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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: robert b furman who wrote (10056)	9/24/2008 4:41:38 PM
From: John Pitera	Read Replies (1) \| Respond to of 33421

Hi Bob, Pretty amazing Bill Heard is going under. GMAC just totally pulled their credit for inventory? wow. John ---------------- bizjournals.com Wednesday, September 24, 2008 - 2:10 PM CDT Bill Heard to close all 13 dealershipsMemphis Business Journal Auto dealer Bill Heard Enterprises Inc. will shutter all of its 13 stores on Friday, The Columbus (Ga.) Ledger-Enquirer reported Wednesday. It’s not clear whether the Collierville, Tenn., dealership will be closed or sold. Calls to the dealership were not answered Wednesday. The company began in Columbus in 1919, founded by W.T. Heard Sr. It developed into the country’s biggest Chevrolet dealer for years and runs dealerships in Georgia, Alabama, Florida, Tennessee, Texas and Nevada. But the souring economy brought less demand for new cars and GMAC recently eliminated Bill Heard’s credit for inventory, the paper noted. As MBJ sister paper Atlanta Business Chronicle reported in July 2007, Bill Heard faced a $50 million deceptive advertising lawsuit and was bombarded with a litany of complaints from consumers in the states where it operated. It closed a store in Arizona earlier in September. According to its Web site, Bill Heard sells “around $2.5 billion” worth of vehicles a year and employs more than 3,500.