03-30-2009, 11:28 AM
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#61 | |
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Quote:
 I was wondering of there was more to the story. It's too bad that VW is putting pressure on the dealer to build a bigger facility. |
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04-08-2009, 06:33 AM
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#62 |
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Senior Member
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Posts: 854
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04-08-2009, 09:13 AM
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#63 | |
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Quote:
I wonder what the final figure will be? I doubt that it will be in the $40 Million range because a large chunk of that has to be collateralized inventory. How much unsecured debt could a dealer of his size amass before the operation collapses? Regardless, the number is going to be big and a lot of vendors/employees will be hurt.  Concerning the second auction of the Chrysler/Jeep/Dodge franchise - I wonder what they think of their President Obama strategy now? |
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04-09-2009, 09:56 PM
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#64 |
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Administrator
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They finally got a bid - $40K for CJD Franchise
Well, if at first you don't succeed, try, try again......
The latest news reports indicate that Mr. Carl Gregory was the lone bidder for Prebul's CJD franchise with a bid of $40K. Here's a link to the news report - http://timesfreepress.com/news/2009/.../?breakingnews The report indicates that Mr. Gregory owns other dealerships but it does not specify if any of them are Chrysler franchises. |
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04-13-2009, 11:00 AM
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#65 |
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Senior Member
Join Date: Feb 2008
Posts: 854
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yes, he is big in the southeast. he has several cdj stores...
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04-13-2009, 05:46 PM
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#66 | |
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Administrator
Join Date: Nov 2007
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Quote:
I read one report which indicated that transfer of the franchise is subject to Chrysler's approval. To the extent that Auburn Hills is still talking about "Project Genesis" I wonder if they want to keep the point alive? I imaging Chrysler had the ability to terminate the Dealer Code when CF pulled their flooring. If the Dealer Code has been terminated I wonder if Prebul's creditors would still have a claim to the point? |
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05-08-2009, 01:36 PM
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#67 |
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Senior Member
Join Date: Feb 2008
Posts: 854
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Grand Jury In New York Indicts Auto Dealer Joe Prebul
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05-08-2009, 05:27 PM
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#68 | |
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Join Date: Nov 2007
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Quote:
Concerning the bidder who paid $40K "Blue Sky" for Prebul's old CJD location, do you think NEWCO will even keep that point open? |
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05-11-2009, 06:49 AM
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#69 |
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Senior Member
Join Date: Feb 2008
Posts: 854
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I have talked to Chrysler about it, they say they want to be in that market, but who knows what effect the bk has on that blue sky purchase...
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03-08-2010, 05:25 AM
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#70 |
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03-08-2010, 10:54 AM
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#71 | |
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Join Date: Nov 2007
Posts: 7,875
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Quote:
While I don't know all the facts it seems like a 12 month sentence for stealing almost $7 Million is pretty light. It was also interesting to hear that he had been working as a Sales Manager at a local Lexus dealership. |
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03-08-2010, 11:42 AM
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#72 | |
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Quote:
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03-08-2010, 02:34 PM
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#73 | |
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Administrator
Join Date: Nov 2007
Posts: 7,875
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Quote:
There was a mega-dealer in the Denver area that closed down and I read the former dealer ended up moving to Arizona to find employment. In his case he had a number of customers with trade liens that were never paid - it would have been ugly if he were working anywhere near his old location. |
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