Last 30th Anniversary BMW M5 sold for $700,000 to Rick Hendrick

M3 Adjuster · 01-16-2015, 01:36 PM

Quote:

Originally Posted by mu2002cs

This was a charity auction benefiting the BMW CCA Foundation, specifically its Teen Street Survival Program. The Foundation is very pleased to have the support of people like Mr Hendick, who believes in this cause. As a charity auction, the Foundation receives 100% of the proceeds. Mr Hendrick receives a cool car and a tax deduction for everything over MSRP. It's a win-win! Also, Barrett-Jackson does not take a commission for this auction. In fact, they are the leader in charity auctions. This week Barrett Jackson will hold a dozen charity auctions for very good causes. The Foundation thanks Mr Hendrck, Barrett Jackson, Mr Willisch and all of the people behind the scenes at BMW NA and the BMW CCA Foundation for making this a very successful auction

To learn more about Street Survival streetsurvival.org

Respectfully,
Mike Ura
VP and Trustee
BMW CCA Foundation - Saving lives, Saving History

MRV99 · 01-16-2015, 01:41 PM

Quote:

Originally Posted by pooyab

You guys are going crazy over a $700k purchase of a car valued at $150k.
How about his three $1M purchases of a standard stingray, stingray convertible and Z06. $3M spent on things valued at ~$200k.
Of course that was for charity too, which is a good thing, but if you want to say he was dumb for overpaying, the corvettes seem like the ones to whine about.

Rick made a vast amount of his Billion based on Chevy. He wanted to own the very first production models ever for the stingray.

JOHNBMWM5 · 01-16-2015, 01:50 PM

Must be a total twat.

ORIGIN M. · 01-16-2015, 01:56 PM

Quote:

Originally Posted by Downeaster1

Thad cool and all, but what an idiot.

No, you sir actually just made yourself the idiot.

crono06 · 01-16-2015, 01:56 PM

Quote:

Originally Posted by fndrsn

LOL people actually believe he gives a damn about his tax returns, especially on a "measly" 700k purchase? He made his money, he can do with it as he pleases, , and it's awesome that he regularly gives such large amounts of money to charities in this manner!

Actually, I would beg to disagree.

All wealthy, successful businesses/business people care about minimizing taxes. There are often business strategies built around this.

Staszek · 01-16-2015, 02:10 PM

Quote:

Originally Posted by MRV99

Why is he an idiot or dumbass?? He is a massively successful business man and he is worth a BILLION dollars.

700k is practically a rounding error on his net worth. This was for CHARITY and Rick does massive amounts of charity contributions every year. Some people just write a check, others GROSSLY over pay for a car in the name of charity. If you ask me it's a double win, he gets a car, charity gets a fat check.

This stuff is in a different league the price of the car is not really the point. And its for Charity so at least its for something good and he will receive a tax deduction for it so win win.

Swiss Chris · 01-16-2015, 02:11 PM

It would be soooo stupid if it would have been the last one.

But it's not

:LOL:

http://www.autoscout24.ch/fr/d/bmw-m...5032&vehtyp=10

Always check on the swiss market when a model is said to be sold out. We had 1M's, M3 GTS and now this beast when they were said to be sold out worldwide...

Staszek · 01-16-2015, 02:14 PM

Quote:

Originally Posted by fndrsn

LOL people actually believe he gives a damn about his tax returns, especially on a "measly" 700k purchase? He made his money, he can do with it as he pleases, , and it's awesome that he regularly gives such large amounts of money to charities in this manner!

I am pretty sure he does. How do you think large corporations make some much profit, when you have certain companies paying zero corporate tax it adds up to a lot. Sure this is one $700k instance but its added into a bunch of other ones.

fortressmaximus · 01-16-2015, 02:17 PM

Quote:

Originally Posted by JoNaH

Not sure why people mad at this guy and calling him stupid and other terms. But he's got a billion dollars so he can do what he wishes with his money as long as he's not harming anyone.

+1

fortressmaximus · 01-16-2015, 02:18 PM

Quote:

Originally Posted by DrewM5

Quote:

Originally Posted by heart_doctor

He's better off writing a check. He can't deduct it because he got something in return. I understand the whole charity thing but the only person who can deduct is whoever donated the car. The purchaser cannot deduct from their taxes.

That is not accurate at all. He can fully deduct the difference between the amount he paid and the value of what he received. It is not binary.

yup

advantage20 · 01-16-2015, 02:35 PM

"This baby's going to go right beside the i8 in the museum. The only miles it's going to get are in the truck (sending it from Arizona to North Carolina.)"

What a waste

Kind of like getting psyched over putting a stuffed cheetah in your living room, or getting a stunner girlfriend and committing to never touch her for the sake of admiring her.

DS_BMW · 01-16-2015, 02:42 PM

Quote:

Originally Posted by erichighley

He's worth north of $1 billion. That decision hurt his pocket about as much as your decision to fill up gas today hurt yours.

Probably even less!

nonagon · 01-16-2015, 02:47 PM

Think of it as whoever donates the most to the charity wins the car, not like just buying a car. The only unfortunate thing about this is this M5 won't get driven as much as it should.

chrisny · 01-16-2015, 02:51 PM

Quote:

Originally Posted by MRV99

Why is he an idiot or dumbass?? He is a massively successful business man and he is worth a BILLION dollars.

700k is practically a rounding error on his net worth. This was for CHARITY and Rick does massive amounts of charity contributions every year. Some people just write a check, others GROSSLY over pay for a car in the name of charity. If you ask me it's a double win, he gets a car, charity gets a fat check.

