This bill amends New Jersey motor vehicle laws to introduce a new license designated with the letter "M" for motor vehicle franchisors, allowing them to sell, lease, or assign vehicles to their employees or those of affiliated businesses. It defines "motor vehicle franchisor" as entities involved in manufacturing, assembling, or distributing new motor vehicles and outlines the requirements for maintaining proof of employment for these transactions. The bill also specifies that the new license does not permit retail sales to the general public and limits the number of vehicles that can be provided for promotional purposes.

Additionally, the bill modifies existing licensing requirements by removing the necessity for franchisors and leasing dealers to maintain a physical place of business, while still retaining regulations for used motor vehicle dealers. It clarifies that leasing dealers who only buy and sell vehicles at the end of a lease are not considered engaged in the business of buying or selling unless they sell to consumers other than the lessee. The bill allows franchisors to use regular license plates for vehicles sold or leased to employees, capping the number of vehicles eligible for such plates at 50, and exempts franchisors not engaged in buying or selling vehicles from maintaining a physical place of business.