Audiphile
May 16th, 2009, 23:33
I am very surprised to see this news. Champion Motors in Coral Springs, Florida (USA) is one the biggest and most prestigous Audi and Porsche dealers in the US. Strange in that Audi is doing better than their competitors and sales have been holding up. On the other hand, Champion is the biggest Porsche dealer in the US and Porsche sales have tanked probably dragging the Audi part of it with it.
Indirectly, this must be embarrasing to Audi of America and even Audi AG as Champion is one the top Audi privateer racing teams. Somewhat of PR problem for Audi relative to its competitors.
Here is the article:
Friday, May 8, 2009 | Modified: Tuesday, May 12, 2009
Champion Motors files Chapter 11
South Florida Business Journal - by Paul Brinkmann (http://www.bizjournals.com/search/results.html?Ntt=%22Paul%20Brinkmann%22&Ntk=All&Ntx=mode matchallpartial)
Pompano Beach-based Champion Motors (http://www.bizjournals.com/southflorida/gen/Champion_Motors_3B2EBEC2FF47423290E381716CFAF650.h tml) has filed for Chapter 11 bankruptcy protection.
The bankruptcy only affects the Porsche and Audi car dealership division of the company, which has two locations in Pompano Beach. It represents one of the largest Porsche dealerships in the world. The bankruptcy does not affect two related companies – the well-known Champion Racing sponsorship company and Champion Motorsports (http://www.bizjournals.com/southflorida/related_content.html?topic=Champion%20Motorsports) , which makes high-performance wheels.
In a filing Thursday with the U.S. Bankruptcy Court for the Southern District of Florida, Champion Motors said it has between $10 million and $50 million in debt and a similar range for assets.
The bankruptcy petition is filed under the name Copans Motors (http://www.bizjournals.com/southflorida/related_content.html?topic=Copans%20Motors), doing business as Champion Motors, at 500 W. Copans Road.
“Economic times have created a slowdown,” said Bart Houston, bankruptcy attorney with Genovese Joblove & Battista (http://www.bizjournals.com/southflorida/gen/Genovese_Joblove_&_Battista_C49DD0158F2441039E4C5BCDE16764F0.html) in Fort Lauderdale. “We’re continuing to negotiate with our primary lender, Volkswagen Credit Inc. (http://www.bizjournals.com/southflorida/gen/Volkswagen_Credit_Inc._34547B177B33400A81D689540D7 33193.html)”
Houston said the racing sponsorship division continues to sponsor races, although Audi has cut back funding for sponsorships.
General Manager Michael A. Sciple signed the filing. A list of equity security holders filed with the petition said Devindar Maraj owns 100 percent of stock.
Volkswagen Credit’s claim is not listed in the bankruptcy filings yet; its loans are secured by cars and property, Houston said.
A list of unsecured creditors said the largest unsecured claim is Porsche Cars North America (http://www.bizjournals.com/southflorida/gen/Porsche_Cars_North_America_1CD06202AC55438EB581A10 84E949BD5.html) of Atlanta, with a claim of $153,608. Other creditors include South Dade Automotive of Miami, with a claim of $15,990, and Auto Salon 2000, with a claim of $7,800.
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Indirectly, this must be embarrasing to Audi of America and even Audi AG as Champion is one the top Audi privateer racing teams. Somewhat of PR problem for Audi relative to its competitors.
Here is the article:
Friday, May 8, 2009 | Modified: Tuesday, May 12, 2009
Champion Motors files Chapter 11
South Florida Business Journal - by Paul Brinkmann (http://www.bizjournals.com/search/results.html?Ntt=%22Paul%20Brinkmann%22&Ntk=All&Ntx=mode matchallpartial)
Pompano Beach-based Champion Motors (http://www.bizjournals.com/southflorida/gen/Champion_Motors_3B2EBEC2FF47423290E381716CFAF650.h tml) has filed for Chapter 11 bankruptcy protection.
The bankruptcy only affects the Porsche and Audi car dealership division of the company, which has two locations in Pompano Beach. It represents one of the largest Porsche dealerships in the world. The bankruptcy does not affect two related companies – the well-known Champion Racing sponsorship company and Champion Motorsports (http://www.bizjournals.com/southflorida/related_content.html?topic=Champion%20Motorsports) , which makes high-performance wheels.
In a filing Thursday with the U.S. Bankruptcy Court for the Southern District of Florida, Champion Motors said it has between $10 million and $50 million in debt and a similar range for assets.
The bankruptcy petition is filed under the name Copans Motors (http://www.bizjournals.com/southflorida/related_content.html?topic=Copans%20Motors), doing business as Champion Motors, at 500 W. Copans Road.
“Economic times have created a slowdown,” said Bart Houston, bankruptcy attorney with Genovese Joblove & Battista (http://www.bizjournals.com/southflorida/gen/Genovese_Joblove_&_Battista_C49DD0158F2441039E4C5BCDE16764F0.html) in Fort Lauderdale. “We’re continuing to negotiate with our primary lender, Volkswagen Credit Inc. (http://www.bizjournals.com/southflorida/gen/Volkswagen_Credit_Inc._34547B177B33400A81D689540D7 33193.html)”
Houston said the racing sponsorship division continues to sponsor races, although Audi has cut back funding for sponsorships.
General Manager Michael A. Sciple signed the filing. A list of equity security holders filed with the petition said Devindar Maraj owns 100 percent of stock.
Volkswagen Credit’s claim is not listed in the bankruptcy filings yet; its loans are secured by cars and property, Houston said.
A list of unsecured creditors said the largest unsecured claim is Porsche Cars North America (http://www.bizjournals.com/southflorida/gen/Porsche_Cars_North_America_1CD06202AC55438EB581A10 84E949BD5.html) of Atlanta, with a claim of $153,608. Other creditors include South Dade Automotive of Miami, with a claim of $15,990, and Auto Salon 2000, with a claim of $7,800.
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