Judge approves sale of Toyota of Augusta

Friday, Feb. 20, 2009 8:45 AM
Last updated 4:44 PM
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A bankruptcy judge approved the sale of Toyota of Augusta to Milton Ruben Motors, according to court documents.

According to the offer contained in court documents, MJ Auto Sales would pay Augusta Automotive LLC more than $10 million for the assets, inventory, marketing rights and franchise rights of the Washington Road Toyota and Scion dealership.

The transfer of funds was ordered for today.

The Toyota dealership had been in the control of Wisconin-based Darrow Automotive Group since March 2007.

Officials with the Darrow group said the involuntary bankruptcy petition was filed by its creditors over concern they wouldn't receive assets of the sale.

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Fed UP with MCG
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Fed UP with MCG 02/20/09 - 10:02 am
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Last night it was weird

Last night it was weird seeing both lots practically empty!

worldhistory
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worldhistory 02/20/09 - 10:48 am
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One is empty now. The other

One is empty now. The other is full and ready to do business!!

RU4Real
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RU4Real 02/20/09 - 11:43 am
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Supply and Demand. They must

Supply and Demand. They must be balanced. When either is greater than the other, waste is created. It cost either the seller or the buyer, and generally is spread to the each other as part of the overall economy. Most business owner fail to plan for declines in sales, and when to exit the business. Therefore, bankruptcy is their only option.

poke-check
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poke-check 02/20/09 - 12:48 pm
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Ray Bourne looks like a

Ray Bourne looks like a genius right about now. Sold when the market was inflated and made a killing doing so. To top it all off he still owns the land and building.

business owner again
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business owner again 02/20/09 - 08:31 pm
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I wonder if the folks in the

I wonder if the folks in the Marble Palace have realized yet how many thousands of dollars of sales tax money just left Richmond County because the bankruptcy judge would not listen to counter offers that would have kept the Toyota store in Richmond County. And Ray doesn't own the building and land.

bojangles-1
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bojangles-1 02/23/09 - 08:02 am
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I hope mr. Ruben takes a look

I hope mr. Ruben takes a look at how the used car dept. at his drive baby used car lot is ripping people off. Buy your car there get it home and see whats missing,that you will have to replace.Will be glad when carmax opens.

concercitizen
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concercitizen 02/23/09 - 11:20 am
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To the victor goes the

To the victor goes the spoils, I was just glad when that other guy left town. I think his name was Scott Clark. I am sure all the local TV and Radio stations experienced a decline in advertiswing revenue though, since his 15 and 30 second advertising spots left with him. I think he was worse that the "Wayne said sell it" guy of the mid 80's.

concercitizen
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concercitizen 02/23/09 - 11:46 am
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It is obvious that RU4Real?

It is obvious that RU4Real? was not paying attention in Economics class.If the demand is greater than the supply, where does the waste come in? If the supply is greater than the demand, there is still no waste. Prices are adjusted or production is adjusted to take care of the additional supply. Go look at the shelves of local retailers and look at what happens when demand for a product drops. The product is either put on clearance or relegatedd to a less obvious place in the section if there is still some demand for it. The thing to remember about supply and demand is that, when demand is high, supply can be artificially deflated in order to drive prices. If supply is high and demand is low, then prices drop to reflect that.Sometimes, even the best made plans can meet with an unexpected situation. Something catastrophic things can happn, a creditor can start demanding payment, In the case of this dealershiip, an involuntary bankruptcy petition was filed. It is my understanding that the dealership was already in negotiations to sell their assets at the time this was done.I do not know how an involuntary bankruptcy petition works, so I will leave it at that.

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