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Bill Heard Move Signals Sale Of Dealerships

Tribune photo by JIM REED

Bill Heard Chevrolet located in Plant City is one of several Heard dealerships closing.

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By RICHARD MULLINS

The Tampa Tribune

Published: October 4, 2008

TAMPA - The Bill Heard chain of Chevrolet dealerships could be sold one by one, or in a bunch.

The Columbus, Ga.-based Bill Heard Enterprises Inc. car dealer has hired a Chicago restructuring firm, Development Specialists Inc., to examine and possibly sell each of its 14 locations in Georgia, Florida, Alabama, Arizona, Texas and Tennessee.

That includes its 40-acre location in Plant City, which shut down two weeks ago.

Perhaps some, or all, of the dealerships can be sold as a "turn key" operation and some of the employees kept on staff, said Fred C. Caruso, vice president and chief operating officer of DSI, a firm focused on corporate finance, turnarounds, litigation and accounting.

By hiring DSI, the company signals that it is considering a piecemeal sale to other dealerships rather than a restructuring of its finances to reduce debts.

In an e-mail, Caruso wrote that the dealership is not commenting on the bankruptcy process, "except the availability of each of its dealerships for purchase."

At one time, Bill Heard Enterprises boasted the slogan, "Mr. Big Volume," with the most Chevrolets sold by any dealer. In the 1990s, the 13 Bill Heard dealers sold 30,000 Chevrolets a year. The dealership chain employs about 2,700 people nationwide.

On Sept. 29, the company filed for Chapter 11 bankruptcy protection, citing a sharp downturn in vehicle sales and losses that topped $5 million a month.

Auto sales overall are down 27 percent in the United States compared with last year.

Reporter Richard Mullins can be reached at rmullins@tampatrib.com or (813) 259-7919.

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