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Larry H Miller Dealerships

I remember when they put all of their assets (including LHM) and the team in a legacy trust promising it would never be sold. It was a great spin they put out when they were just trying to get some estate tax savings!

Ryan Smith's elbows will never be as freaky as Larry's.
 
Scat said:
Just sold to an Atlanta based company for 3.2 billion.

www.ksl.com

Georgia company to buy Larry H. Miller Dealerships, valued at $3.2B

Georgia-based company Asbury has announced it plans to buy Larry H. Miller Dealerships and Total Auto Care. The purchase of both companies is valued at $3.2 billion.
www.ksl.com www.ksl.com

Millers have sold the Jazz. Now the car dealerships. What's left other than the movie theaters?
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What's left... loads of cash. I think this is actually pretty smart. Liquidate now prior to both parents being gone and you have a chance that the family stays together. Likely tax savings somewhere in here... but it also simplifies things. I've seen so many successful families lose their relationships with each other over this stuff... in part because the parents don't have/execute a transition plan.
 
A trust where everyone involved can cash out and be wealthy for the rest of their lives without having to work ever again...yeah, no surprises here. Keeping a generational business going when generational wealth for everyone is already secured is crazy.
 
Kind of depressing. It's like the fall of a Utah institution. I get it's best for the family, at least in their view. Obviously none of the kids wants to work at maintaining it, they just want to cash out. Can't blame them I guess. Kind of sad though.
 
So does Miller family get entire 3.2 billion?
Or does some of it go to pay off business debts?
How do these big sales work?
 
The Millers said the money will support the various foundations they have, as well as new businesses they are involved in. And the car dealerships will keep the Larry Miller name.

Sent from my moto z3 using JazzFanz mobile app
 
Avery said:
Car sales are going to be sluggish for a while. Amazingly overpriced - never been a worse time to buy.
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So true. Used cars are really bad too. Old and high mileage cars that you really don't know if they will die tomorrow, still are out there listed at over 5K.
 
Avery said:
Car sales are going to be sluggish for a while. Amazingly overpriced - never been a worse time to buy.
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We are seeing a large amount of inflation, so car sticker prices will probably see big jumps, even after we get to a point to negotiate "deals", prices will still likely be crazy.

Wages never seem to keep up with inflation, but prices sure do.
 
Jazz Spazz said:
So true. Used cars are really bad too. Old and high mileage cars that you really don't know if they will die tomorrow, still are out there listed at over 5K.
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I bought my truck brand new in 2016 and according to what other trucks similar to mine are selling for I could sell my 5 year old truck with 33,000 miles on it for more than I paid for it brand new with like 20 total miles on it. crazy
Sucks too because we were planning to buy my wife a new car at the end of the year this year but it looks like that isn't going to happen. Which is fine cause here car is paid off and in great shape and only has like 72.000 miles on it so its fine for her to keep driving and wait awhile. So we are fortunate in that regard.
 
fishonjazz said:
I bought my truck brand new in 2016 and according to what other trucks similar to mine are selling for I could sell my 5 year old truck with 33,000 miles on it for more than I paid for it brand new with like 20 total miles on it. crazy
Sucks too because we were planning to buy my wife a new car at the end of the year this year but it looks like that isn't going to happen. Which is fine cause here car is paid off and in great shape and only has like 72.000 miles on it so its fine for her to keep driving and wait awhile. So we are fortunate in that regard.
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I bought my current vehicle from a retired NBA player. I just received an offer for $17k more than I paid 2 years ago! Simply insane.
 
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