Sep 28th, 2008 by RJ Menezes
Hows that song go? “Another one bites the dust….” Yup, yet another General Motors franchise dealership is closing it’s doors for good. This time though, it the biggest one of them all.
The world’s largest Chevrolet Dealer, Bill Heard Enterprises, has gone out of business. The company said in a recent statement that it is closing the doors at its 13 stores today. The combination of high fuel prices, canceled floorplanning from GMAC Financial Services, a reliance on sales of pickups and SUVs, a soft national economy and struggles in local markets had already been troubling the company, which on Sept. 12 closed its store in Scottsdale, Ariz.
“The company had worked to develop and implement a strategy and a course of action that would enable it to operate successfully,” the company statement said. “However, the conditions necessary to sustain the business through the current challenges were not present.”
In the end, Bill Heard Enterprises could not raise operating capital and did not secure floorplan financing needed to stay open. The closings will affect about 2,700 employees at stores in Alabama, Florida, Georgia, Nevada, Tennessee and Texas.
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