A car dealer is getting paid $3.8 million more per year than an automaker’s body shop in a contract that is likely to expire in 2021, according to an analysis by the National Association of Manufacturers.
That’s a 5.5 percent increase over last year, according the NAM’s analysis of data from the Bureau of Labor Statistics.
The BLS said the increase was driven by an increase in the average hourly wages paid to dealers and a reduction in the number of manufacturing jobs.
The analysis of payroll data for dealers and automakers was published Wednesday by The Hill.
The automaker that has the most contracts at the moment is General Motors, which has a $6.8 billion contract for its dealerships through 2026.
The number of dealerships is set to grow by nearly 100,000 jobs, with more than 1.2 million of them expected to be in the next 20 years.
Manufacturers are already getting more money from the government to build new cars, and some companies are making even bigger profits from their existing vehicles.
The NAM analysis showed that the top three automakers earned $1.8 trillion in profits last year from their business.
They also made more than $2.3 trillion in profit in 2018, which was a 5 percent increase from 2017.
The most profitable companies last year were: General Motors and Ford Motor Co. The automakers also got the highest bonuses, with the average company earning $1,858,000.
The top five earners in 2018 were: Tesla Motors Inc., worth $1 billion, Tesla Motors (NASDAQ:TSLA), worth $600 million, Ford Motor Corp. worth $450 million, Fiat Chrysler Automobiles NV ($50 million) and General Motors Co. worth more than the $1 trillion in net income.