Bonham auto dealership to close

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Posted: 2:03 PM Nov 21, 2008
Last Updated: 6:33 PM Nov 21, 2008
Reporter: Rashi Vats
Email Address: rashi.vats@kxii.com

25 comments

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BONHAM, TX ― Well-known car dealership Legacy Auto Ridge in Bonham is closing because of financial problems.

Thirty-five employees at Legacy Ridge Autoplex in Bonham were laid off Thursday, and the owner told us Friday the autoplex will shut down completely.

Legacy Ridge has been in business for five years, but in less than seven days, their doors will close.

"It's been hard enough anyways with $4 gas and all that kind of stuff, so you just put all of that with what's happening today, which compounds the problem, so it's hard on a small dealership, and it's hard on the big ones, too. They have a lot of inventory sitting there that they can't move, and it's just a tough time right now," owner Steve Stephenson says.

Stephenson says General Motors, the company that funds the autoplex's rebates, will not do that for the next two weeks, which means legacy could lose $232 million of potential revenue.

But some dealerships like Bob Utter Ford Lincoln Mercury in Sherman say they will help Legacy customers.

"By next week, we'll run advertising letting people know that. You know we're not trying to be insensitive about the situation over there. We feel bad for the employees, but at the end of the day, the first thing is to take care of the customers and that can happen right here, and we will take care of them whether they bought their car here or not," owner Bob Utter said.

Legacy Ridge sells Ford and GM vehicles, two companies asking for $25 billion from Congress to stay afloat.

"The company money that Ford and GM and Chrysler operate off of are borrowed funds, and those funds aren't available now because those other institutions are failing, "Utter said.

Utter says it isn't because Ford, Chrysler, or GM defaulted on any loans, but that they made bad financial decisions.

As far as Legacy Ridge Autoplex goes, the owner says there is still some hope.

"There is an individual trying to come in and put a dealership back up in here. Hopefully it will be back up in the next couple of months if all goes well."

As for his plans, Stephenson says he’s not sure at this point what those entail.

"I have no idea. I'll be here cleaning things up and getting it straight. I’ll worry about that when the time comes."

Legacy Ridge Autoplex is set to close next Friday, but could reopen under new ownership in the near future.

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Comments are posted from viewers like you and do not always reflect the views of this station.

Posted by: Esmeralda Cisneros Location: dallas on Dec 27, 2008 at 11:58 AM
well i just get a car like a month ago can anybody tell me who can i call for my lices and stiker please

Posted by: Woe is Me Location: Bonham on Nov 28, 2008 at 04:06 PM
Now what will I tell the scamming telemarketers (Warranty Services, INC) wanting to sell me extended warranty on my car that the business I bought it from is closed down??? Woe is me!

Posted by: Concerned Location: American on Nov 28, 2008 at 08:43 AM
All this economic downfall, the media is causing it. The scumball media run out of things to report on internationally and what not, so they turn to the American economy and cause fears and people cut back on spending which has a trickle effect on the whole economy. Thank you media....I hope your happy with yourselves and you sleep well at night. As for Legacy Ridge, maybe the KXII needs to look into the shady business dealings of Mr. Stephenson and the titles that were not getting paid off. They need to look at how he was playing with peoples credit not paying off trade-ins and customers were getting calls from banks saying their payments were late when they had traded those particular vehicles in 3 months earlier to Legacy. There is a story. Look a little bit deeper and you will find a criminal and can report a real scandal. Just look to see how many lawsuits were filed. CA

Posted by: Citizen Location: Fannin County on Nov 27, 2008 at 09:30 AM
Every time I priced something there, it was well overpriced. Fannin County is not rich. Many work for minimum wage. As for the employees, what about unemployment compensation till they get another job?

Posted by: Anonymous on Nov 26, 2008 at 11:04 AM
Your right, but does it make it wrong? I understand the situation, but it isn't up to us to decide if these people keep their jobs or if the place stays open. Obviously the guy is greedy from what all these people have said, but my boss loads up his pockets with money from our work, but I don't feel bad about it, why? BECAUSE HE OWNS THE BUISNESS. Texas is a Right to Work state. You can be fired, let go, or laid off with out any warning or any pay other than what was owed to you. I agree its not morally right, but it isn't legally wrong either.

