I just got a phone call tell me to google Champion Porsche chapter 11 .So I did . On friday they filed for Chapter 11 . Crazy ! I wonder what's goning to happen .

 

Champion Motors files Chapter 11

South Florida Business Journal - by Paul Brinkmann

Pompano Beach-based Champion Motors has filed for Chapter 11 bankruptcy protection.

The bankruptcy only affects the Porshe 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, 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, 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 in Fort Lauderdale. “We’re continuing to negotiate with our primary lender, Volkswagen Credit Inc.”

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 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.

 

Pretty shocking. I bought many cars there

 

I'm hoping this means they need some time to work out financing with creditors, not that they plan to shut it down. Motorsport Div unaffected. Great place, great people, great cars. Hope they can swing through this.

 

Based on my experience trying to buy a 996TT from them in 03 I'm not at all surprised. The guy I met sucked. He basically let me come down and test drive a car when I was in FL from IN, make me stand around for 1/2 hour as he chatted to other people (not buyers), and then let me walk off the lot, go straight back to Indy and buy a car there. Totally bizarre.

 

Sad to see this, they are good guys. Back in 1999 when nobody could get me a 996 in Houston, Champion came through for me. I wish Paul Householder and the rest of the guys well.

 

I bought four out of my seven cars from them and when David retired I felt sad to see him leave .

Over the years the climate in South Florida sales changed . Maybe the dealership became so accustomed to seeing people pay near MSRP prices . Maybe the car itself priced itself out of the market --especially the 997.2 with all those options adding up.

Champion has been very fair to me . I was recently disappointed that the salesman who sold me my car did not recognize me though .

I will say this to ANY dealership and i hope they (upper management) are reading - in this economy a person can negotiate the price of a piece of gum . Note -- it's not the salesperson --he is caught in the middle
I don't care what business a person owns or even if he's a profesional like a physician or attorney . Price paid advantage is in the hands of the buyer . A Porsche manager may think he can charge 5K off MSRP and an attorney may think he can charge 500 per hour and a physician may want 5K for a simple surgery or a dentist may want a few grand for a crown that costs him 50 bucks and then they wonder why their offices are empty . The silence is deafening.

Psst .. the people who have the money are tired of overpaying .

 

Too bad Medicare pays only pennies on the dollar...and then they tax your income over that...

But I get your point...

 

Perhaps society has become apathetic . The 40K a year employee who faced a 30 percent pay cut will knock down every fee imaginable and even negotiate the price of an eye glass lense shaving 50 bucks off a $150 expense to feed his family or keep them from being evicted . He does not care about the cost of training or education .. neither does medicare so he's not alone .

What he is doing by negotiating at the simple level is taking place at the higher level when a 100 K Porsche sits collecting dust . The buyer does not care if Champion is filing bankrupcy . He'll walk either way if his needs aren't met.

 

wow, this is terrible news. I've bought 3 cars from champion and referred many friends who have bought cars. Champion is by far my favorite dealership, period. I really hope they make it through this

 

It must be late at night...I've re-read what you've written, and still have no idea what you are trying to say here. But in a profession (docs) where the fee for a provided service changes arbitrarily and randomly and is not negotiated between the customer and service provider...probably not the best example analogy to what's happening to Champion...

On the other hand...I do like the idea of negotiating the price of gum... Anyways...back on topic...

 

From my experience with champion I have never gotten a better price. I always shop around and they have always beat any other price, always. Not to mention any time i need anything my dealer is always a huge help

 

Not everyone will pay what's asked or written on a bill . Not anymore, not in this economy. A sick person may not even go to the doctor and avoid the co payment or bill or tell a collections agent to take a number and get at the back of a long line of people he owes.

What I am trying to say that understanding the guy at the bottom will have upper management figuring out where they are headed (in any profession) .

High end retail is the hardest hit and that would include Porsche sales .
Would you expect someone who saw assets /investments decline and friends or family in debt to just hand over MSRP for a car ? Like the good old days? Have you looked at some of the price disparity from from one dealership to another ? Because its huge !!!! and in the past the gap was much smaller .

The dealerships who were the most comfortable have the largest hurdle of adaptation .

 

I hope they get this worked out. Love Champion and was actually planning a trip down there in the coming months (never been).

 

cheers! i made a fair offer to Brumos Porsche on a 08 C4S, the sales manager scoffed @ the offer. the car still sits there over 1 year later. people with money are just sick & tired of getting ripped off! i bought a 09 tt from Champion instead. that's a shame what happened; i had no problems with them, everything went smoothly (site unseen purchase)