what’s going on in seattle?

I don't understand how anybody can think that not paying the floorplan is ever going to work out. When we had Suzuki the floorplan checker had some stories like crates that looked unopened that had big rocks in them so they were heavy. So she had to peel back a little cardboard to make sure there was a bike in there.

 

Have people not figured out, every scam is at-least 100y old?

 

My Aprilia came with 20% off and free install of any accessories at time of purchase. Plus you need the dealer tool to flash/calibrate race ECU. Sale price was competitive so yeah, kind of a no brainer to get it done there.

 

Stand up guy, corners low?

 

They also had "empty crates" with new bikes...it was crazy. (I do miss the old shop in SandyHook).

 

I wonder how that will play out. Because the bikes were collateral for the $2.7m loan, technically when he defaulted, the bike became property of VW Credit, and no longer was the dealership's to sell.

Hopefully they'll do the right thing, but I'm sure there are others that will want to get paid, and unfortunately individual customers have the least legal representation in most bankruptcy proceedings.

 

So you’re saying a motorcycle dealer cheated on his floor plan and used it as a credit line???

I don’t believe it. I’m all shocked and appalled and shit...

 

I'm guessing a lot will depend on if the paperwork for those cash sales, was filed with the state before the bankruptcy filing. Depending on the timeline... this will be messy, either way.

 

For those of us who only bought bikes and know nothing about selling them professionally, what's that floor plan y'all talking about? I can only figure out that it doesn't really mean floor plan.

 

https://en.wikipedia.org/wiki/Retail_floorplan

 

Thanks!

 

Funny thing is that the Mom and Pop dealership I worked for managed to pay for all of the inventory at their Honda car/motorcycle dealership. I previously worked at a Cadillac dealership and remember the weekly visits from GMAC to check on inventory. There was the largest Chevy dealership in Illinois that bounced one floor plan check to GMAC and they immediately descended upon them with a fleet of tow trucks and hauled about 900 cars away.

 

Where was that dealership located in Illinois?

 

I believe it was in Chicago, but it was decades ago.

 

Torco in Chicago owed $21M to Chrysler Credit and those franchises shuddered, in ~2001. It was my understanding they were involved in numerous other dealerships (including GM), so could’ve been them.

https://www.chicagobusiness.com/article/20010908/NEWS04/20003284/selling-car-dealerships-sued

 

Been there, done that.

About 15 years ago a local Chevy dealer lot was cleaned out overnight few months after I quit my service writer position there. There was always fires to put out, I knew their time was short.

Same owner was recently arrested for multiple felony theft by conversion charges running a independent lot out of the same location. Floor planning same cars multiple times and pocketing state taxes. Needless to say, once you steal from the state your time is short.

 

They were trembling with a sudden convulsive movement?

Or perhaps they were shuttered.