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NY dealership sells cars in HCA floorplan fraud suit

In response to Hyundai Capital America’s floorplan fraud suit, Cortland Manor, N.Y.-based Picon Motors LLC claims it is no longer in possession of the eight vehicles the captive sought to repossess from its now-defunct Kia dealership, according to July 18 filings with the Westchester County Court. HCA originally sued the dealership on the grounds it […]

Texas bank sues Ford Credit for $25M

Ford Motor Credit has been sued for $25 million by the International Bank of Commerce (IBC) for allegedly failing to notify the bank and other investors that funding was terminated for Reagor-Dykes Auto Group (RDAG) dealerships.  Laredo, Texas-based IBC had loaned and refinanced more than $30 million to Reagor-Dykes from August 2017 to February 2018, the […]

HCA sues NY dealership for floorplan fraud

Hyundai Capital America is suing Cortlandt Manor, N.Y.-based Picon Auto on the grounds that the now-defunct dealership allegedly sold six Kia vehicles and failed to pay the captive. HCA claims that the dealer has eight additional Kia vehicles — that were transferred to a Milton, N.Y.-based Chrysler dealership — that it intends to sell. "Because Picon […]

Dealer Group Owes Ford Credit $45M

Ford Motor Credit has determined that Bart Reagor, co-owner of Lubbock-based Reagor-Dykes Auto Group, owes $45.3 million to the captive in its $112 million floorplan financing fraud suit against the dealer group, according to an amended proposed judgement filed with the U.S. District Court yesterday. Ford Credit already has recouped $74.7 million, which includes the former […]