Five billionaires with auto dealer interests continue to occupy spots on the latest Forbes 400 roster of the “richest people in America.”
The five with dealer ties include James Moran, 87, inducted into the Automotive Hall of Fame last month. The owner of the Southeast Toyota distributorship and the JM&A finance and insurance organization, he has a net worth of $1.4 billion, according to Forbes. The distributorship posted record revenues last year of $8.2 billion.
Founding chairmen of the three largest megadealers — H. Wayne Huizenga, Roger S. Penske and O. Bruton Smith — also are repeaters on the rich list. Huizenga, 67, has retired as chairman and CEO of AutoNation, Inc., the top-ranked megadealer. His net worth is valued at $2 billion.
Penske, 68, is chairman and CEO of UnitedAuto Group, the second-place megadealers. He also has a net worth or $2 billion.
Smith, 78, chairman of Sonic Automotive, the third-place megadealer, has a net worth of $1.5 billion. Penske is active in auto racing, as is Smith who owns Speedway Motorsports and its six raceways.
The fifth “richest American” with dealer interests is B.J. (Red) McCombs, 78, who has Toyota, Ford and GM dealerships in San Antonio, TX. His net worth is put at $1.3 billion. (See related story on page 22.)