Well, let's see. I bought the exact replacement relays for $3.10 each. There are a few diodes (50 cents each) on the board as well, and it's in a plastic case with some heavy molex connectors on it.

They should be able to build them in 10,000 piece lots for under $20 each. Add 100% markup for about three levels of resellers and shipping from overseas - and $125 sounds about right....