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Old 06-22-2012, 12:26 PM   #16
XDCX
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Originally Posted by CL Pgh View Post
http://www.autoblog.com/2012/06/21/w...nda-crosstour/

Explanation for money was... AIRLINE stocks. Is this an episode of Dumb & Dumber!? $4000 a day... 7 days a week... for SEVEN years.

As I understand it... the CFO still has his job and the replacement hire for this woman is from the accounting company that handles the Baierl stores.
Wow, so she made her fortune by investing in airline stocks. Given that almost all of the U.S. airlines have filed Chapter 11 in the past seven years that's quite an accomplishment.

I love the $4,000 per day, seven days a week, for seven years comment. How is it possible someone could steal that much money for so long and never get caught?

Concerning her replacement, it makes me wonder what the Dealer is thinking. The only way that hire would make sense to me is if the Dealer is looking for an insider at the accounting firm who can provide him with information that would allow him to file a malpractice suit.
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Old 06-23-2012, 08:28 AM   #17
79LilRedExpress
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I wonder how his insurance company feels about this whole mess... As I see it THEY are the ones who will have to pay out.

With the exception of a few deductibles, the dealer is most likely going to be made whole by the insurance company.

Maybe that is why he made the comments about it hasn't really affected his business.
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Old 06-26-2012, 12:57 PM   #18
chevymike30
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Originally Posted by steve_biegler View Post
Trust........It will get you every time!
aint that the truth
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Old 06-26-2012, 01:05 PM   #19
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Originally Posted by chevymike30 View Post
aint that the truth
Welcome to the Forum
Lots of great people here...Jump right in!
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Old 06-26-2012, 05:31 PM   #20
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Originally Posted by chevymike30 View Post
aint that the truth
Quote:
Originally Posted by steve_biegler View Post
Welcome to the Forum
Lots of great people here...Jump right in!
chevymike30 - First post - Welcome to DealershipForum.

Concerning steve's comment about trust, sadly it does ring true. I remember when I first started in the car business I wondered why so many of the older dealers were skeptical and suspicious. Over the years I've witnessed a lot of dealers get burned because they trusted an employee, their OEM, their flooring source, etc. and I can understand why some dealers have grown less trusting with time.
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Old 07-02-2012, 03:30 PM   #21
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Originally Posted by 79LilRedExpress View Post
I wonder how his insurance company feels about this whole mess... As I see it THEY are the ones who will have to pay out.

With the exception of a few deductibles, the dealer is most likely going to be made whole by the insurance company.

Maybe that is why he made the comments about it hasn't really affected his business.
I meant to respond to this post when you first made it but I got bogged down with other matters.

You raise an excellent point that I don't think I've seen mentioned anywhere else - Will the dealer be able to recoup his losses because of the fraud protection his insurance company provides?

Do the insurance companies place limitations on their exposure if the fraud is the result of employee embezzlement? Would an insurance company contend that their exposure is limited to a certain time frame - no more than two years prior to the date the claim is filed as an example?
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