Michigan dealer Joe Serra says he has withdrawn his offer for one of the two Bill Heard Enterprises Inc. stores that he had bid for Friday, Oct. 24.
Serra, who told Automotive News he had wanted to buy the two Las Vegas-area stores for several years, still plans to purchase Heards Vista Chevrolet store there. But he is no longer bidding for the other Las Vegas store.
We had some additional information presented to us that made that store less desirable, Serra said.
Buying the second Las Vegas store remains a possibility, he said.
Turnaround consultant Fred Caruso, hired by Heard Enterprises to sell its 14 stores when it declared bankruptcy in Alabama last month, would not say whether the withdrawn bid discouraged him. Caruso also has arranged Texas dealer Tom Durants bid for the store in Plant City, Fla., and Houston dealer Mac Haiks offer for the dealership in Sugar Land, Texas.
Im not expecting any withdrawals on any others, Caruso said.
Heard attorneys said at a court hearing yesterday that Caruso had sales of four additional stores in process.