17 2Q '16 3Q '17 3Q '16 4Q '17 4Q '16 1Q '18 1Q '17 2Q '18 2Q '17 The California new vehicle market declined for the fifth consecutive quarter in 2Q 2018 versus a year earlier. As shown on the graph, the market has plateaued after several years of big increases.

Page 2 SEGMENT MARKET SHARES Small Car Market Share Declines to 23 Percent Segment Market Shares in California YTD 17 thru June Segment Market Shares in California YTD 18 thru June Luxury SUVs, 9%

2 Page 2 SEGMENT MARKET SHARES Small Car Market Share Declines to 23 Percent Segment Market Shares in California YTD 17 thru June Segment Market Shares in California YTD 18 thru June Luxury SUVs, 9% Luxury SUVs, 10% Luxury & Sports Cars, 10% Non Luxury SUVs, 26% Luxury & Sports Cars, 10% Non Luxury SUVs, 29% Non Luxury Md Size & Large Cars, 14% Non Luxury SUV Market Share YTD 17: 26% Non Luxury Md Size & Large Cars, 13% Non Luxury SUV Market Share YTD 18: 29% Pickups and Vans, 15% Small Cars, 26% Pickups and Vans, 15% Small Cars, 23%.. The two graphs above show market shares for primary segments during the first six months of 2017 and HYBRID AND ELECTRIC VEHICLES Electric and Plug In Hybrid Vehicle Segments Gain Ground in 2018 Market Share 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 1.0% Hybrid and Electric Vehicle Market Share '18 YTD Hybrid (excl. plug ins) Plug In Hybrid Electric Hybrid/electric vehicle market share, YTD 18 (thru June): 10.2 percent Hybrid and Electric New Vehicle Registrations and Market Share YTD 2018 Hybrid regs.(excl. plug ins) Hybrid share(excl. plug ins) 6.3% 5.8% 4.7% 4.6% 4.0% Plug in hybrid regs Plug in hybrid share 1.6% 1.4% 1.7% 2.2% 2.9% Electric regs Electric share 1.6% 1.7% 1.9% 2.6% 3.3%

Covering Second Quarter 2018 Page 3 MODEL RANKINGS Honda Civic Retains Top Spot as Best Selling Model in California Market The table below shows the top five selling models during the first six

3 Covering Second Quarter 2018 Page 3 MODEL RANKINGS Honda Civic Retains Top Spot as Best Selling Model in California Market The table below shows the top five selling models during the first six months of 2018 in 20 segments. In addition to unit registrations, it also shows each model s market share in its respective segment. BEST SELLERS IN PRIMARY SEGMENTS Compact Car: Honda Civic Full Size Pickup: Ford F-Series Mid Size Car: Toyota Camry Compact SUV: Toyota RAV4 Near Luxury Car: Tesla Model 3 Mid Size SUV: Toyota Highlander Luxury Car: Mercedes E-Class Luxury Mid Size SUV: Lexus RX Top Selling Models in Each Segment - New Light Vehicle Registrations (YTD '18 thru June) Cars Subcompact Compact Sports/Pony Cars Mid Size Nissan Versa Honda Civic Ford Mustang Toyota Camry Honda Fit Toyota Corolla Dodge Challenger Honda Accord Kia Soul Nissan Sentra Chevrolet Camaro Ford Fusion Honda Clarity Toyota Prius Toyota Nissan Altima Chevrolet Bolt Hyundai Elantra Hyundai Veloster Kia Optima Large Entry Luxury Near Luxury Luxury and High End Sports Cars Dodge Charger Mercedes CLA-Class Tesla Model Mercedes E-Class Chrysler Audi A Mercedes C-Class BMW 5-Series Toyota Avalon BMW I BMW 3-Series Tesla Model S Nissan Maxima BMW 2-Series Lexus ES Mercedes S-Class Chevrolet Impala Acura ILX BMW 4-Series Porsche Light Trucks Compact/Mid Size Pickup Full Size Pickup Mini Van Large Van Toyota Tacoma Ford F Series Honda Odyssey Ford Transit Connect Van Chevrolet Colorado Chevrolet Silverado Toyota Sienna Mercedes Sprinter Nissan Frontier /Xe Ram Pickup Chrysler Pacifica Ram Promaster GMC Canyon Toyota Tundra Dodge Caravan Nissan NV Honda Ridgeline GMC Sierra Kia Sedona Chevrolet Express Subcompact SUV Compact SUV Mid Size SUV Large SUV Toyota C-HR Toyota RAV Toyota Highlander Chevrolet Tahoe Honda HR-V Honda CR-V Ford Explorer Chevrolet Suburban Kia Niro Nissan Rogue Subaru Outback GMC Yukon Jeep Renegade Mazda CX Honda Pilot Ford Flex Buick Encore Jeep Wrangler Jeep Grand Cherokee Ford Expedition Luxury Subcompact SUV Luxury Compact SUV Luxury Mid Size SUV Luxury Large SUV BMW X Lexus NX Lexus RX Land Rover Range Rover Mercedes GLA-Class Mercedes GLC-Class BMW X Cadillac Escalade Audi Q Audi Q Mercedes GLE-Class Mercedes GLS-Class Infiniti QX BMW X Tesla Model X Lincoln Navigator BMW X Acura RDX Acura MDX Mercedes G-Class

