HtownWxBoy Posted February 6, 2009 Share Posted February 6, 2009 He did play somewhat of a hick on his TV commercials, though, apparently to give the impression that hicks give better prices in the sticks. ... that's silly. Link to comment Share on other sites More sharing options...
TJones Posted February 6, 2009 Share Posted February 6, 2009 1.) Poor location.2.) Bad economy.3.) All you sell is pretty much trucks.What'd you think would happen?1) WRONG2) RIGHT3) Couldn't be MORE WRONG ! Link to comment Share on other sites More sharing options...
crunchtastic Posted February 6, 2009 Share Posted February 6, 2009 1) WRONG2) RIGHT 3) Couldn't be MORE WRONG ! TJ, what is that avatar? Are those brass knuckles? Are you going to clobber big city prices? Link to comment Share on other sites More sharing options...
rsb320 Posted February 6, 2009 Share Posted February 6, 2009 TJ, what is that avatar? Are those brass knuckles? Are you going to clobber big city prices? I guess they've had to disconnect that clobber line. Link to comment Share on other sites More sharing options...
kylejack Posted February 6, 2009 Author Share Posted February 6, 2009 3) Couldn't be MORE WRONG !You've got that right, they don't really sell much of anything! Link to comment Share on other sites More sharing options...
TJones Posted February 7, 2009 Share Posted February 7, 2009 You've got that right, they don't really sell much of anything!If you people only knew the real story. LM's downfall started about 3 years ago with the 610 location. Link to comment Share on other sites More sharing options...
Geoff8201 Posted February 7, 2009 Share Posted February 7, 2009 Does anyone know why exactly they went out of business without even as much as a going out of business sale, or liquidation? Bad economy, location and what they sold answers it very broadly.The people of Hempstead whom are losing their job are probably going to relocate rather than compete for work in that area... they could go west to Austin, East to Houston, or north to Bryan. In which more jobs that are already waning will have people after them to fill the positions. I have a terrible feeling that this will be the death of Hempstead. If that many people possibly leave to find work, those left behind will lose a large customer base and be forced to downsize, only further adding to the population decrease and closure of businesses in the town. See the domino effect here? This is nothing short of tragic.On a side note... Something Ironic... I just bought a new car from Beck and Masten down on 45 near Almeda. I was one of few customers looking around (I've been back numerous times for paperwork, aftermarket additions etc., and every time... business was super slow), but I got the price I wanted and the deal I wanted... thing is Beck and Masten, despite nationwide waning sales for GM, and the need for a bailout, are moving down the road (45 and Fuqua) to a new state of the art facility. Interesting. Just thought I'd throw that in there. Link to comment Share on other sites More sharing options...
TheNiche Posted February 7, 2009 Share Posted February 7, 2009 Does anyone know why exactly they went out of business without even as much as a going out of business sale, or liquidation? Bad economy, location and what they sold answers it very broadly.I just spoke to someone who is very much "in the know" about an hour and a half ago.Small world.There were issues with their accounting. They also had problems related to inadequate background checks of buyers, some of whom used false ID to drive cars off the lot without any intention of ever actually paying for them. The dealership probably could've made it through all this, but the crappy economy was the last straw. Link to comment Share on other sites More sharing options...
jm1fd Posted February 7, 2009 Share Posted February 7, 2009 Beck and Masten, despite nationwide waning sales for GM, and the need for a bailout, are moving down the road (45 and Fuqua) to a new state of the art facility. Interesting. Just thought I'd throw that in there.So? It takes years and years of planning to complete a project like that. The plan to move had been set in motion back when everything was coming up roses in the car industry. Link to comment Share on other sites More sharing options...
TJones Posted February 7, 2009 Share Posted February 7, 2009 Does anyone know why exactly they went out of business without even as much as a going out of business sale, or liquidation? Bad economy, location and what they sold answers it very broadly.The people of Hempstead whom are losing their job are probably going to relocate rather than compete for work in that area... they could go west to Austin, East to Houston, or north to Bryan.Geoff, the people of Hempstead aren't losing their jobs. Only about 4% of the workforce at LM were actually FROM Hempstead. Now, this closing may effect some local businesses, i.e. food joints, gas stations, etc. As the 300 or so employees patronized said local stores everyday. The people that lost their jobs there will most likely find employment in Houston, Cypress, Spring, B/CS areas.What Niche is referring to, is part of what stemmed from the debacle at the 610 location. Link to comment Share on other sites More sharing options...
