Miller Industries, Inc.

Overview

- **How the company got here** Miller Industries was founded in 1990 by William G. Miller, who had a background in the automotive service industry. The company began by acquiring several underperforming manufacturers of towing and recovery equipment, including Holmes, Century, and Challenger. Over the years, Miller Industries has grown both organically and through further acquisitions, expanding its product lines and its global reach. It became a publicly traded company in 1994, listing on the New York Stock Exchange. - **What it actually does** Miller Industries designs and manufactures specialized equipment used for towing and recovering vehicles. They produce the bodies of tow trucks (wreckers) and car carriers, which are then installed on chassis (the base frame and engine of a truck) made by other companies. These products are sold under a variety of well-known brands in the towing industry. - **Miller Industries Towing Equipment** This is the core business of Miller Industries, making up the vast majority of its operations. They produce a wide range of towing and recovery vehicles, from light-duty tow trucks used for smaller cars to heavy-duty wreckers and large recovery vehicles capable of lifting very heavy loads. This segment also includes specialized car carriers, which are flat-bed trucks designed to safely transport vehicles, and transport trailers for moving multiple cars at once, often used by car dealerships or auctions. The company sells these products through a network of independent distributors across North America and internationally. - **What management is betting on now** Miller Industries' management is focused on several key priorities to drive future success. They aim to increase their manufacturing capacity and capabilities to meet demand and improve the quality of their products. The company is also looking to grow its market share, explore new potential markets, and develop innovative new products to create new business opportunities. Additionally, management emphasizes the importance of staying attuned to customer needs and maintaining high quality in their product construction and design.