Although Larry Miller was ten years my junior we had a lot in common. I related to his work ethic, and had similar business experiences. Larry had several mentors that sparked the entrepreneurial spirit within him. He worked at numerous jobs growing up for the money, inadvertently finding out what he didn’t want to do forever. Larry also worked in his uncle’s construction business, gaining knowledge that would later become an asset.
Larry had a knack of working through difficult issues in his business dealings. He had often been accused of being a “deal junky”--businesses that he considered part of his vertical integration plan. Larry however far surpassed almost everyone as the “consummate entrepreneur”. He came out of the unique mold of the Carnegie’s and Mellon’s—successful innovators and philanthropists--who left their indelible mark on society. Larry operated ninety different businesses--few people exceeded that number.
Larry had his share of failures, sometimes hanging on too long because of his loyalty--not wanting to fire people. There were a number of economic downturns along the way. The one in late 1979 was devastating, when interest rates reached 21 percent—and loans were scarce. That was the year Larry purchased his first automobile dealership.
Larry understood what was under the hood of a car, so it was natural for him to gravitate to selling automobile parts—and foregoing college. I often told students that not everyone needed to go to college to succeed. Larry proved that point, with his innate ability--intuition and tenacity—and working long hours to become the best at what he did. He had found his niche in the automobile business.
The car dealer dynasty in Utah was set in their ways. Most were located in the downtown area and had a casual approach to selling cars. You either bought what was on the showroom floor--with limited options--or you waited several months for delivery. Discounts were not an option. The future would prove to be in the suburbs, and mass marketing would become the norm. The town of Murray, located at the south end of Salt Lake Valley, was where the growth ended at the time; similarly the town of Granger to the west. Ogden and Provo, fifty miles either way, were smaller communities separated by farms and fruit orchards.
One of my early construction projects was for Peck and Shaw Dodge, which later added Toyota. I first met Larry in 1968 when he worked in their parts department. The two young owners were competing against established dealers that controlled the American brands. Scions had been given preferential treatment for new opportunities in the suburbs, so budding entrepreneurs eagerly embraced the foreign brands such as Toyota, Honda, and Volkswagen, which were competitive.
The new breed of car dealers had difficulty getting traditional bank financing. Larry in his acquisition of the Toyota dealership was very creative in structuring “seller financing”, which would become his forte on future deals. He was tenacious and had the ability to quickly analyze a deal on the back of a paper napkin.
The Motors Holding division of General Motors and Dealer Development division of Ford Motors provided selected scions the opportunity to own a car dealership. The giant manufacturers invested the necessary capital to purchase an existing dealership or to build a new one. Their payback would come from the profits of the operations. They had become a principal source of financing for many dealerships.
Their dealers were prohibited from selling foreign brands under the same roof, which created new opportunities for entrepreneurs like Larry Miller. As a preferred contractor for GM and Ford, I had built over twenty-five car dealerships--some with adjacent showrooms for the foreign brands. Larry would end up acquiring several of these dealerships when operators faltered. Murray’s State Street had become well-known as car row. It would eventually become known as “Larry H. Miller Car Row”.
Larry had a passion for vintage cars—especially the 1960’s roadsters and racers. I had been collecting roadsters since the 1970’s, and had over twenty in my museum collection. Larry asked if I could store his Cobras’. I made room since they were an incredible part of the Carroll Shelby racing history--their creator. Larry had entrusted me with his first two precious acquisitions.
When the banking crisis hit in the late 1980’s I sold my cars to repay some bank loans, opting to close the museum. I dreaded the call to Larry since I enjoyed seeing his sleek roadsters—being only a few steps from my office--where I took periodic lunch breaks. Leverage had become our ally in good times, but our enemy in the bad times. We both survived several economic turndowns, and dealing with reluctant bankers.
Larry and I would have made good business partners since we shared similar values—and some of our business ventures would have fit well. We both had started with an empty shoe box--which we filled tenaciously--proving our worth to the naysayers. Utah in the 1970’s was considered a vast place in the desert--but for Larry it bloomed.
In 1985 Larry acquired the Utah Jazz basketball team. By early 1990 he needed to build a new arena to house his NBA franchise. The arena’s financing was a key issue, and had become an obstacle. Keeping the team in Utah was paramount for Larry. Although he had offers to sell the team, including myself, he decided to take his chances and go it alone. Driven, I knew Larry would figure out how to get the financing--and so he did-- succeeding beyond his dreams he once told me.
Larry loved history--especially automobile history--which sparked his interest in the Mormon Meteor III, the famous race car that was on display at the Utah State Capitol for years, until it was returned to Ab Jenkins’ family in the mid1990’s. Ab had set 94 endurance records on the Bonneville Salt Flats, and still held twelve. Larry had seen the car on his visits to the Capitol as a youth. Now Ab’s son Marvin, having health problems, decided to sell it but insisted it stay in Utah. He had discussed placing it in the Miller Motorsports Park Museum.
A mutual friend introduced me to Marvin, who shared my vision of preserving the Meteor’s racing history. Larry was very gracious on the news that Marvin had decided to place the Meteor in the Price Museum of Speed. Larry told me he believed it was a fitting place for this notable record-setter. I had decided to make a documentary to preserve its racing history—to bring it back to life--and share its dominance at Bonneville with the world. The story would include the Meteor’s return to the Salt Flats on Saturday September 20, 2008.
Marvin had previously restored the Meteor cosmetically, and now oversaw my staff rebuilding the engine to its original condition. I wanted Marvin to take a few laps around the course after its completion. Sadly he died the Tuesday before. During Marvin’s funeral on Saturday we tested the Meteor where many of its records were set. The Jenkins family believed it was fitting to run the Meteor, as planned, in Marvin’s honor. Cruising around the five mile track it felt like Marvin and Ab were guiding me.
Even though Larry’s health was declining he agreed to be interviewed for the documentary. Gail, and Bryan their son, brought Larry in a wheel chair to the museum on October 15, 2008. Larry apologized for being bandaged up and dressed in his “sweats”. He had a smile of optimism--was engaging and lucid—and full of knowledge about the legendary racing machine’s history and accomplishments. Off camera he reflected on our friendship, and our love of roadsters and racers. He left upbeat--giving me a firm hand grip--with a tear in his eye.
Larry began giving back early: donating education facilities, endowing arts organizations, providing student scholarships, financially assisting individuals in need, and giving to many worthy causes that were not main stream. Larry wanted to do much more, but his body wore out. His mind and his heart lasted until the end. He was far too young to be taken from us, with so much left unfinished that he wanted to do for mankind. Larry’s legacy will continue through his family foundation, but his magic touch will be missed. Utah and the nation have lost a great human being—the consummate entrepreneur and Good Samaritan!