07-25-2011, 03:34 PM | #1 |
Senior Member
Join Date: May 2010
Posts: 1,497
|
Mission Chrysler in San Antonio closed
http://www.woai.com/news/local/story...9PeuySouA.cspx
I guess the Market is still pretty tough out there. I really hate to see this stuff. |
07-26-2011, 01:02 PM | #2 |
Senior Member
Join Date: Sep 2010
Posts: 171
|
The operating expenses of this store had to be very high when looking at the building and inventory.
It appears he still had a big inventory, so he must have been on finance hold for a good period of time as well. If the trades are not getting paid off, ALLY must have had a rep in the store or was doing the old CCC trick of the joint checking account to make sure the floored vehicles get paid off first. Last edited by rd3311; 07-26-2011 at 01:04 PM. |
08-01-2011, 04:50 PM | #3 | |
Administrator
Join Date: Nov 2007
Posts: 14,869
|
Quote:
I was surprised when I read the report - I thought the worst part of the storm had passed and any dealership that made it this far could survive until the economy fully recovered. Here's a follow-up news report on Mission Chrysler Jeep Dodge - click here It sounds like the owners have filed for a Chapter 11 reorganization and hope to sell the store to a dealer group out of Florida. The report also indicated that Mission Chrysler Jeep Dodge has been sued by their service contract provider demanding $500K for products that were sold but not funded. In my limited experience, Chapter 11 reorganizations rarely work for dealerships - it will be interesting to see if Mission is able to recover or whether they ultimately file for Chapter 7 liquidation. |
|
08-02-2011, 06:41 AM | #4 | ||
Senior Member
Join Date: Sep 2010
Posts: 171
|
Quote:
Corepointe is the new name for the Chrysler Financial remnants that were "not" purchased by TD Financial when they bought Chrysler Financial Services. Good Luck on this one if Corepointe is not paid out in full upfront. |
||
08-02-2011, 12:20 PM | #5 | |
Administrator
Join Date: Nov 2007
Posts: 14,869
|
Quote:
I'd guess CorePointe doesn't prayer they'll be able to get out of this mess without a sizeable loss. |
|
08-23-2011, 04:50 PM | #6 |
Administrator
Join Date: Nov 2007
Posts: 14,869
|
Greenway Auto Group from Florida wants to buy the real estate
A recent report indicates the Greenway Auto Group from Florida is in negotiations to buy the real estate of the former Mission Chrysler in San Antonio, TX. For the full report - click here
It's not clear if the Greenway Auto Group plans to re-open the location as a Chrysler dealership or if they have other intentions for the facility. It's my understanding that the corporation that owns the real estate has filed for Chapter 11 bankruptcy but the dealership has not. The dealership continues to generate complaints from customers who claim their trade vehicles have not been paid-off and their registration/titles have not been processed. It will be interesting to see how this mess gets sorted out. |
08-24-2011, 04:19 AM | #7 | |
Senior Member
Join Date: Sep 2010
Posts: 171
|
Quote:
Greenway Auto has a huge Ford deal on the east side of Orlando, as well as a CDJR store next to the Ford gig. Frankie Rodriguez (Greenway) is also the money man on 3 large Kia stores in the Orlando metro, as well as a large Hyundai store on the westside of town. I would think the issue is how much "Corepointe" says that it is "owed", and what Frankie tells "Corepointe" what the property is now worth to him. Last edited by rd3311; 08-24-2011 at 04:22 AM. |
|
08-24-2011, 10:07 AM | #8 | |
Administrator
Join Date: Nov 2007
Posts: 14,869
|
Quote:
Concerning the negotiations between Mr. Rodriguez and Corepoint, I'm betting that Mr. Rodriguez has the upper hand. There can't be too much demand for an empty Chrysler dealership in San Antonio. As before, it will be interesting to watch how this mess gets sorted out and to see if the facility is re-opened as a Chrysler dealership or switched to another OEM. |
|
09-08-2011, 09:20 AM | #9 |
Administrator
Join Date: Nov 2007
Posts: 14,869
|
Mission Chrysler is back in the news
Here's the latest news report concerning Mission Chrysler - click here
One of the creditors asked the Federal Judge to dismiss Mission's Chapter 11 bankruptcy filing and allow the sale of the property. The judge agreed to dismiss the Chapter 11 filing. (Chapter 11 is a reorganization bankruptcy - I'm guessing the creditors argued that Mission Chrysler does not have a source of capital to reorganize and therefore the filing should be a Chapter 7 bankruptcy.) It will be interesting to see how many of the creditors get paid-off once the property is sold. It appears many customers are hopeful they'll get what's owed to them but I'm betting they're near the end of the line as unsecured creditors. |
09-27-2011, 03:38 PM | #10 | |
Administrator
Join Date: Nov 2007
Posts: 14,869
|
Dealership has reopened and they're addressing prior concerns
Quote:
News reports indicate that the Greenway Auto Group has re-opened and re-named the dealership - the new name is San Antonio Dodge Chrysler Jeep. Here's a link to the report - click here Even more impressive, the report indicates the new owners are addressing the concerns of prior customers - missed payoffs, title and lien issues, license and registration issues, etc. While I'm not sure of the details I can't think of too many instances where the new owners of a dealership take on the liabilities of the former dealership. |
|
09-28-2011, 04:51 AM | #11 | |
Senior Member
Join Date: Sep 2010
Posts: 171
|
Quote:
|
|
09-28-2011, 09:58 AM | #12 | |
Administrator
Join Date: Nov 2007
Posts: 14,869
|
Quote:
Perhaps there's some agreement that was reached during the bankruptcy of the former dealership that sets aside funds for the new dealership to resolve customer problems? There has to be more to the story because I can't imagine a new owner wanting to address the liabilities of the former owner - who knows how deep that hole is? |
|
Thread Tools | |
Display Modes | |
|
|
Similar Threads | ||||
Thread | Thread Starter | Forum | Replies | Last Post |
San Juan Capistrano offers $5 Million incentive to dealership | XDCX | Automotive Discussions | 0 | 11-05-2010 11:29 AM |
Chrysler closed Long Beach C/J | XDCX | Automotive Discussions | 6 | 05-01-2010 12:07 PM |
Another Chrysler Dealer in California has closed | XDCX | Automotive Discussions | 0 | 04-03-2009 01:02 PM |
22 Chrysler Stores have closed in California this year | XDCX | Automotive Discussions | 22 | 02-13-2009 02:56 PM |
Is Sunnyvale Chrysler closed? | XDCX | Automotive Discussions | 0 | 09-10-2008 11:20 AM |