The bill amends New Jersey motor vehicle laws to permit motor vehicle franchisors to sell, lease, or assign vehicles to their employees, introducing a new license designated with the letter "M" specifically for these franchisors. It defines "motor vehicle franchisor" as entities involved in the manufacturing, assembling, or distributing of new motor vehicles, with the requirement that they maintain a primary place of business in New Jersey. The bill stipulates that franchisors can only sell or lease vehicles to employees if proof of employment is kept for a minimum of four years, and it clarifies that this new license does not allow for retail sales to the general public.

Additionally, the bill modifies the definition of leasing dealers, requiring those who wish to sell vehicles to consumers other than the lessee at the end of a lease to obtain a used car dealer license. It allows franchisors to use regular license plates for vehicles sold or leased to employees or for promotional purposes, with a limit of 50 vehicles eligible for such plates. Furthermore, franchisors that do not engage in buying, selling, or dealing in vehicles are exempt from the requirement to maintain a physical business location or exterior signage.