4 Page 4 BRAND REGISTRATIONS Detailed Results for All Brands in California Market Second Quarter 2017 and 2018 California New Car and Light Truck Registrations YTD thru June YTD Market Share California U.S. California U.S. California 2Q '17 2Q '18 % chg. % chg. YTD '17 YTD '18 % chg. % chg. YTD '17 YTD '18 Chg. TOTAL 520, , % 1.5% 1,027,296 1,004, % 0.4% Acura 6,345 5, % -4.8% 11,568 10, % -1.4% Alfa Romeo 388 1, % 177.3% 573 2, % 253.0% Audi 10,951 10, % 0.8% 20,555 20, % 1.4% BMW 16,773 18, % 33,509 34, % -1.7% Buick 2,112 1, % -14.0% 4,338 4, % -4.1% Cadillac 2,818 2, % 2.5% 5,685 5, % 0.8% Chevrolet 38,604 41, % 5.3% 77,943 80, % 2.6% Chrysler 3,644 3, % -19.7% 7,065 8, % -13.7% Dodge 8,777 9, % 3.8% 18,315 18, % -6.8% FIAT 2, % -38.5% 5,165 1, % -42.3% Ford 52,431 46, % -2.1% 102,271 90, % -3.6% Genesis % -14.3% 1,406 1, % -7.3% GMC 8,288 7, % 4.0% 16,686 16, % 1.1% Honda 69,074 66, % 0.5% 131, , % -0.6% Hyundai 19,926 15, % 40,729 30, % -4.7% Infiniti 5,007 4, % -11.9% 11,433 9, % -8.3% Jaguar 2,346 1, % -22.4% 4,306 2, % -21.4% Jeep 14,372 18, % 23.1% 29,298 33, % 16.1% Kia 18,284 17, % -1.2% 36,467 34, % -1.7% Land Rover 3,618 4, % 7,189 8, % 28.8% Lexus 15,963 14, % -3.7% 30,520 28, % -1.8% Lincoln 1,828 1, % -5.5% 3,719 3, % -11.6% Maserati % -8.3% 1,644 1, % -10.7% Mazda 11,936 11, % 9.3% 25,102 23, % 13.3% Mercedes 19,551 21, % -3.3% 39,052 39, % -3.4% MINI 2,769 2, % -11.9% 5,056 4, % -4.5% Mitsubishi 1,728 1, % 24.5% 4,122 4, % 21.5% Nissan 40,429 35, % -5.6% 80,198 72, % -2.2% Other % -8.3% 2,019 1, % -19.3% Porsche 3,430 3, % -5.3% 6,553 6, % -0.1% Ram 9,406 9, % -7.8% 17,901 17, % -11.5% Subaru 18,156 19, % 5.3% 36,544 38, % 3.7% Tesla 4,284 14, % 170.1% 9,033 21, % 100.4% Toyota 89,863 85, % -1.7% 174, , % 0.9% Volkswagen 11,154 11, % 21.5% 22,531 22, % 13.9% Volvo 1,647 3, % 61.8% 3,715 6, % 42.4% The table above shows new retail light vehicle (car and light truck) registrations in California. Figures are shown for the Second Quarters of 2017 and 2018, and year to date totals for 2017 and The top ten ranked brands in each category are shaded yellow. Published by: Auto Outlook, Inc. PO Box 390 Exton, PA Phone jfoltz@autooutlook.com Any material quoted must be attributed to, published by Auto Outlook, Inc. on behalf of the California New Car Dealers Association. Data source must also be shown as Data. Unforeseen events may affect the forecast projections presented. Consequently, Auto Outlook, Inc. is not responsible for management decisions based on the content of Auto Outlook. Copyright: Auto Outlook, Inc. August, 2018

