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- Warren Buffett's upgrade of his trusty Cadillac in 2014 was a whole saga.
- It involved his daughter, a $122,000 auction, a police stop, and GM CEO Mary Barra.
- Here's the story of the investor's memorable car purchase.
Trading in a banger for a shiny new car is always exciting. But it's hard to top Warren Buffett, whose upgrade saga involved a frontwoman, a free hat, a $122,000 charity auction, a police stop, and GM CEO Mary Barra.
Buffett, who's driven a Cadillac for decades, only decided to replace his 2006 model after Barra visited him in his hometown of Omaha in May 2014.
The investor's Berkshire Hathaway had invested in GM in 2012. The conglomerate went on to build a 5% stake worth over $4 billion at its peak, but exited the position in the third quarter of 2023.
Barra told Buffett about all the new features he could get in a new car, and the investor was sold.
A Cadillac and a matching hat
The Berkshire CEO dispatched his daughter, Susie Buffett, to scope out a local Cadillac dealer. The saleswoman didn't know the car was for Warren Buffett until after the sale was made.
After enquiring about the driver's habits and lifestyle, the saleswoman steered her toward buying the roomier XTS, instead of the CTS that Barra had recommended. GM shared the story on its now-defunct FastLane blog; an archived copy can be accessed via the Wayback Machine here.
The auto giant also published a blog post sharing the point of view of the saleswoman, Madison Willers. She'd assumed Buffett's daughter was a secret shopper there to test her product knowledge, and was thrilled when she returned and revealed her father was the mystery buyer.
"Mr. Buffett requested that I personally deliver his XTS so that he could say hello after all the time that had passed," she continued.
Willers said she was "thrilled and humbled" that Buffett remembered her, and she'd "always been impressed by his kindness and humility."
When Willers dropped off the car, she brought a Cadillac hat to give the billionaire.
"He seemed just as excited about the hat as he was about the car, and I think that tells you all that you need to know about his personality," she joked.
Buffett's thank you letter
Buffett was so pleased by the whole experience that he penned a letter to Barra praising Willers for doing a "terrific job." He included a photo of him and Willers standing next to his new vehicle.
"Susie said that her dad's 'car-guy friend' (that's you) said he should buy a CTS, but Madison, then 23, said the XTS would be more appropriate," Buffett wrote to Barra.
"I think that reflects an evaluation on her part that from Susie's description I must be hopelessly over-the-hill (a unanimous view among my family.)"
"So I can now offer you a ride in a 2014 Cadillac the next time you visit," he added.
Saved by a signature
Buffett gifted his old Caddy to Girls Inc. of Omaha, one of his favorite charities. He autographed the vehicle, and Girls Inc. auctioned it off in February 2015. The winning bid exceeded $122,000, more than 10 times the car's market value.
The investing icon told the story at Berkshire's annual shareholder meeting in 2017. He revealed the auction winner traveled to Omaha to collect the car and the keys from him, then started driving back to New York without license plates.
He was pulled over by the police in Illinois, and tried to explain the situation, Buffett recalled.
"And the cops were quite skeptical," he said. "But fortunately, I'd signed the dashboard for him as part of the deal, so they looked at that. And then they just said, 'Well, did he give you any stock tips?' And they let him go."
Buffett described the car's new owner as a "very nice guy."
"And, you know, his check cleared," he quipped. "So we were fine."
from All Content from Business Insider https://www.businessinsider.com/warren-buffett-cadillac-car-upgrade-gm-barra-berkshire-hathaway-police-2024-3
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