LUBBOCK, TX (KCBD) - Ninety-three days after the initial chapter 11 bankruptcy filing for six Reagor-Dykes Auto Group entities, attorneys for the business filed a petition for five more entities to be included.
The Reagor-Dykes Auto Mall at 19th and Ave. K, Reagor-Dykes II at that same location and Reagor-Dykes III, which is Reagor-Dykes Auto Group, next door to the 19th and Ave. K location, Reagor Auto Mall at 1211 19th and Reagor-Dykes Snyder are the entities listed in documents filed with the bankruptcy court late Friday afternoon.
According to federal court documents filed on July 31, 2018, Ford Motor Credit Company is suing Reagor-Dykes dealerships, Bart Reagor and Rick Dykes. Ford says the dealerships have an outstanding balance of more than $116 million, and currently more than $41 million is due now.
Ford Motor Credit claims the dealerships have sold Ford Credit vehicles without sending required payments to Ford Credit, have repeatedly submitted false or inaccurate information to Ford Credit and its representatives, are otherwise in default under their financing and security agreements with Ford Credit, have failed to cure their defaults in spite of the opportunity to do so, and have not voluntarily surrendered collateral (vehicles) in their possession that is subject for Ford Credit’s security interests.
After the complaint from Ford, on August 1, 2018, Reagor-Dykes Auto Group filed Chapter 11 bankruptcy for Reagor-Dykes Motors, Reagor-Dykes Imports, Reagor-Dykes Amarillo, Reagor-Dykes Auto Company, Reagor-Dykes Plainview, and Reagor-Dykes Floydada.