Getting selected value of a combobox

You are getting NullReferenceExeption because of you are using the cmb.SelectedValue which is null. the comboBox doesn't know what is the value of your custom class ComboboxItem, so either do:

ComboboxItem selectedCar = (ComboboxItem)comboBox2.SelectedItem;
int selecteVal = Convert.ToInt32(selectedCar.Value);

Or better of is use data binding like:

ComboboxItem item1 = new ComboboxItem();
item1.Text = "test";
item1.Value = "123";

ComboboxItem item2 = new ComboboxItem();
item2.Text = "test2";
item2.Value = "456";

List<ComboboxItem> items = new List<ComboboxItem> { item1, item2 };

this.comboBox1.DisplayMember = "Text";
this.comboBox1.ValueMember = "Value";
this.comboBox1.DataSource = items;

Try this:

private void comboBox1_SelectedIndexChanged(object sender, EventArgs e)
{
    ComboBox cmb = (ComboBox)sender;
    int selectedIndex = cmb.SelectedIndex;
    int selectedValue = (int)cmb.SelectedValue;

    ComboboxItem selectedCar = (ComboboxItem)cmb.SelectedItem;
    MessageBox.Show(String.Format("Index: [{0}] CarName={1}; Value={2}", selectedIndex, selectedCar.Text, selecteVal));        
}