5 Covering Second Quarter 2018 Page 5 BRAND SUMMARY Registrations Increase by More than 10 Percent for Six Brands; Toyota is Market Leader Percent Change in Brand Registrations - YTD 18 thru June YTD 17 (Top 30 selling brands in state) California and U.S. Market Share - YTD 18 thru June (Top 15 selling brands in state) Tesla Volvo 64.1% 139.4% Toyota 12.2% 17.0% Land Rover Chrysler 21.9% 16.4% Honda 8.4% 12.5% Jeep Mitsubishi 15.2% 12.7% Ford 9.0% 13.8% Porsche Subaru 5.6% 4.3% Chevrolet 8.0% 11.8% Chevrolet BMW 2.8% 2.8% Nissan 7.2% 8.5% Buick Volkswagen 2.3% 1.5% Mercedes 3.9% 1.9% Dodge Mercedes 1.4% 1.3% Subaru 3.8% 3.8% Audi Ram -0.6% 0.2% BMW 3.4% 1.7% Toyota GMC -1.9% -2.4% Kia 3.4% 3.5% Honda MINI -3.8% -4.3% Jeep 3.4% 5.6% Mazda Lexus -4.5% -5.5% Hyundai 3.0% 3.9% Cadillac Kia -5.8% -6.4% Lexus 2.9% 1.6% Acura Lincoln -7.4% -9.3% Mazda 2.4% 1.9% Nissan Ford -9.6% -11.9% Volkswagen 2.3% State Infiniti Hyundai -16.4% -25.7% Tesla 2.2% 0.5% U.S % -25.0% 25.0% 75.0% 125.0% Percent change in registrations 5.0% % 2 Market Share Registrations increased by more than 10 percent for Tesla, Volvo Land Rover, Chrysler, Jeep, and Mitsubishi Toyota, Honda, Ford, Chevrolet, and Nissan were market share leaders in California Data.

Page 6 BREAKDOWN OF RETAIL AND FLEET MARKETS Retail Light Truck Registrations Exceed 470,000 Units in First Half 2018 California New Car and Light Truck Retail and Fleet Registrations - 2011 thru

6 Page 6 BREAKDOWN OF RETAIL AND FLEET MARKETS Retail Light Truck Registrations Exceed 470,000 Units in First Half 2018 California New Car and Light Truck Retail and Fleet Registrations thru 2018, YTD thru June 600, ,000 Registrations 400, , , ,000 0 YTD '11 YTD '12 YTD '13 YTD '14 YTD '15 YTD '16 YTD '17 YTD '18 Year-to-date totals Retail Cars Retail Light Trucks Fleet Cars Fleet Light Trucks Data. PERCENT CHANGE: YTD 18 VS. YTD 17 Retail cars: DOWN 10.8% Retail light trucks: UP 5.2% Fleet cars: DOWN 6.0% Fleet light trucks: UP 8.4% REGIONAL MARKETS IN CALIFORNIA Northern and Southern California Retail Markets Move Lower New Retail Light Vehicle Registrations (excluding fleets) YTD June North and South California YTD '17 YTD '18 % chg. Statewide Total 885, , % Cars 438, , % Light Trucks 447, , % Northern California 299, , % Cars 137, ,859-1 Light Trucks 161, , % Southern California 585, , % Cars 300, , % Light Trucks 285, , % Selected Regional Markets San Francisco Bay 170, , % Cars 83,412 74, % Light Trucks 86,731 90, % LA and Orange Counties 349, , % Cars 187, , % Light Trucks 162, , % San Diego County 77,384 73, % Cars 36,007 31, % Light Trucks 41,377 41, % Data. Percent Change in New Retail Registrations - YTD 18 (June) 17 SOUTHERN CALIFORNIA Cars DOWN 11.1% Light trucks UP 6.1% NORTHERN CALIFORNIA Cars DOWN 1 Light trucks UP 3.7%

Covering Second Quarter 2018 Page 7 TRACKING THE CALIFORNIA USED VEHICLE MARKET Used Vehicle Market Has Smaller Decline Than New 6.0% 4.0% - -4.0% -6.

0% California Used Light Vehicle Registrations - Year-to-date thru June Registrations % Change Market Share YTD '17 YTD '18 '17 TO '18 YTD '17 YTD '18 TOTAL 1,945,024 1,925,299-1.

