WARNER ROBINS – Eddie Wiggins, owner of the Eddie Wiggins Buick, Pontiac, GMC dealership, said Tuesday evening that he could not comment on speculation he may file for Chapter 11 bankruptcy, but he said he may be able to say more by lunchtime today.
“Business is tough. GM and GMAC got bailouts, but so far the dealers haven’t gotten anything,” Wiggins said. “We’re still trying to set up where we can sell a few cars and try to protect my employees.”
Wiggins, who has been in the business 40 years, said new car sales have been off about 50 percent this year.
“Our parts and service business is good because people are trying to hold on to their cars longer. But sales are hurting,” he said. “The bigger dealers can hold on in this economy, but for us smaller ones any interruption of cash flow hurts, and there hasn’t been much flow the last 90 days.”
With Chapter 11 bankruptcies, the business owner in most instances retains control of the business’ operations but is subject to oversight and jurisdiction of the federal bankruptcy court. The court has the option of granting complete or partial relief from debts.