Geoff Gannon April 10, 2020

Miller Industries: A Pretty Good, But Very Cyclical Business that Sells its Car Wreckers and Car Carriers Through a Loyal Distributor Base

Miller Industries (MLR) has a lot of things to like about it. But, the timing of buying this stock now definitely isn’t one of them. Miller is in a very cyclical, highly durable capital good industry – it produces “car wreckers” and “car carriers” – that depends heavily on business confidence and especially access to capital. It is very easy to defer the purchase of a new wrecker or carrier. And it is very hard – impossible, really – to sell wreckers or carriers without...

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