+1. They didn't auction it off because he couldn't buy one somewhere else for FAR less money. It's like getting a cookie or a pen or whatever for donating blood....

chrisny · 01-16-2015, 02:53 PM

Quote:

Originally Posted by heart_doctor

Quote:

Originally Posted by MRV99

Why is he an idiot or dumbass?? He is a massively successful business man and he is worth a BILLION dollars.

700k is practically a rounding error on his net worth. This was for CHARITY and Rick does massive amounts of charity contributions every year. Some people just write a check, others GROSSLY over pay for a car in the name of charity. If you ask me it's a double win, he gets a car, charity gets a fat check.

He's better off writing a check. He can't deduct it because he got something in return. I understand the whole charity thing but the only person who can deduct is whoever donated the car. The purchaser cannot deduct from their taxes.

Not everyone donates to charity solely for the tax write off. If he has that kind of money, I'm sure he doesn't care about the tax savings.

DantonIzzo · 01-16-2015, 02:54 PM

Quote:

Originally Posted by MRV99

Why is he an idiot or dumbass?? He is a massively successful business man and he is worth a BILLION dollars.

700k is practically a rounding error on his net worth. This was for CHARITY and Rick does massive amounts of charity contributions every year. Some people just write a check, others GROSSLY over pay for a car in the name of charity. If you ask me it's a double win, he gets a car, charity gets a fat check.

This. I don't understand that hate. This situation is akin to paying $5,000 for a table at a fundraiser. Obviously the food isn't worth $5,000, but it's a fundraiser for a charity.

The people on this board need to get a grip.

330xtrai · 01-16-2015, 02:56 PM

Quote:

Originally Posted by yousefnjr

HA. Yeah, what an idiot. He's only more successful than all of us combined and donates heavily to charity, but yeah, you tell him Bimmerposters

+1
don't people get donating to a Charity and he has that much money as well it doesn't even hurt . lol

Mani59 · 01-16-2015, 03:22 PM

$700k!

And to keep it stuck in his museum!

G3333 · 01-16-2015, 03:33 PM

Quote:

Originally Posted by erichighley

He's worth north of $1 billion. That decision hurt his pocket about as much as your decision to fill up gas today hurt yours.

+1

halfbent · 01-16-2015, 03:35 PM

Quote:

Originally Posted by Downeaster1

Thad cool and all, but what an idiot.

+1

darkz · 01-16-2015, 03:49 PM

just look at this thread, what have all the ppl turned into these days?

Falafel Combo · 01-16-2015, 03:51 PM

He just bought a $700,000 tax write off, and got a boat load of publicity for it. Well played. Hats off to you sir!

01-16-2015, 01:50 PM	#47
JOHNBMWM5 Live for today tomorrow never comes 1989 Rep 9,498 Posts Drives: 2022 LCI Marina Bay Blue/ Smok Join Date: Jan 2008 Location: UK iTrader: (0)	Must be a total twat. __________________ Live for now, life is too short. 2021 LCI M5 Marina Bay Blue/ Smoked White Leather
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01-16-2015, 02:11 PM	#51
Swiss Chris Member crafted at BMW ///M 32 Rep 151 Posts Drives: E92 DKG M3, M3 GTS, F10 M5 Join Date: Apr 2011 Location: Switzerland iTrader: (0)	It would be soooo stupid if it would have been the last one. But it's not :LOL: http://www.autoscout24.ch/fr/d/bmw-m...5032&vehtyp=10 Always check on the swiss market when a model is said to be sold out. We had 1M's, M3 GTS and now this beast when they were said to be sold out worldwide... __________________ ///M Power
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01-16-2015, 02:35 PM	#55
advantage20 Major 1872 Rep 1,230 Posts Drives: 330d Join Date: Jul 2010 Location: France iTrader: (0)	*"This baby's going to go right beside the i8 in the museum. The only miles it's going to get are in the truck (sending it from Arizona to North Carolina.)"* What a waste Kind of like getting psyched over putting a stuffed cheetah in your living room, or getting a stunner girlfriend and committing to never touch her for the sake of admiring her.
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01-16-2015, 02:47 PM	#57
nonagon Captain 113 Rep 777 Posts Drives: Porsche Cayenne GTS Join Date: Sep 2008 Location: Arlington VA iTrader: (0)	Think of it as whoever donates the most to the charity wins the car, not like just buying a car. The only unfortunate thing about this is this M5 won't get driven as much as it should.
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01-16-2015, 03:22 PM	#62
Mani59 BMW Miniature Collector! 13471 Rep 7,986 Posts Drives: E38 735i SE Individual Join Date: Nov 2010 Location: Leicestershire iTrader: (1)	$700k! And to keep it stuck in his museum! __________________ Visit my (mainly) BMW gallery http://jetone.co.uk
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01-16-2015, 03:49 PM	#65
darkz Private 14 Rep 91 Posts Drives: BMW Join Date: Oct 2008 Location: Canada, AB iTrader: (0) Garage List 2016 BMW X5M [0.00] 2013 BMW M5 [9.00] 2012 BMW X3 [9.00] 2013 Ford F150 FX4 [10.00]	just look at this thread, what have all the ppl turned into these days?
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01-16-2015, 03:51 PM	#66
Falafel Combo Banned 3773 Rep 6,673 Posts Drives: X5 xDrive50i Join Date: May 2011 Location: New England iTrader: (3)	He just bought a $700,000 tax write off, and got a boat load of publicity for it. Well played. Hats off to you sir!
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