Bill Heard Chevrolet files Chapter 11, owes $229 million
October 2, 2008 by tsikot · Comments Off
Filed under: Car Buying, Chevrolet, GM
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]
Read | Permalink | Email this | Comments
Corvettes back in ALMS in 2009 with GT1 and GT2 programs
September 10, 2008 by tsikot · Comments Off
Filed under: Motorsports, Chevrolet
As the 2008 American Le Mans Series season winds down with only two races left, teams are starting to make announcements about the 2009 season. One of the question marks over the last several years has been the future of the Corvette Racing program. With no really competition to speak of, one has to wonder why GM stays in the GT1 ranks. This year, they switched fuels and now run on cellulosic ethanol. Today, the team announced that 2009 will be a transition season as the GT1 C6Rs continue in limited competition. The GT1 cars will run at Sebring and Long Beach before going for a sixth class victory at Le Mans. After Le Mans, a new GT2 Corvette will debut running the rest of the season in preparation for 2010. New international GT class rules take effect in 2010 and are closer to current GT2 rules.
The new C6R will be based on the body and chassis of the ZR1 and cars will be run by the factory team, as well as being available to independent teams. A 6.0-liter version of the LS7.R from the GT1 car will be used in GT2 competition next year, while the 2010 car gets a new 5.5-liter version of the production engine. Like the current GT1 car, the new GT will keep running on cellulosic E85.
Gallery: Detroit Sports Car Challenge 08
[Source: American Le Mans Series]
Photos Copyright (C)2008 Sam Abuelsamid / Weblogs, Inc.
Permalink | Email this | Comments
NASCAR Nationwide Series begins testing new race cars
September 9, 2008 by tsikot · Comments Off
Filed under: Motorsports, Chevrolet, Dodge, Ford, Toyota
Holy Schnikeys! Check it out, a NASCAR race car that actually bears a passing resemblance to the production car it pretends to be. Just like its big brother series, the NASCAR Sprint Cup, the newly minted Nationwide Series (formerly known as the Busch Series) is getting its own Car of Tomorrow for the 2009 season. The Nationwide Series cars, as you can see in our gallery below, will use more than just stickers to convince fans they’re looking at a Dodge, Ford, Chevy or Toyota. The new cars, which will now share a 110-inch wheelbase with the Sprint Cup cars, actually have some definition in their shapes. Unlike the Sprint Cup cars, however, they’ll continue to use rear spoilers instead of large rear wings. Based on the pics below, it appears that Dodge will be campaigning Challengers, Ford will use either the Taurus or Fusion, Toyota the Camry, and Chevy’s choice is still unknown.
The Nationwide Series just finished its first day of testing the new cars yesterday at Richmond International Raceway and have rolled them out again for a short test today. Drivers and team owners appear to be enthusiastic about the new cars. That’s a markedly different reaction than NASCAR got when it debuted the Car of Tomorrow in the Spring Cup Series, which was largely derided by drivers at the outset.
[Source: NASCAR]
Continue reading NASCAR Nationwide Series begins testing new race cars
Permalink | Email this | Comments
NASCAR Nationwide Series begins testing new race cars
September 9, 2008 by tsikot · Comments Off
Filed under: Motorsports, Chevrolet, Dodge, Ford, Toyota
Holy Schnikeys! Check it out, a NASCAR race car that actually bears a passing resemblance to the production car it pretends to be. Just like its big brother series, the NASCAR Sprint Cup, the newly minted Nationwide Series (formerly known as the Busch Series) is getting its own Car of Tomorrow for the 2009 season. The Nationwide Series cars, as you can see in our gallery below, will use more than just stickers to convince fans they’re looking at a Dodge, Ford, Chevy or Toyota. The new cars, which will now share a 110-inch wheelbase with the Sprint Cup cars, actually have some definition in their shapes. Unlike the Sprint Cup cars, however, they’ll continue to use rear spoilers instead of large rear wings. Based on the pics below, it appears that Dodge will be campaigning Challengers, Ford will use either the Taurus or Fusion, Toyota the Camry, and Chevy’s choice is still unknown.
The Nationwide Series just finished its first day of testing the new cars yesterday at Richmond International Raceway and have rolled them out again for a short test today. Drivers and team owners appear to be enthusiastic about the new cars. That’s a markedly different reaction than NASCAR got when it debuted the Car of Tomorrow in the Spring Cup Series, which was largely derided by drivers at the outset.
[Source: NASCAR]
Continue reading NASCAR Nationwide Series begins testing new race cars
Permalink | Email this | Comments
NASCAR Nationwide Series begins testing new race cars
September 9, 2008 by tsikot · Comments Off
Filed under: Motorsports, Chevrolet, Dodge, Ford, Toyota
Holy Schnikeys! Check it out, a NASCAR race car that actually bears a passing resemblance to the production car it pretends to be. Just like its big brother series, the NASCAR Sprint Cup, the newly minted Nationwide Series (formerly known as the Busch Series) is getting its own Car of Tomorrow for the 2009 season. The Nationwide Series cars, as you can see in our gallery below, will use more than just stickers to convince fans they’re looking at a Dodge, Ford, Chevy or Toyota. The new cars, which will now share a 110-inch wheelbase with the Sprint Cup cars, actually have some definition in their shapes. Unlike the Sprint Cup cars, however, they’ll continue to use rear spoilers instead of large rear wings. Based on the pics below, it appears that Dodge will be campaigning Challengers, Ford will use either the Taurus or Fusion, Toyota the Camry, and Chevy’s choice is still unknown.
The Nationwide Series just finished its first day of testing the new cars yesterday at Richmond International Raceway and have rolled them out again for a short test today. Drivers and team owners appear to be enthusiastic about the new cars. That’s a markedly different reaction than NASCAR got when it debuted the Car of Tomorrow in the Spring Cup Series, which was largely derided by drivers at the outset.
[Source: NASCAR]
Continue reading NASCAR Nationwide Series begins testing new race cars
Permalink | Email this | Comments
