Looking back, 2020 was unlike any year in the history of our organization and one of the most challenging years on record. I have now been the CEO longer in COVID than I was before the pandemic. In many ways, chaos has become the norm, and we wake up each day wondering what new challenge will await us. While this environment has been difficult, I am grateful to have become a more resilient leader, and I am grateful for your resilience in not only enduring 2020 but also making it perhaps the most successful year in our organization’s 41-year history.
These events triggered a national response to COVID not yet executed. Almost exactly a year ago, we literally became the eye of the storm as Rudy Gobert tested positive for the coronavirus. The NBA season was postponed, March Madness was cancelled, and movie theatres were shut down across the country. Over the weeks that followed, we saw previously unimaginable restrictions imposed on businesses, schools and communities.
In some of our automotive markets, our stores were shut down or given very strict guidelines to remain open. Megaplex Theatres was shuttered, and Vivint Arena darkened, and none of us knew if there would be a functional supply chain or consumer interest in the products and services we sell.
In those weeks between the end of March and the beginning of April, our leaders stood tall. Dean Fitzpatrick and Miller Automotive Operations (MAO) were steady and deliberate. Our general managers led through the chaos and innovated, and our Sports & Entertainment group controlled the “controllables,” preserved ticket revenue, and preached hope. Prestige Financial and many of our other office environments began working remotely.
Despite these challenges, our Group got to work, and we connected on a whole new level. We began having daily calls with the Miller family, were in constant communication with each of the presidents and our board, and proactively took the painful but critical steps to manage our expense structure while making other difficult decisions.
As April moved to May, we began to find firmer ground, and then a remarkable thing occurred. As financial results were reported, we started to see that we were not only breaking even but were actually achieving levels of profitability that were unforeseen—all due the resiliency and dedication of our incredible employees.
We witnessed that the companies that could pivot quickly and innovate could gain a competitive advantage and could even thrive during these weeks.
As the summer months arrived, we all realized that the impact of COVID-19 would remain longer than anticipated, and we began to settle into a “new normal.” At the same time, George Floyd’s murder sparked social unrest and political division across the country to levels not seen since the 1960s. Emotions were brought to the surface and hard conversations took place around kitchen tables, break rooms, and offices throughout America.
As an organization, we also looked inward and asked ourselves hard questions. We engaged many of our African American employees and leaders and had heartfelt conversations, and listened to feedback about how we could become better, more aware, and create a stronger, more inclusive environment where every employee and customer felt like they belonged.
It became even more obvious that it is in people that we find enduring relationships and our greatest source of pride and happiness. And as we sit here today, after all we have been through, the Larry H. Miller Group of Companies has never been stronger and more united, nor has our future looked brighter! Our culture, commitment to integrity, hard work, sense of stewardship, and desire to serve and lift will enable us to continue to enrich lives.
And while 2020 has taught us that change is the only constant and that we may not be able to foresee what lies ahead, we can take comfort that our collective Group, you and I, will be able to rise to the occasion when we are confronted with obstacles and challenges.
Because we just proved that we can.