COLUMBUS, Ga. — The auto industry is continuing to feel the backlash from a sagging economy as Bill Heard Enterprises, Inc., the largest U.S. Chevrolet auto dealership, filed for bankruptcy protection, closed 14 showrooms and fired most of its 3,200 employees.

Bill Heard was the eighth U.S. car dealer to seek bankruptcy protection this year, according to court filings. Bill Heard had dealerships in Alabama, Florida, Nevada, Tennessee, Texas and Georgia.

For credit unions in these states that had a relationship with the dealership, Bill Meyer, communications coordinator for CUDL, said that when a large dealership in a credit union's area closes the credit union needs to do their due diligence with the dealership when it comes to all loan paperwork, including title follow up.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.