What happened to Reagor-Dykes?
What happened to Reagor-Dykes?
The last will happen on July 27, 2021. On April 22, 2021, Bart Reagor, 55, was indicted by a federal grand jury on charges of bank fraud. If convicted, he faces up to 90 years in federal prison, and will be required to forfeit any property traceable to the offense.
Who is Bart Reagor?
Bart Reagor, the former CEO of Reagor-Dykes Auto Group facing up to 30 years in federal prison for making a false statement to a bank, is challenging the government’s claim to nearly $1 million of his money they said was forfeited upon his conviction.
What’s the latest on Bart Reagor?
In October, he was found guilty on the false statements charge and not guilty on both bank fraud charges. Sentencing was tentatively set for February 2022, and Reagor faces up to 30 years in prison and a maximum fine of $1 million.
When was Reagor-Dykes founded?
2003
Bart Reagor, owner of Reagor-Dykes Auto Group, was convicted by a federal jury on Friday of lying to a Federal Deposit Insurance Corporation-insured bank. Reagor-Dykes Auto Group was founded in Lubbock, Texas in 2003 and filed for bankruptcy in 2018, according to a report by ABC7 Amarillo.
Was Bart Reagor guilty?
LUBBOCK and AMARILLO, Texas – A federal jury in Amarillo found Bart Reagor guilty of one count of making false statements to a bank. The jury was deadlocked Thursday and much of Friday. Ultimately the jury convicted him on one of three counts.
What is dummy flooring?
Basically, employees would cross-deposit check across multiple banks. These employees then used check-kiting to cover yet another fraudulent practice called “dummy-flooring.” This involves employees requesting loans to repurchase cars they already sold, and then used the money to cover other expenses.
What is dealer floorplan?
A dealer floor plan is a loan for your vehicle inventory. It is a plan to finance the vehicles on your floor. You may obtain a dealer floor plan from a bank or there are many dealer floor plan providers listed by clicking here. You will then find numerous companies that will provide financing for your inventory.
What is a floored vehicle?
When you floor the car, you accelerate it as fast as you can. It is a phrase used to imply that your accelerator figuratively touches the floor, not literally, of course.
How does a floorplan work?
Much like a credit card, a floor plan financing company extends a line of credit to a car dealer. Dealers can then use their floor plan line of credit to purchase inventory from auctions and other inventory sources. As a dealer sells their inventory, they pay back the original loan.
What is floorplan financing?
Also known as “floor planning” or “wholesale finance,” inventory finance is when a line of credit is established between a manufacturer or distributor and a dealer. This line of credit provides the dealer with an extended amount of time to pay for the purchase of inventory.
What is floor height in vehicle?
Vehicle chassis tend to be produced in certain standard floor heights. Two of the most common interior floor heights are 38 to 40 centimeters (low-floor) and 90 centimeters (high-floor). There are also low-floor models with an interior floor height of less than 38 to 40 centimeters.
What is the height of vehicle?
A road car usually has a ride height around 16–17 cm (6.3–6.7 in), while an SUV usually lies around 19–22 cm (7.5–8.7 in)….Example ride heights.
| Avg. ride height | Car type |
|---|---|
| 168 mm (6.6 in) | Hatchback |
| 170 mm (6.7 in) | Compact car |
| 190–200 mm (7.5–7.9 in) | Compact SUV |
| 225 mm (8.9 in) | SUV |
What went wrong at Reagor-Dykes Auto Group?
Something went wrong. LUBBOCK, Texas (KCBD) – Twelve of the 15 former Reagor-Dykes Auto Group employees have now been sentenced to serve time in prison and are required to pay restitution monthly.
What happened to the owner of Reagor Auto Group?
That was the end of the dealership, but the start of the legal troubles for some of its associates. Sarah Self-Walbrick is senior reporter for Texas Tech Public Media in Lubbock. She told Texas Standard that owner Bart Reagor has been charged with bank fraud and making false statements.
Who was the ringleader of the Reagor-Dykes fraud?
The ringleader of the fraud, former Reagor-Dykes CFO Shane Smith, is set to be sentenced in July. Self-Walbrick says Reagor-Dykes was well known in West Texas as a large, fast-growing auto-dealership group.
What happened to Reagor Dykes’ CFO?
Shane Andrew Smith, Reagor Dykes’ CFO, who pleaded guilty in June 2019 to conspiracy to commit wire fraud; he is slated to be sentenced on July 27. He faces up to 20 years in prison and a possible restitution of $50 million. Copyright 2021 KCBD.
