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Dealer earnings and revenues, along with new unit inventories, increased in all retail sectors through the first 11 months of 2004 compared to the previous year, according to consulting firm Spader Business Management.
Large dealers, defined as those having over $10 million in annual sales, showed a 24.4% increase in net earnings to an average of just over $1 million through November compared to $992,592 in 2003. Net profits were also strong at 5.3% of sales for the 11 months, down slightly from 5.6% in 2003.
For the same period, new unit inventory levels were up in all retail categories, with large dealers posting a 17.8% increase to an average of $4.3 million compared with $3.7 million in 2003.
Other performance highlights:
* Large dealers posted a 7.2% gain in net sales through November to an average of $19.1 million versus $17.8 million in 2003. Average new unit sales also rose 8.8% during that period to slightly over $12 million.
* Midsize dealers, those with annual revenue of $5 million to $10 million, showed a 21% increase in net earnings for the first 11 months of 2004 to an average of $385,934 compared with $377, 394 the year prior. For the same period, total sales were up 7.5% to an average of nearly $8 million, and new unit sales rose 9.3% to just over $5 million. New unit inventories grew 10.4% to an average of $1.9 million through November versus $1.7 million in 2003.
* During the first 11 months of 2004, dealers with less than $5 million in annual revenues posted a 17.5% gain in net earnings to an average of $185,099 compared to $157,474 the year prior. For that period, average total sales grew 11.3% to $3.9 million, including a 12.5% increase in average new unit revenues at $2.35 million. New unit inventory also was up 5.4% through November to an average of $970,240 compared with $920,474 in 2003.