An auction today has named Carl Black Auto Group, of Georgia, and Ed Bozarth, owner of four dealerships in Kansas and Colorado, as buyers of two more Bill Heard Enterprises Inc. stores, turnaround consultant Fred Caruso says.
And Tennessee dealer Robert Berkheimer has filed a bid for the bankrupt Heard Enterprises store in Collierville, Tenn., leaving three stores up for grabs.
Bozarth -- whose dealerships sell Buick, Saturn, Pontiac and Chevrolet brands -- outbid Michigan-based dealer Joe Serra for Heard Enterprises Vista Chevrolet store in Las Vegas. Bozarth offered $5.7 million for the operation, plus the cost of vehicle and parts inventory. He outbid Serra by $3.5 million. Under the offer, Bozarth will assume the buildings lease.
Carl Black Auto Groups initial offer to buy the Kennesaw, Ga., stores good-condition inventory, along with paying $50,000 for the dealerships records, did not receive any competing bids. Black plans to sell the vehicles at his Kennesaw store, which sells Buick, Pontiac and GMC brands, Caruso said.
Berkheimers offer of $10.7 million for the Collierville store must stand up to any competing bids at an auction Nov. 19. Berkheimer owns three Sunrise Auto Group dealerships in Tennessee, including one store in Collierville. The stores sell GMC, Buick, Pontiac and Hummer vehicles.
Heard Enterprises 14 Chevrolet stores closed Sept. 24. The company declared bankruptcy four days later.