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Dealerships also make a lot of money on other back-end stuff after the sale itself, such as carrying financing themselves or selling a loan they originated.
When you see the invoice, it is legit enough, but it really doesn't tell you very much about the whole deal. Also keep in mind that options added on at the time of purchase are very, very profitable for dealerships.
I'm sure there are other things, but these two come to mind right off. We have a dealership locally here whose whole pitch is "$50 over dealer invoice". I assure you, if they only made $50 per car, they wouldn't have been in business as long as they have.
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"To those of you who are wearing ties, I think my dad would appreciate it if you took them off." - Robert Moog
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