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  #31  
Old 01-30-2007, 03:06 PM
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Manarius Manarius is offline
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Originally Posted by mikecg
Just my opinon, but if they wanted to drop something it should have been the Tribeca. It's a hideous beast and I dont think there really selling that well. I rarely see them, and the local dealer has even stopped carrying them.
I second that thought. We have the Forester and Outback wagon for what the Tribeca does. I actually think the Legacy GT wagon is kickass and was considering buying one later in life...if they still make them then
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  #32  
Old 01-31-2007, 12:48 PM
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Originally Posted by mikecg
Ya, I think ford my have set a sales record too. For the company to post the highest loss while maintaining the number one selling vehicle. How do you have the F150 selling more than any other vehicle and still post a 12.6 billion dollar loss. I think they lost that money into the pocket of the board members.

Sidenote: I wonder if this has something to do with the Ford situation.:

South Shore charges include phony car titles By MICHAEL MILLER Staff Writer, (609) 463-6712
Published: Tuesday, January 30, 2007
UPPER TOWNSHIP — A Marmora car dealership allegedly drafted phony vehicle titles to get money from banks to pay company expenses, according to papers filed in South Shore Auto World's federal bankruptcy case.
Ford Motor Credit claims the dealership on Route 9 owes $13.3 million in sales, leases and inventory.

In court papers, Ford Motor Credit said the company's controller, Christine Tice, “prepared false and fraudulent titles and presented them to its lenders in order to obtain financing. … This process was necessary to address a cash-flow crisis at the dealership.”

In sworn testimony, Tice said she typed a serial number on a blank title she submitted to lenders. Tice said South Shore eventually paid off loans on trade-in vehicles before an audit.

“Mr. (company president Rudy) Chiorazzo knew about it. He knew that we did what we had to do,” Tice said. “I can't say this day back 20 years ago it was implemented, but it was just the way it was done.”




Reached at her Millville home, Tice said she stood by her court testimony.
“It was nothing criminal,” she said of the company's financial collapse. “It was just bad business decisions.”

State Police in July executed a search warrant on the dealership and seized records. Nobody at South Shore has been charged with any criminal wrongdoing.

After South Shore closed last July, many customers complained the dealership never paid off loans on their trade-in vehicles. Some customers continued paying off loans on cars they no longer had. Others stopped paying the loans, risking the ruin of their personal credit.

Bridgette Mallek, of Lower Township, traded in a 2004 Chevy Malibu for a 2006 Ford Freestar. Her lender forgave the loan. But the transaction with South Shore has left its mark.

“The Chevy Malibu loan is still showing up on my credit report,” she said. “Me and my husband felt like victims in this situation.”

According to court papers, Chiorazzo paid business expenses out of the company's used-car account. Former General Manager Sam Disano testified these monthly expenses ran as high as $50,000.

Ford Motor Credit wants to depose Chiorazzo and his wife, Kathleen, who also worked at South Shore. But both Chiorazzos are objecting, claiming such testimony would violate spousal privilege. A hearing on the objections is scheduled for February.

Kathleen Chiorazzo earned between $200 and $500 per week at South Shore Auto World. But Tice testified that she had no job responsibilities.

“She didn't have any. I think she was considered a consultant through the accounting firm,” Tice said.

The couple own a Chevy dealership in Mays Landing and car washes in Somers Point and Lower Township. Court papers list additional businesses in which they have a stake: South Shore Realty Partnerships; JKJ Properties; South Shore Auto World of Florida; South Shore Leasing and Rental; RDJ Enterprises and Chiorazzo Family Holdings.

In court papers, Ford questioned the rent South Shore paid to the dealership's property owners, Rudolph and Kathleen Chiorazzo, through their companies, R&K Properties and R. Chiorazzo Properties.

“Some months he charged us $80,000. Some months he charged us $90,000,” Disano testified. Disano said he never saw a written lease. Tice said the company budgeted $95,000 for rent in its last year.

Chiorazzo's lawyer, Aris Karalis, did not return calls seeking comment. In court papers, Kathleen Chiorazzo said she had no knowledge of South Shore's business practices or finances.
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