7 Covering Second Quarter 2018 Page 7 TRACKING THE CALIFORNIA USED VEHICLE MARKET Used Vehicle Market Has Smaller Decline Than New 6.0% 4.0% % -6.0% Comparison of California New and Used Vehicle Markets - Percent change in registrations (YTD 18 thru June YTD 17) Percent Change For New 6.0% 4.0% % -6.0% Percent Change For Used Down 1.0% California Used Light Vehicle Registrations - Year-to-date thru June Registrations % Change Market Share YTD '17 YTD '18 '17 TO '18 YTD '17 YTD '18 TOTAL 1,945,024 1,925, % Cars 1,151,132 1,127, % 59.2% 58.5% Light Trucks 793, , % 40.8% 41.5% Detroit Three 715, , % 36.8% 35.6% European 258, , % 13.3% 13.9% Japanese 884, , % 45.5% 45.7% Korean 86,887 90, % 4.5% 4.7% 1 Down 2.2% 5 KEY TRENDS IN USED MARKET Used light vehicle registrations in the state fell one percent during first six months of 18. Used light truck registrations were up slightly. Cars were off 2.1 percent. Registrations for 6 year old or newer vehicles increased 5 percent in first half of Honda Civic was the best-seller (only includes vehicles 6 year old or newer). Toyota was the brand leader in the six year old or newer market. Nissan and Ford were second. ANALYSIS OF USED VEHICLE REGISTRATIONS BY VEHICLE AGE Market Share for Three Year Old or Newer Vehicles Increased to 23.6 Percent Used Vehicle Market Share by Age of Vehicle YTD 17 and YTD 18 thru June 6 Year Old or Newer Used and New Vehicle Registrations YTD 2018 thru June Market shares for newer vehicles increased during first half of years old or 4 to 6 years old 7 to 10 years old Older than 10 newer years ytd % 12.1% 14.7% 50.6% ytd % 13.1% 12.8% 50.4% New vehicles 6 year old or newer used 1,004, ,240 New vehicle market is 42 percent larger than 6 year old or newer used ,000 1,000,000 1,500,000 Data.

Page 8 TOP SELLING USED VEHICLES Rogue, Cruze, and Sentra Used Registrations Move Higher Honda Civic Toyota Camry Honda Accord Nissan Altima Toyota Corolla Toyota Prius Nissan Sentra Ford F Series

Registrations (YTD 18 thru June) and Percent Change in registrations (YTD 18 thru June YTD 17) Top 20 Selling Models (6 years old or newer) Percent change in registrations (shown as thin light blue

-9000 0 9000 18000 27000 Unit registrations (shown as wide dark blue bars) #1 Rogue had the largest percentage increase. Civic was the best seller.

8 Page 8 TOP SELLING USED VEHICLES Rogue, Cruze, and Sentra Used Registrations Move Higher Honda Civic Toyota Camry Honda Accord Nissan Altima Toyota Corolla Toyota Prius Nissan Sentra Ford F Series Ford Fusion Nissan Versa Chevrolet Silverado BMW 3-Series Hyundai Sonata Ram Hyundai Elantra Chevrolet Cruze Ford Focus Kia Optima Nissan Rogue Toyota Tacoma Data. Registrations (YTD 18 thru June) and Percent Change in registrations (YTD 18 thru June YTD 17) Top 20 Selling Models (6 years old or newer) Percent change in registrations (shown as thin light blue bars) -25.0% 25.0% % The thick dark blue bars on the graph show unit registrations (bottom axis), and the thin light blue bars show the percent change (top axis) Unit registrations (shown as wide dark blue bars) #1 Rogue had the largest percentage increase. Civic was the best seller. TOP SELLING BRANDS Toyota, Nissan, and Ford Lead the Six Year Old or Newer Used Vehicle Market Top 15 Selling Brands in California Used Vehicle Market (vehicles 6 years old or newer) YTD 18 thru June 16.0% 14.0% 14.3% 12.9% % 10.2% 9.1% 8.4% 8.0% 6.0% 4.0% 5.0% 4.8% 4.8% 3.9% 3.7% 3.1% 2.9% 2.9% 1.9% 1.9% Data.

California Auto Outlook Comprehensive information on the California vehicle market Volume 14, Number 2 Released May 2018 Covering First Quarter 2018

California Auto Outlook Comprehensive information on the California vehicle market Volume 14, Number 2 Released May 2018 Covering First Quarter 2018 Comprehensive information on the California vehicle market Volume 14, Number 2 Released May 2018 Covering First Quarter 2018 TM Publication Sponsored By: New Vehicle Registrations in State Could Exceed