Posted by: Steve Location: Howe on Nov 25, 2008 at 10:02 PM
hey "who" there's this thing called a social contract. yes, a business owner can pay himself whatever he wants and layoff people and shut the business down if he wants, but that does not make it right.

Posted by: anonymous Location: sherman on Nov 24, 2008 at 04:09 PM
i have a friend that isn't working is there anyone out there that knows of another dealership that needs help?

Posted by: Who Location: Knows on Nov 24, 2008 at 03:53 PM
Hey, regradless of if they dude is a slime bag or not, he OWNS the buisness, so he can shut the doors at any time and he can pay himself whatever he wants to pay himself, as long as he pays taxes on it. Yeah it sucks, but to the employees, if you know the guys a slim bag, why not try to find another job, so you CAN provide for the holidays. The workforce is tight, but not that tight.

Posted by: Kim Location: Southmayd on Nov 23, 2008 at 08:27 PM
My thoughts and prayers go out to the workers there.. I hope they recover from their loss fast. Hang in there to you all..

Posted by: Anonymous Location: BONHAM on Nov 23, 2008 at 08:01 AM
IT IS GREED BY THE OWNER!!! ASK HIM WHAT HE PAID HIMSELF FOR A MONTHS SALARY... IT IS AS MUCH AS SOME WERE MAKING IN A YEAR!!!.. THAT IS GREED!!!

Posted by: Beth Location: Celina on Nov 22, 2008 at 03:44 PM
I have been in the automobile business for 44 years, I can not understand how he could have 232 million in rebates owed him. If the figure is correct he should had a poor comptroller.

Posted by: Bubba Location: Yuba on Nov 22, 2008 at 02:09 PM
I traded my Prius in to that dealership for a Hummer. They convinced me it was a good idea!

Posted by: questionable reporting Location: ethics usa on Nov 22, 2008 at 01:19 PM
I gotta agree with you Jimbo. Hey, Vashi, if Bob Utter is an advertiser with you that is a rather slimy job of reporting, in my opinion.

Posted by: Poor Boy Location: Kingston OK on Nov 22, 2008 at 12:53 PM
What we think of a dealership, at this time,will be bigger then we think, it will first hurt employees of the dealership, but its not going to stop there, its going to hurt much more of the area. I have to think about what the out come would be if the big three, are let to go down. All of us driving a vehicle from one of the big three would have a vehicle that we would not be able to get parts for. The loss of jobs would go on and on. Its time we all get back to buying made in the U.S.A. Its time the U.S. working person, goes back to being the best. Its time U.S. made is once more the very best. Its time to get whats been lost, back in the U.S. This was what we did at the end of world war II. all this can be and has to be. No CEO should make more then ten times the top working man of his Co. and his spending, at Co. cost, should be within reason. We are all going to have, to do our part in put the U.S. back on top."Fat Cats" understand when the working man, do good, you do Good.

Posted by: Sue Location: Durant on Nov 22, 2008 at 10:12 AM
In response to Jimbo: I'm sorry, but I did not read in here that Bob Utter said he would "help the customers for free"!! If that is what Legacy Ridge was doing then that explains why they are closing! At least Utter (and others) are willing to help these customers. Some dealerships will not touch a car that was not purchased from them. I sincerely hope that the dealership reopens in the near future. And hopefully all the employees will be able to return to work. Changeovers are so scary!

Posted by: Anonymous Location: bonham on Nov 22, 2008 at 09:42 AM
Our family has bought all of their vehicles form legacy ridge and have always gotten great customer service and treatment. I am very sad to this happen. We will be back even if it is under a new name with the same great faces.

