Former automobile dealer Russ Darrow III has filed for personal bankruptcy protection after setbacks two years ago with dealerships in Illinois, North Carolina and Georgia.
Darrow made the filing Tuesday, Feb. 23, in U.S. Bankruptcy Court in Milwaukee, according to the Milwaukee Journal Sentinel. The report says court documents list his assets as $1 million to $10 million and liabilities as $100 million to $500 million.
Darrow is not associated with Russ Darrow Group Inc., of Menomonee Falls, Wis., said a spokeswoman for that company who declined further comment.
His father, Russell Darrow Jr., is CEO of Russ Darrow Group, the 101st-largest dealership group in the United States based on 2008 new-vehicle retail sales.
The acquisition-driven younger Darrow had expanded his operations in fast-growing Southern markets and elsewhere after he broke away from his family's auto dealer business in 2006.
He had acquired import brand dealerships, including Nissan and Suzuki; a Chrysler dealership in Kingston, N.C.; and a Mazda store in Naperville, Ill., according to the Business Journal of Milwaukee.
He later bought Toyota of Augusta (Ga.).
He also owned the rights to dealerships for two brands in the Orlando area.
On March 9, 2009, his Darrow Automotive Group Inc., of Waukesha, Wis., was involuntarily liquidated under Chapter 7 in the U.S. Bankruptcy Court in Milwaukee. The company listed liabilities of $29.3 million.
Neither Darrow nor his attorney, Leonard Leverson, could be reached.
Darrow was the heir apparent to the well-known automotive group his father founded.
In 2006, according to the Business Journal, he sold his stake in his father's company, then the second-largest dealership group in the Milwaukee area, with $450 million in sales.