You think times are tough when the local Chevrolet dealer can't get credit from GMAC? You KNOW they're tough when he's the BIGGEST Chevy dealer in the country and has (or had) stores in Georgia, Florida, Alabama, Nevada, Arizona, Texas and Tennessee!
We got the news today, oh boy. It wasn't out of the blue, because a local front-page story reported them being denied credit by GMAC earlier this month. This was after a number of reports of them being fined big-time for deceptive bidness practices in several states. Earlier this month, Bill Heard, Jr., owner of Bill Heard Enterprises, had told the Columbus Ledger-Enquirer that the recent crack-down on the "Mexicans" had so disrupted his business in Arizona that he had to close a new flagship store there. Damn Mesicans, cain't live with 'em, cain't live without 'em! (By the way, it is a rare business-person that can take responsibility for failing.)
Seems that homes aren't the only thing sold under shaky credit requirements. Here in Columbus/Fort Benning, Georgia there are 10's of thousands of soldiers and their families that contribute mightily to our local economy. Selling credit to these young folks is almost(or more)lucrative as selling cars, jewelry and homes. Comments on the Ledger's website lean heavily toward schadefreude/karma because of the notoriously sleazy tactics of the Finance&Insurance practices there.
This is big, bad news for locals because this dealership, started in 1919, had grown to be one of the largest Chevy sources in the country due to expansion into seven states with revenues of over $2 billion. This puts 360 local jobs into limbo (2700 nationally)until a buyer can be found. Heard has also been a notable contributor to our cultural institutions, so the pyschological impact here is profound. The thought that a guy living in a $13 million mansion can be treated like any other "dirtbag" has got to be sobering to those who idolize the wealthy.
I'm thinkin' this ain't gonna help McCain 'round these parts.