i Agile brokers are makingfortunes off the spreads between luxury-car, prices around the world . Carbitrage BsNinaMunk ' A'ttrtrnurv .rcrvI lµ/aqllal Irm'( .harnkrcmS4?,972Lm- Saa,hcsass,havcdoublcdinca .hof ushipinTor<strong>on</strong>toaC,und(henke intapmhto1S73`0 .Trenzsayshe thcpastlourycars . LimiredV-8liststoitltecqulvalentit mmri60%othismetaltoGnmans, Thercareplenooff, emupl .ying US52R,125 .Acrosxrhebordeqintltc thch,ilancetobuccrsinRussia,Po- intciromttn'yrpriespreads .Jlagx- But}ulnsuburboPWestSeneca,thc I<str<strong>on</strong>g>and</str<strong>on</strong>g>,theCicchRapublic,SuudrA(ri- zineslikeGermam%sAuroMorornmd samc rnodcl tri¢h identical opti<strong>on</strong>s ca,'llukev, Zairc <str<strong>on</strong>g>and</str<strong>on</strong>g> Kaeakhstan . 9portorepackedssithadvertixmenu aan'ies a sdck¢ pricc of 532,590 . Across tlte ocean, in Munich, Cemtuny, the price is Yb6,lA)0, Ondtescspreads dealers rvith inrernad<strong>on</strong>al mnnectiuns are rruking a bundle Tepical is WolWng Tnn2 Bnsed in Weiherlrammer, about 112 miles no¢h of \'tunich, Trenz's Americyn Morors Trenz GmbH sells dlc Gmnd Chcrokee i .imircd fisr aUaut 546,3§2, 17% Ic% than the official pdcn in Ccrntanp . StocHng almost e~dueivcly Iccps nnd Vopagar minitnns. Ticnz latt vcar sold 1,000 nqv curs <str<strong>on</strong>g>and</str<strong>on</strong>g> 200 uscd ars . T¢nc says he ntadc abaut $3 mflli<strong>on</strong>, rnt saks of 536 niilll<strong>on</strong> . Hosv can he wdercut thc other dealas? Trcnz Is a cW'bitrager. Bypacsing Chryslcr dLstribud<strong>on</strong> ehanuds, lie buys ]ceps whcmver thcy arc cheapest, paytng trtail but knmvmg he can sell them for much ntore . These days nccchmpesr placcis Canada, whcrc tile dautzchc mark has dirnbcd hv 58%agvnst the Canadian dollar in the past four ycars . By tdeph<strong>on</strong>c <str<strong>on</strong>g>and</str<strong>on</strong>g> fax, Tmnz tap into his neovork ofClnvsLer dealets in Ontano, Qaubec <str<strong>on</strong>g>and</str<strong>on</strong>g> Nova Scntia . Latcfy Itc's paid a Carudiar dcalcr stLcker, or$28,125, forzGr<str<strong>on</strong>g>and</str<strong>on</strong>g> Cberokee [imited . Transp<strong>on</strong>atinn <str<strong>on</strong>g>and</str<strong>on</strong>g>' Gcnnunv's 10$durynnd 7 5°A'i s21cs tas add 510,000 to tlte msc . Trenz irr stalls nrn' lighrs, adjusrs the elecnical mtcm <str<strong>on</strong>g>and</str<strong>on</strong>g> chanb's the tires m ntect C rm:m vchidr- y c-ihcad<strong>on</strong>s <str<strong>on</strong>g>and</str<strong>on</strong>g> oserodes a mmputcr chip that limits the North Americvt Chcmkec's prp sp ee d to 112 miles an hour. Finalp, Trcnz sats aside S I, L00 pervehicle to cnrer svarrann , costs . All this brinp tile nail cost uf al}'ering rlnterican unliq'rrhidcs <str<strong>on</strong>g>and</str<strong>on</strong>g> miuinns at big discuunrs . /4rd'not just P<strong>on</strong>cncan cars- In Russia a nmv 52ai purehxscd duoagh an o1licYal nwv dealcr mns abnur $73,755, sersus S38,SOf1-beforc raxcs-in Gcmun)r . Wolfgang Vollath, managing dimcror of nznv's Moxow ol&e, says Russia's grav nrukct BM tVd~ale isntnsplashytelcvisum ads <str<strong>on</strong>g>and</str<strong>on</strong>g> ouudl his licensed dcaltrs 10-to L Taiwan is a ha makct for gray marker Volvos, Maecdes <str<strong>on</strong>g>and</str<strong>on</strong>g> n+nvs . Thanks tn mriffs<str<strong>on</strong>g>and</str<strong>on</strong>g> caxes omt importcd luxury cars, a Volvo 850 Turlw Wag<strong>on</strong> thatretails at 533,550 in l .os 16001 eely have to eumyete wilh Chryflm Eeelers . I have to be wmething beHr, uy . WolfgengTrem .Rborerirenr, m .chaniu altar leeysto mM German dneecv p,oa for $62,535 in T,dpci . 7ne gmc ma*cr broker eiisscrosses (amde md thc CIS . loaking lor rhe mudels lie needs schiLe his Taimsi¢se partner druou up customas . Within ¢n days of an oiilcr coming in, rhe cars arc delivcred to the dosest port, r adv Ra shipmcnt ro Tuipei . "1Ne'ce got this busincss dosvn tn a scicncq" tile brokcr' says. "I'd buy ten tlmes as munyMerccdes if I mu/d pmgram, svhich dupliares Chnslds oll3eial eanzntr . His serci¢ departmene in Weihcrhmnmar r'arrics so many Clnvsler spare pans (purcha>cd <strong>on</strong> the gray market) that o/rioal Gtrysler duulers often cnmt ro Trcnz flsr part . Manuf5crwvs arc nving to crack dmmt <strong>on</strong> tile gray nraka trade . Last fall ent instituted a pulio, asking that Canadian dealers make all pm
In the success of new electr<strong>on</strong>ic gadgets, technology is <strong>on</strong>ly <strong>on</strong>e side of the coin . Greg Bl<strong>on</strong>der looks at the human factor<str<strong>on</strong>g>and</str<strong>on</strong>g> sees some surprising changes in store for <str<strong>on</strong>g>business</str<strong>on</strong>g> . what,lzind I i of computer will you wear? By Pleming Maka NoUONMER(IAI .AnSNR(;HOpemtl<strong>on</strong> somenfhisearlye<strong>on</strong>clux<strong>on</strong>E . . BE711ab5' is the match ofarnT Bell Laborato- Tclecnnkrencing will nover take GregBl<strong>on</strong>de ries, holder of 25,11/10 parents <str<strong>on</strong>g>and</str<strong>on</strong>g> muchbusi,as% awnyhomthcairlines ; wimaprolotype Itome,overthevems,tosevenNobe.l colvsumerswtllbepmtingrelativalv dAT&Tswrutprizewmners .Iasus,vansisrurs,so- lessm<strong>on</strong>cyintogeneralpnrposccom- watchphmn larcells<str<strong>on</strong>g>and</str<strong>on</strong>g>cellular[deph<strong>on</strong>yareBell putersaltdmoreintocheapmachines TMtttabpu Iabs invottirnls. This R&l, giant spccializedrolaarrvwta.sks;<str<strong>on</strong>g>and</str<strong>on</strong>g>wirr fa6lnn .hRmwd. speds $3 .4 Inlliun a year, 90% <strong>on</strong> Icss mcseaging madimcs wdl be a~~ pmduct devefopntcnt, 10 % <strong>on</strong> basic huge success . m.+earch. At first blush, telec<strong>on</strong>fetrndng Butdorsgreatsdelucmaliagrcat lookslikeantaaerofs