Geoff8201 Posted February 7, 2009 Share Posted February 7, 2009 So? It takes years and years of planning to complete a project like that. The plan to move had been set in motion back when everything was coming up roses in the car industry.Yes, but if money was getting tight, wouldn't they have abandoned that deal? I guess what's done is done, and the cost of dropping out at this point would be more costly than just making the move. That strip of 45 on the northbound side is dealership alley anyways, the side that they're moving to they will be next to Carmax and that's pretty much it for dealerships. Neighboring them will be mostly lots of retail off the Fuqua exit.Geoff, the people of Hempstead aren't losing their jobs. Only about 4% of the workforce at LM were actually FROM Hempstead. Now, this closing may effect some local businesses, i.e. food joints, gas stations, etc. As the 300 or so employees patronized said local stores everyday. The people that lost their jobs there will most likely find employment in Houston, Cypress, Spring, B/CS areas.What Niche is referring to, is part of what stemmed from the debacle at the 610 location.Gotcha, I was under the impression that very few people made that daily commute to work and the majority of the work force were living in Hempstead. This is a heck of a lot better than my previous assessment.The question is, what becomes of that land? Will it just sit and maybe be gobbled up by another dealer in years to come following an economic recovery? Personally I think this is the most likely outcome. Link to comment Share on other sites More sharing options...
mkultra25 Posted February 7, 2009 Share Posted February 7, 2009 The question is, what becomes of that land? Will it just sit and maybe be gobbled up by another dealer in years to come following an economic recovery? Personally I think this is the most likely outcome.I've been wondering the same thing about the huge parcel of land off of I-45 just south of 249 that Landmark Chevrolet occupied until they recently went under. Link to comment Share on other sites More sharing options...
TJones Posted February 8, 2009 Share Posted February 8, 2009 I've been wondering the same thing about the huge parcel of land off of I-45 just south of 249 that Landmark Chevrolet occupied until they recently went under.It is roughly a tad over 42 acres. I don't think LM is gonna go away altogether. All the cars are still there, I saw the garage bay doors open and a couple of mechanics loading some of their mac tool boxes up. I am guessing that Ray is looking for a partner or two, or some bailout from a bank willing to help at this point. The closing of LM will seriously effect the town, no doubt. I am gonna do some checking and see if there is any other congloms interested, or if anyone in Houston is talking about swooping in. Link to comment Share on other sites More sharing options...
Gary K Posted February 13, 2009 Share Posted February 13, 2009 (Edit: Sorry, I mis-posted this elsewhere, and the mods moved it here which was the exact correct thing to do. I am still getting used to where things belong here ...)By now you have probably heard that Lawrence Marshall dealerships in Hempstead were closed approx. this Feb. 4.It appears that due to the economy, and few new auto sales, they were not able to make payments on their new car inventory (floorplan), and decided to cease doing business.From what I have read, Lawrence Marshall started as a auto mechanic and built his dealership from scratch. Lawrence Marshall (I believe Cheverolet) started in approx. 1969.After decades of success LM sold the business to Ray Childress, former Houston Oiler, who was doing advertising for LM (and Finger Furniture).-Gary K Link to comment Share on other sites More sharing options...
slash Posted February 13, 2009 Share Posted February 13, 2009 LM didn't decideto cease doing business. The banks called in the loans and LM couldn't pay...that's not a decision, that's the result of poor financial choices by LM. Did the markets have something to do with LM's woes? I'm sure they did. But every company is working in the same market. Only the idiots and swindlers need bailouts right now. A company that borrows money in order to cover payroll doesn't deserve to be in business. If the greedy management and investors didn't dip into the pot so deeply LM, and many others, would still be operating right now. Link to comment Share on other sites More sharing options...
sheeats Posted February 13, 2009 Share Posted February 13, 2009 Topic is already being discussed in this thread: http://www.houstonarchitecture.info/haif/i...mp;#entry305869 Move it along... Link to comment Share on other sites More sharing options...
sevfiv Posted February 13, 2009 Share Posted February 13, 2009 Topics combined... Link to comment Share on other sites More sharing options...
