In 1870, when Nikolaus Otto and his companion Karl Benz independently developed their inside combustion engines, which had been 4-stroke on the time, Germany was placed on the map as the birthplace of recent autos and the historical past of German Automobiles had begun. To think otherwise would be to subscribe to the theories that (1) though you assume a dealership could make a million dollars, the store is worth zero blue sky as a result of it made no cash last yr; and (2) if a retailer has been making $5 million per 12 months you should pay say 3 occasions $5 million as blue sky regardless that you think you will not produce that type of profit.
This idea was vastly revolutionized and applied by Henry Ford, who elevated automobile trade to the following stage...
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