Yes but he's still not right 😛
System / Main Unit is a usable alternative.
Single-digit margins for resellers, especially smaller ones, don't surprise me. A long time ago I used to work with the Special Projects department of a consultancy, and we jointly bought a smallish specialised Apple retailer to streamline acquisition and training. I was quite surprised at the thin margins even back in the days of a midrange Mac desktop costing in excess of $3K without monitor.