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

[JCLBoston]

Originally Posted by Andy335i

People like that make me feel good about my decisions.

People like that make me feel really bad about my bank account

[3M TAPE]

Unlike 99% of forum members here, money is not an issue for this guy.

[MMMCOOKIES55]

Sure are some butt hurt people in here. The majority of people calling him names more then likely are just jealous and are using derogatory statements to justify themselves. The guy is rich as hell, having met him a few times, I can tell you he is no dumb ass, but a very pleasant, well spoken man (wife works for Hendrick)

[sarafil]

Surprised no one mentioned it yet... Hendrick owns more than 1 BMW dealer. It's clearly not about the car- if he really wanted one he could have gotten a better deal than anyone here (true dealer cost). He regularly buys cars like this that are limited editions or first built and sold for charity. He's a car guy, he's made his fortune in the auto business (racing and retail) and he wants to give back to a good cause. The fact that a car comes along with his donation is just an added bonus.

[antzcrashing]

Originally Posted by ZEEM3R

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

+1

[Action JacksonE92]

It's all tax right-off money. It's the beginning of the year and what better to spend it on a car that will make history one day. Smart man

[richard in NC]

His TWO i8's are on display at Hendrick BMW Northlake, 5 minutes from me. I'll bet the M5 will be displayed there or at the other Charlotte BMW dealership, at least for a while. He also has his 850CSi, Z8, M1, and an Isetta on display at Northlake. I've also seen a Viper GTS, Ferarri 599, C6 ZR1, and '58 Vette of his, all at the same local car meet. There are some that are driven.

So this just adds to the collection.

BTW, he owns about 100 dealerships across NC and many other states. I've seen them in Kansas City. BMW, Porsche, Audi, Lexus, Mercedes, Chevy, Dodge, & more just in Charlotte.

I've never met the guy but know Hendrick BMW Independence ALWAYS gets the top dealership awards, year after year.

[jphughan]

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.

If you've made any big purchases at charity auctions in the last few years, you'll want to go back and amend your tax returns, and possibly fire your accountant if you have one -- or maybe get one to avoid making more mistakes like this.

I don't think there was a donor for the car in this case; it seems the charity owned the car prior to the auction, given that it's a BMW charity. Or maybe BMW AG deducted the car as a donation to one of their own charities. But in any case, yes Rick as the buyer can deduct this. He has to subtract the fair market value of the item he received from the amount of the deduction, but the rest is absolutely deductible. Fair market value would probably be MSRP or maybe a bit more because this is the last one, but basically the BMW campaign that owned the car prior to the auction gives him some paperwork indicating the amount of the donation and the value of the item they provided in exchange, and that's his documentation for the IRS. Occasionally the IRS will argue over the accuracy of the valuation of things like this as part of an audit, but otherwise it's worth whatever the charity says it is, and any amount paid over that is deductible. If you've ever donated to Goodwill, they offer to give you the same documentation if you want it for tax purposes (and they'll typically write whatever value you tell them on the paperwork), but people who just take the standard deduction rather than itemizing don't need to bother getting the paperwork.

(Source: My dad is a CPA.)

[jphughan]

Originally Posted by heart_doctor

Agree. I'd rather buy a lambo for that amount of $$$

Well if you were in his position, this wouldn't be an either/or decision.

[blisstik]

Billionaires need tax write offs too. Why do you think big companies donate to charities.

[The Convert]

Even though it's for a good cause, what a fucking waste of a good car! Openly admitting to it never going to be driven...what an ass.

[ando]

Awesome amount at auction. Is this the single largest donation to BMW CCA Foundation?

[///M3Owner]

700k for a bmw.. Wow...

[gds52]

Good for economy and for environment (it's not going to run) as well

[K19BMW]

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 100% wrong. Hopefully you dont do your own taxes

[Needbmwpartzz]

This is how the ultra rich play,money goes to good cause,he gets a showpiece car........and not to mention the publicity......come on guys/girls,get with the program.

[templarklimek]

Originally Posted by Downeaster1

Thad cool and all, but what an idiot.

He isn't ANY kind of idiot. He has simply achieved a level of success that allows him to purchase any thing he pleases. This ins't a purchase for him to enjoy personally but for future generation's to see what Western mankind has created with it's collective minds.

Thank you Sir.

[SkeezyLP]

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

Simply put. What a bunch of self righteous mutts on here.

[cncmastr]

"It's a big club, and YOU ain't in it." - G. Carlin

[bronch]

So, do you think he'll get the new AMS tune, catless down pipes and RPi exhaust? Or go with JB4 and Akra? lol. Could be a dilemma if he's a member here, hopefully he'll post some pics. I understand the whole charity thing, but really... These guys didn't get this rich by being charitible and this move is beneficial to his bottom line. He paid 4 1/2 times MSRP, hopefully this increase the Feb residual or MF. I'm sure he's a great guy though.

[BC87]

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.

He's better off doing what he wants. I mean it is his money after all. I'm sure a lot people think you would have been better off spending your money on something else other than an m3...but it makes you happy and that's what you wanted to do with YOUR money.

[ska///235i]

Da faq