New York is set to open its first car market in its history, as part of a plan to promote the city’s automotive industry and boost the economy.
The city will open a car market this summer to encourage residents to start and grow businesses and the economy, Mayor Bill de Blasio announced on Monday.
The new market will be the first of its kind in New York, which is home to a large number of car manufacturers.
It will be operated by the National Automobile Dealers Association (NADA), the country’s largest automotive trade association, which has about 150,000 members in the US and abroad.
The launch of the market comes after more than 20 years of talks between the city and manufacturers to build a business, de Blasio said.
The NADA will be part of the council, he added.
The market is expected to attract up to 30,000 people a day, the mayor said.
It is expected that the first cars to be sold will be smaller, luxury cars such as the Lincoln Continental and the Tesla Model S.
The council will also help negotiate an agreement for the city to acquire up to 400 vehicles a year for the next 30 years, a number the mayor did not disclose.NADA president and CEO Robert J. Zepeda said the market is crucial to the city.
The NADA, which represents car companies and dealers, will be in charge of running the market, and the council will provide advice and support, he said.
Zepeda predicted the market would be successful.
The council has long been supportive of the city, he told Reuters.
“This market is a perfect example of why New York needs a vibrant, vibrant car industry and it’s a market we want to see thrive,” Zepedesaid.