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

[BEMR]

Originally Posted by midlifecrisis

As someone who helps conduct some of the BMWCCA Foundation's programs locally (Tire Rack Street Survival), I'm extremely grateful to Rick Hendrick and BMW NA for this fantastic donation.

It's my understanding that BMW NA donated the car to the BMWCCA Foundation and that all the net proceeds of the sale went to their fundraising campaign.

By the way, the BMWCCA Foundation was created by the BMW Car Club of America, which is not part of BMW NA or its parent company. Of course, BMW NA is a major sponsor of the club, as are other companies who serve and want to reach club members.

The foundation has several missions, including the Tire Rack Street Survival Program, which teaches young drivers skills they don't get in normal driver's education classes. It's a great program that uses a lot of volunteer manpower across the country. My kids have gone through it and they believe they've avoided serious accidents because of it. Over the past several years, the program has also been conducted by chapters of the SCCA, PCA and Audi Club. They're all working to make teenagers safer drivers.

The foundation also houses a collection of BMW memorabilia and historical information that is pretty cool to see. It's housed at the BMWCCA Foundation headquarters in South Carolina.

Again, thanks to Rick Hendrick and BMW NA for their generosity. I can't understand why anyone would twist a generous charitable act into anything else.

Unfortunately too many people are jealous of success of others, and look for the first opportunity to make unsuccessful attempts to discredit, as evident in this thread.

[M3inMG]

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

I agree...

[The long haul]

The amount of jealousy and envy is hilarious in this thread. Welcome to the lives of successful people that have EARNED it.

[M6-Coupe]

Originally Posted by The long haul

The amount of jealousy and envy is hilarious in this thread. Welcome to the lives of successful people that have EARNED it.

THIS

[RR-NYC]

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.

Not true at all. You can deduct the amount paid above FMV

[BEMR]

Originally Posted by The long haul

The amount of jealousy and envy is hilarious in this thread. Welcome to the lives of successful people that have EARNED it.

+1

[BEMR]

Originally Posted by RR-NYC

Not true at all. You can deduct the amount paid above FMV

This also true you can deduct the amount of cash in this case above FMV, kinda works in reverse the same way, example you win a car on a game show, you get 1099'd for the retail price of the car plus sales tax you have to pay, then you either sell the car or get an appraisal to establish the real cost amount, of course those amounts would be less than the 1099, that lesser amount would become your taxable income, but unfortunately a guy like Hendrick even if he does make personal contributions they become itemized deductions and in his income bracket and those with even millions of dollars less income, the itemized deductions become limited to little or nothing, and the contributions although a very small portion could be carried over, the amount of un-allowable itemized deductions would be lost and NOT usable in a current year. For the most part he received nothing for this other than an M5. The rich may not be as taxed as many would like to see, but on the other hand many dollars that most of us have the ability to write off against our income, they don't get. That's why 80% of all tax revenue collected by the US Treasury in a given year is collected by individuals that make more than 200g a year, all the rest of the 20% collected is from all others that make less, and isn't that most of who we are, and who we know?

Guys like Rick Hendrick yes are wealthy, but look how many people they help and employ in this country, let's at least give him credit for that, but to abuse him in such a way on this thread and call him an idiot is ridiculous. Most income earners in the income level of around 600g and above a year, pay about 50 percent in tax or more, so those who think the rich aren't taxed, you gotta be kidding.

[mikeriley]

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.

You are stupid. He can deduct the amount over the retail value or ruffly 560000.

[Tisaksen]

Originally Posted by Doctor///M

Dang, true dat. It's a steal at $139,600! I think Creview has their facts wrong too, it should be 1 of 30 in the US, they're referring to the worldwide production number.

I dont run the online portion of the dealership but I will mention it to them so they can fix it

[///RedlineCars]

i dont get why is he an idiot?? if you are working hard and got the money you can spend as much as you wish on anything you want. plus it was a charity so the money goes to something good. if i had the money and i wanted to have a specific car i wouldnt care how much it is.

[MSportDC]

Originally Posted by BEMR

This also true you can deduct the amount of cash in this case above FMV, kinda works in reverse the same way, example you win a car on a game show, you get 1099'd for the retail price of the car plus sales tax you have to pay, then you either sell the car or get an appraisal to establish the real cost amount, of course those amounts would be less than the 1099, that lesser amount would become your taxable income, but unfortunately a guy like Hendrick even if he does make personal contributions they become itemized deductions and in his income bracket and those with even millions of dollars less income, the itemized deductions become limited to little or nothing, and the contributions although a very small portion could be carried over, the amount of un-allowable itemized deductions would be lost and NOT usable in a current year. For the most part he received nothing for this other than an M5. The rich may not be as taxed as many would like to see, but on the other hand many dollars that most of us have the ability to write off against our income, they don't get. That's why 80% of all tax revenue collected by the US Treasury in a given year is collected by individuals that make more than 200g a year, all the rest of the 20% collected is from all others that make less, and isn't that most of who we are, and who we know?

