dealer by the end of 2007.
In most Lexus stores, sales were down slightly, but profits were equal to or greater than profits in 2005. Volume was way up at Toyota stores. Typical Toyota profit margins were 2.5% last year, while Lexus dealers earned between 5% and 7.5%. This has made some of these dealerships attractive to investors. According to Watson, Toyota franchises are being bought at five to six times earnings with prices driven up by private equity groups and public companies. Among those to be sold is San Juan Capistrano, California-based Family Automotive Group (No. 7 on the 2006 BE AUTO DEALER 100 list).
In our first Auto Overview, June 1999, we found that the AUTO DEALER 100 had benefited from the record sales of the Big Three automakers at the time–General Motors, Ford, and DaimlerChrysler: The dealers’ collective gross revenues of $6.3 billion that year had increased by 13% from the previous year. However, only 28 of them carried imports, even though nearly half of the imports sold in the U.S. had been purchased by African Americans. Sheila Vaden-Williams, then the executive director of the National Association of Minority Automobile Dealers, was among those leading the charge for black dealers to “get their fair share of opportunity.” Today, almost half the BE auto dealers sell imports.
Top  Growth Leaders
|Company||Location||2006 Sales*||2005 Sales*||% Increase|
|Briarwood Ford Inc.||Saline, MI||$145.377||$57.439||153.10|
|Walker Family Auto Group||Laurel, MS||98.901||52.581||88.09|
|Wade Ford Inc.||Smyrna, GA||248.912||135.477||83.73|
|Prestige Automotive||St. Clair Shores, MI||1,545.524||1,010.284||52.98|
|Hubbard Automotive Group||Charlotte, NC||133.358||89.374||49.21|
|Northpoint Ford Lincoln Mercury Inc.||Bastrop, LA||28.600||19.478||46.83|
|Cox Nissan Inc.||Bronx, NY||57.413||39.432||45.60|
|Boyland Auto Group||Orlando, FL||391.620||275.995||41.89|
|Westborough Buick Pontiac GMC Inc.||Westborough, MA||20.331||14.543||39.80|
|Coastal Motorcars||Corpus Christi, TX||34.761||26.267||32.34|
*IN MILLIONS OF DOLLARS, TO THE NEAREST THOUSAND. AS OF DEC. 31. PREPARED BY B.E. RESEARCH.
REVIEWED BY THE CERTIFIED PUBLIC ACCOUNTING FIRM EDWARDS & CO.
*In millions of dollars, to the nearest thousand. as of Dec. 31. Prepared by B.E. Research. Reviewed by the Certified Public Accounting firm Edwards & Co..