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.
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