MULTIPLES 14 13 12 11 10 9 8 7 6 5 4 3 2 1 10-12x 8-10x 8-10x 8-9x 8-9x 7-9x 6-8x 5-6x 4-6x 4-6x 3-6x 4-5x 3-5x 3-5x 3-4x 3-4x 3-4x 3-4x 2-3x 2-3x TIER 1 TIER 2 TIER 3 TIER 1 TIER 2 Brand is not market dependent Low supply of Dealers for sale Brand not over-saturated High demand from Buyers Superior OEM relations and reputation Brand is partially market dependent Steady supply of Dealers for sale Brand has reasonable number of Dealers High demand from Buyers Stable OEM relations and reputation TIER 3 Brand is very market dependent Numerous dealers for sale Brand considered over-saturated Lower demand from Buyers Volatile OEM relations and reputation Porsche Toyota Lexus Mercedes-Benz BMW Subaru Audi Jaguar Land Rover Honda GMC Chevrolet Ford Hyundai Volvo Kia Volkswagen Acura Stellantis Mazda Nissan Infiniti Mitsubishi