Prestige Automotive Group is the first black-owned dealership group to reach $1 billion in annual revenue, a new survey reports.
Prestige was the nation's largest black-owned dealership group for the second straight year in 2004, according to Black Enterprise magazine's annual list of the top 100 black-owned groups and individual dealerships.
Prestige of Detroit had group revenue of nearly $1.07 billion last year. That was up from $766.5 million in 2003.
Despite Prestige's success, the collective performance of the 100 largest black-owned dealerships and groups declined last year, Black Enterprise reports. Sales for those groups and stores fell to $8.91 billion in 2004 from $9.03 billion in 2003, the magazine says.
Prestige has 12 General Motors and Ford Motor Co. franchises in Michigan and Florida. Company CEO Gregory Jackson says he is pleased to reach the $1 billion revenue mark. That milestone, he adds, "might motivate other minorities to achieve the same and greater levels."
As economic uncertainty flattened retail sales at Prestige dealerships, Jackson says, the company increased fleet sales.
"I've been doing fleets for a while," he says. "I've just taken on more of it."
Black Enterprise ranks the largest black-owned U.S. companies in several industries. It bases its annual rankings on the companies' total dollar sales from all departments.
Prestige ranks No. 51 on the Automotive News list of the top 100 dealership groups in the United States with retail sales of 12,857 new vehicles in 2004.
The Black Enterprise rankings of the top five black-owned dealership groups last year were unchanged from 2003.
March/Hodge Automotive of Hartford, Conn., ranks second on the Black Enterprise list. It reported revenues of $558.3 million in 2004, up from $555.4 million in 2003.
March/Hodge ranks No. 87 on the Automotive News list of top 100 dealership groups in the United States with retail sales of 8,667 new vehicles in 2004.
|Black Enterprise top 10 dealerships|
|2004 rank||Company/location||Top executive||2004 sales (in millions)||2003 rank|
|1||Prestige Automotive, Detroit||Gregory Jackson||$1,067||1|
|2||March/Hodge Automotive Group, Hartford, Conn.||Tony March/Ernest Hodge||558||2|
|3||Martin Automotive Group, Bowling Green, Ky.||Cornelius Martin||382||3|
|4||S. Woods Enterprises Inc., Tampa, Fla.||Sanford Woods||344||4|
|5||The Harrell Cos., Atlanta||H. Steve Harrell||288||5|
|6||Boyland Auto Group, Orlando, Fla.||Dorian Boyland||242||7|
|7||Family Automotive Group, San Juan Capistrano, Calif.||Raymond Dixon||207||6|
|8||Winston Pittman Enterprise, Louisville, Ky.||Winston Pittman Sr.||168||11|
|9||Legacy Automotive Group, McDonough, Ga.||Emanuel Jones||162||9|
|10||32 Ford Mercury Inc., Batavia, Ohio||Clarence Warren||161||10|
|Source: Black Enterprise|
Martin is No. 3
Martin Automotive Group of Bowling Green, Ky., ranks third on the Black Enterprise list. Its sales fell to $382.4 million in 2004 from $434.8 the previous year, the magazine says.
Martin ranks No. 76 on the Automotive News list with retail sales of 9,885 new vehicles in 2004.
Sheila Vaden-Williams, president of the National Association of Minority Automobile Dealers, says the Big 3 traditionally have taken the lead in encouraging the growth of minority dealerships. But they are losing market share and are not expanding their dealer networks, she says.
Import automakers, she adds, are adding minority dealerships, but in much lower numbers.
Black Enterprise says Prestige Automotive is the fourth black-owned company to earn more than $1 billion in annual revenue since the magazine started keeping track 33 years ago.
You may e-mail Arlena Sawyers at [email protected]