TJones Posted February 13, 2009 Share Posted February 13, 2009 Ok, now the other dealers are swooping in and buying up LM's inventory. Ray will be able to payback some of that money owed. No doubt some other BIG dealer like Group One or Autonation will think about buying up the property. 2 of the buildings were renovated within the last 5 years, so they are nice facilities. I predict that LM will be opened back up as something else before the end of Summer. Link to comment Share on other sites More sharing options...
Gary K Posted February 13, 2009 Share Posted February 13, 2009 LM didn't decideto cease doing business. The banks called in the loans and LM couldn't pay...that's not a decision, that's the result of poor financial choices by LM.The distinctions I see here is:1) They could have stayed open one more day and gone further into the "red", but chose to close themselves for further business.2) No other entity swooped in and closed them, like the IRS etc., they decided to cease doing business at that point in time.What you are identifying is the reason(s) they chose to cease, but it appears the management/ownership decided to lock the doors on a particular day and time.For example, how long had they kept themselves open knowing they were cut off from obtaining new inventory, and financing for current inventory?-Gary K Link to comment Share on other sites More sharing options...
kylejack Posted February 13, 2009 Author Share Posted February 13, 2009 The distinctions I see here is:1) They could have stayed open one more day and gone further into the "red", but chose to close themselves for further business.Having worked for several dealerships, I can tell you that most pay twice a month, and usually 5 days after the end of the period, that is to say, on the 5th and the 20th. They did not have the choice of going deeper in the red with the banks (the banks called in the loans), so if they had stayed open one more day the employees would have wanted to know where the hell their paychecks were. Since the employees arrived to work to find locked doors with zero warning from management, this seems like a likely explanation. Link to comment Share on other sites More sharing options...
Gary K Posted February 13, 2009 Share Posted February 13, 2009 Having worked for several dealerships, I can tell you that most pay twice a month, and usually 5 days after the end of the period, that is to say, on the 5th and the 20th. They did not have the choice of going deeper in the red with the banks (the banks called in the loans), so if they had stayed open one more day the employees would have wanted to know where the hell their paychecks were. Since the employees arrived to work to find locked doors with zero warning from management, this seems like a likely explanation.I see, with that info I would agree they were forced into a descision to close. If employee payday was the 5th and 20th of each month, then did LM management/RayC pick the 4th as the day to close to avoid having to pay employees on the 5th (a payday)? Did LM employees work from 1/20 to 2/4 without getting paid? If so then my opinion of RayC has dropped even lower ... And it was low already given some of the things I've been reading about him lately.-Gary K Link to comment Share on other sites More sharing options...
TJones Posted February 13, 2009 Share Posted February 13, 2009 I see, with that info I would agree they were forced into a descision to close. If employee payday was the 5th and 20th of each month, then did LM management/RayC pick the 4th as the day to close to avoid having to pay employees on the 5th (a payday)? Did LM employees work from 1/20 to 2/4 without getting paid? If so then my opinion of RayC has dropped even lower ... And it was low already given some of the things I've been reading about him lately.-Gary KEmployees at LM were paid at different time periods. Managers on certain days, salesmen on certain days and mechanics and Admin. Asst. on another. Somebody got hosed over. Salesmen got paid on the 10th and 25th, how do I know, I worked there up until September of 2008. Link to comment Share on other sites More sharing options...
foxmulder Posted February 14, 2009 Share Posted February 14, 2009 Yes, but if money was getting tight, wouldn't they have abandoned that deal? [\quote]Companies are dumb when it comes to this. IE: Unfinished CC in Katy, Fresh store open 1 month in League city. Linens n things at baybrook...I mean "UH, We're running out of cash...Let's build a new store!" Link to comment Share on other sites More sharing options...
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