Bill Heard Chevrolet, which had been the largest Chevy dealer in the world by volume, filed for Chapter 11 bankruptcy protection this week after closing down all of its 13 stores last week, and the tale of financial ruin is surprisingly bad. The dealer conglomerate owes $229 million to GMAC financing, BMW financing, and JP Morgan Chase, but with the Chapter 11 filing, much of the money owed will likely never see the light of day.

Bill Heard Chevrolet was the self-proclaimed "Mr. Big Volume" car shopping superstore that pushed Motown metal out its showroom doors even for customers with bad credit. The Georgia-based dealer seems to have had as many enemies as it had vehicle sales, and the state of Georgia just last month accused it of misleading business practices and forging signatures. The over 2,000 employees at the 14 dealerships are also considering a class action wrongful termination lawsuit that stems from the abrupt conclusion of their employment. Bill Heard Chevrolet was losing between $2 and $5 million dollars per month since mid-2007, and with woeful sales across the U.S., we're guessing it won't be the last dealership conglomerate to end abruptly. Thanks for the tip, Rahim!

[Source: Forbes]

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