Posted by: GM car owner on Nov 22, 2008 at 08:01 AM
Maybe the owners of Bonham Chrysler will jump in and buy Legacy Ridge. At least they will deal with you and know how to satisfy customers. As for taking your vehicle to Bob Utter or Paris, forget it! I would rather trust Joe the Mechanic with the repairs of my vehicle.

Posted by: Concerned American Location: Bonham on Nov 22, 2008 at 07:25 AM
Come on people, have some compassion.

Posted by: Former Legacy Ridge Employee Location: Bonham,TX on Nov 21, 2008 at 11:20 PM
The problems that Legacy Ridge is facing has nothing at all to do with the economy, the only problem was the man in charge of the dealership. I personally watched Mr.Stephenson step on a lot of people and do a lot of unethical business deals. Ask anyone who worked there, if a finger is to be pointed there is only one man who sould receive the blame. And now my fellow co- workers and I are out a job only a week before Thanksgiving and Mr.Stephenson will walk away unhurt and uncaring. I can only hope that the truth will be revealed.

Posted by: Anonymous Location: Bonham on Nov 21, 2008 at 10:44 PM
the only thing I can say is this " what goes around comes around" Greed is the roote to all evil. so maney good and hard working employees are out of job before the holiday while the owners still enjoying their luxury lifestyle. the people at legacy ridge are great and honset people to work with and deal with and they take an honer and pride to serve their community. we should come togather and supprot the employees that has been effected the most during this tuff time"Exculding the owners".

Posted by: Jimbo on Nov 21, 2008 at 07:27 PM
so mr utter will help the customers for free? of course not, he's a leach. and kxii is helping out an advertiser by interviewing him. free advertising? ughh.

Posted by: Jim Location: Bonham on Nov 21, 2008 at 05:11 PM
Never bought a car there. They were always higher than everybody else and gave the least for trade ins. Bad timing for employees but just look down the road a bit at Bonham Chrysler and see how much better a dealership does when they are competative. Needed a sensor for the Ford and Legacy Ridge was $180, Bob Utter was $107. Where do you think I bought the sensor. I do agree with another poster that the owner's greed helped to seal his fate just as it did to Wall Street fat cats. Except Leagcy Ridge won't get a federal handout, at least I hope not.

Posted by: Anonymous on Nov 21, 2008 at 05:05 PM
looks like bohnam chrysler took all their business away.

Posted by: Mr. Futz on Nov 21, 2008 at 04:21 PM
This is a direct result of North Korea's actions.

Posted by: Bo Location: Bonham on Nov 21, 2008 at 04:07 PM
You guys need to get your facts right. The dealership already has a new owner. It's not closing!

Posted by: Anonymous on Nov 21, 2008 at 03:57 PM
I THINK IT SHOULD BE TOLD THAT WE WILL BE REOPENED IN THE NEXT MONTH OR TWO FOR OUR OWN LOYAL CUSTOMERS DWAYNE @ LEGACY RIDGE AUTOPLEX. THANK YOU

Posted by: Anonymous on Nov 21, 2008 at 03:25 PM
AS FAR AS OUR FORMER CUSTOMERS ARE CONCERNED, WE THE EMPLOYEES WILL BE BACK HERE UNDER ANOTHER NAME TO CONTINUE TO GIVE THEM GREAT SERVICE. PUT THAT IN YOUR PIPE AND SMOKE IT BOB UTTER AND BILL IN PARIS

Posted by: Bill Location: Paris, Texas on Nov 21, 2008 at 02:57 PM
The dealerships in Paris, Texas will be more than happy to assist the former customers of Legacy Ridge also.

Posted by: Fomer Employee Location: bonham on Nov 21, 2008 at 02:42 PM
Its sad to see this place go but it has not come as a suprise to me this dealership has really always had problems ever since it was bought from Mr.Cater

Posted by: Ex-Legacy Employee Location: Bonham, TX on Nov 21, 2008 at 02:38 PM
It's nice how Bob Utter gets his name in to offer to "take care" of Legacy customers. What about the 30 something employees who will have a tough time putting presents under their families trees. This was not totally due to economy....this was due to money mis-management and greed by the owner.

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