Guys like Rick Hendrick yes are wealthy, but look how many people they help and employ in this country, let's at least give him credit for that, but to abuse him in such a way on this thread and call him an idiot is ridiculous. Most income earners in the income level of around 600g and above a year, pay about 50 percent in tax or more, so those who think the rich aren't taxed, you gotta be kidding.

Finally a sensible reply on this thread.

[par__m3]

Originally Posted by GoTTaLoVeBiMMeR

i dont get why is he an idiot?? if you are working hard and got the money you can spend as much as you wish on anything you want. plus it was a charity so the money goes to something good. if i had the money and i wanted to have a specific car i wouldnt care how much it is.

It's because there are a few morons around that don't understand the concept of a charitable auction. They think Mr. Hendrick overpaid for the car because he believed it was actually worth $700k.

Absolute morons.

[JNoSol]

I would do the same if I had a billion dollar. When you do well in your career, give back. Pay it forward.

[6spdterror]

Some of you guys arent too sharp. Calling him a dumbass or an idiot when hes a billionaire probably doesnt make too much sense. Not to mention its a huge tax write off for him.

[bronch]

Originally Posted by 6spdterror

Some of you guys arent too sharp. Calling him a dumbass or an idiot when hes a billionaire probably doesnt make too much sense....

Seriously, he didn't get where he's at by being a moron. He's more savvy than most of us. To me, the point is who cares what someone else spends their money on or how much they paid for it? I just don't get it. If all this goes to charity, great. Makes a good story. My point before is that I have never seen the ultra-rich do anything like this without some sort of benefit to themselves. It's usually with respect to a tax benefit either directly or indirectly. I'll leave it to the "experts" to discuss that.

[6spdterror]

Originally Posted by bronch

Seriously, he didn't get where he's at by being a moron. He's more savvy than most of us. To me, the point is who cares what someone else spends their money on or how much they paid for it? I just don't get it. If all this goes to charity, great. Makes a good story. My point before is that I have never seen the ultra-rich do anything like this without some sort of benefit to themselves. It's usually with respect to a tax benefit either directly or indirectly. I'll leave it to the "experts" to discuss that.

Except for Bill Gates, Oprah Winfrey and Warren Buffet. These guys literally give away millions of dollars to the poor and needy and even donate their own time. None of them need to spend months in a village in africa giving medicine and supplies but they do it anyway. Kudos to those folks

[bronch]

Originally Posted by 6spdterror

Except for Bill Gates, Oprah Winfrey and Warren Buffet. These guys literally give away millions of dollars to the poor and needy and even donate their own time. None of them need to spend months in a village in africa giving medicine and supplies but they do it anyway. Kudos to those folks

They're the 3 richest people on the planet, no? I may be wrong, but not off by much. Not sure that tax burden is in their vocabulary.

[Willie654]

Originally Posted by ZEEM3R

The word "dumbass" doesn't even begin to describe this.

[Murph335]

This Ed m5 really missed on the wheels. Contract ind to do wheels and suspension next time so when it's just sitting in a museum at least it will have some special appeal!

I'd like to sell him a 30th anniv mustang gt to go with the theme here, $350k for charity?

[boostaholic786]

Originally Posted by Hisam135i

Go everyone freaking out about the cost. He's worth over 1 billion. But for fun lets do some math:

700000/1000000000 = .0007.
If we multiply that by the average Americas wealth of 250000
.0007*250000= 175.

So he just spent $175.

Now this ^ is so very true!!! He has more money than he knows what to do with and for him to be as involved as he is, at his age with motorsports still and continuing to share his wealth with various types of charities all over the world, He is helping alot more people than you guys probably think. Hendrick motorsports is worth in the billions and thats just one entity that he owns... Think of all the other business's he has or property he has as well and it would probably blow your mind...Very successful man!

[Zubek]

Originally Posted by The long haul

The amount of jealousy and envy is hilarious in this thread. Welcome to the lives of successful people that have EARNED it.

+1

BTW...

http://img.pandawhale.com/post-51553...-mess-LGsx.gif

[Ninong]

Originally Posted by Zubek

+1

BTW...

Zubek, that's an interesting avatar pic you have there.

A 1950 General Motors Futurliner bus sold at Barrett-Jackson's Scottsdale auction yesterday for $4 million to Rick Hendrick. All proceeds went to a veterans' charity.