Posted on 09/24/2008 1:52:13 PM PDT by Dawn531
Bill Heard Enterprises, which was the 11th largest automotive dealership group in the country in 2007, will close the doors of all its locations today.
Thirteen Chevy dealerships in Alabama, Florida, Georgia, Nevada, Tennessee and Texas will close today... The company — which dubbed itself “Mr. Big Volume” — points to credit problems and the down economy for the closings. After clearing more than $2 billion in revenues in 2007, the group’s CEO, Bill Heard Jr., pointed to customers’ inability to secure loans.
(Excerpt) Read more at blogs.cars.com ...
“Bill Heard Jr., pointed to customers’ inability to secure loans.”
He should have built his business on a higher class of clientell, not irresponsible scumb bags!
He’s a minor player, Hendricks has over 100 agencies.
In the 50s Wayne management had 18 agencies in Los Angeles and Orange Countys alone, not all of them Chevy.
Of course the price of a midsized car costing $30,000 has nothing to do with his business.
Incorrect link.
Ask the Admin Moderator to fix this post to link here: http://blogs.cars.com/kickingtires/2008/09/top-chevy-deale.html
Bill Heard was busted SEVERAL times by the state of Georgia for ripping off customers.
He deserves what he gets!
lol!!
We have a Bill Heard Chevrolet dealer nearby, couldn’t happen to a nicer bunch of people /s
Sounds like mismanagement to me.
He’ll pop up somewhere dealing Kia’s or something.
Loaning money to a 20 year old who makes $10 a hour so they can buy a $30,000 car, with no down, to look cool is asinine.
I have said for years that these car dealers/manufactures make too many cars. They should only keep a few on the lot and if you want anything they don’t have it should be ordered, like the old days you know when folks paid their bills.
If you don’t have the money to pay for it you don’t need it!
Of all the cars i’ve owned in my life including my first one in 1952, a street racing 40 Ford, I paid for in cash.
I was raised to never borrow money for anything except a home and that advice has served me very well.
I even waited until I had the cash to pay for my airplane before I bought it and it cost 3 times what my home did.
But if he was one of the many dealers who's gimmick was to rope in customers with...
“No credit? Bad credit? Doesn't matter. Bankruptcy? Who cares. We finance EVERYONE!”
Then I'm glad he's gone. While I'm only sorta familiar with the sub-prime mortgage mess, I know a great deal about sub-prime automobile loans.
These dealers are predatory. Almost as bad as payday lenders.
We currently employ over 3,700 dedicated professionals who are chosen for treating customers fairly, offering great prices and continuing the history of integrity that has made us the WORLDS LARGEST CHEVY DEALER (verified by Chevrolet Motor Division). Our current goal is $5 Billion in sales!
http://www.billheardchevrolet.com/site/aboutus.aspx
Got no job? We don’t care.
Got a bad credit rating? We don’t care.
Got a prison record? We don’t care.
Don’t expect to pay us? THAT’S when we care!
I also paid cash for my plane but I admit it cost only about what a used car would at the time.
The only time I bought a vehicle on a loan was when I decided to put the money into a savings plan instead, and later paid the loan off early.
Agree that way too much consumer purchase activity involves debt; it simply isn’t a good thing in the long run.
They need to make it like Mexico used to be, no loan under 100% interest.
You either have the money or you don’t need it, including a home.
It’s way past time that the irresponsible that live on credit lost everything they have!
Interesting little article located below that one - the three reasons people decide against buying a car is lack of availability in a color, lack of availability of trim, and nonprofessionalism of staff (code for the salesman is a jerk).
I’ve done at least two of those.
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