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" " r . . ~ .), rr r-My++r• . -ma
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The "FlieQerchronogjaph" from IWC .
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ForbesS GUBUST 14. 1995 • VOLUME
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M1i How Many Peopl
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t~a +\ ir,f ressi,e\~ f~er, . Your
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Sarah knows a lot about diabetes .
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`Surprise me . Give me more power t
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1; ,iile "downsizing" rnaiv not be
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Bangkok . . . The beet of both worl
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The disaster cane as no ereat surpr
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Mazda presents a new take on the ol
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"With ail thy getting get underst<s
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ery fifty-6ce minutes Old Faithful
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Other Comments Waffling Away the Ti
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There's a lot than you pro VISION.
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Commentary on events at home <stron
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One of the largest teams at the Oly
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I "'I ~ 1 1~ 11111J r iiiil ;l~~~ i
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ie niercern.visenr SL-Class . For m
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_ THE STOCK MARKET WILL CRASH ,500
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Rogers and Cronk d
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ket . They're reluctant but hase li
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~ear, cellular operators, dri%en bv
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Remember your first time driving al
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I Toshiba Multimedia /100, 0 sA1
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I ~ , I SOUNDS SO REAL, PEOPLE WILL
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Using phony invoices, importers are
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ADVERTISEMENT 2 THE SKYTEL U .S . C
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ADVERTISEMENT 4 The Golf Club of Ge
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under par, matched a $3,000 first-p
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Riviera Country Club, Pacijc Palisa
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I ADVERTISEME*+'C 10 I o~¢t~G0LPr9
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ADb'ER'TISESiEVf 12 T H E S O U T H
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ADVERTISEMENT 14 The other Pilgrim'
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Wvnstone Golf Club, North Barringto
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ADVERTISEMENT 18 and</stron
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ADVERTISEMENT 20 The Creek Club . L
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ADVERTISEMENT 22 I where they recor
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WE CAN GIVE YOU VIRTUALLY EVERYTHIN
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204G6"13338 BUSINESS REPLY MAIL FIR
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One of the great success stories of
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ADVERTISEiv1E:VT I he son of a free
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i 1_ Comdisco I 9 1 ~ !ohn Vos :cky
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Innkeeper Henry Silverman has hundr
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i i i Patel, Inc. Patel), whose com
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Mylan Laboratories Making tablets i
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OUR FINANCIAL SIDLLS HELPED ONE COL
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IN voVATWE PROJECT FiNANciNG FOR A
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"With the Optra line, Lexmark has e
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http://legacy.library.ucsf.edu/tid/
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Our pilots have to fly over a milli
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A D V E R T- S E M c- N T B HYu N D
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- Page 123 and 124: The supreme irony of World War II-<
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- Page 139 and 140: Uncle Tobia, who cooked for a pope,
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