Floor plan crisis hits HeckerFloor plan crisis hits Hecker

The Denny Hecker Automotive Group in Minneapolis is closing six stores and selling three because of a dispute with Chrysler Financial.

Chrysler Financial pulled all of its financing last week from Hecker’s 18 dealerships and affiliated companies.

Hecker promptly filed a lawsuit against Chrysler Financial citing five counts of fraud, defamation, interference with contractual relations and negligent representation. Click here to read the lawsuit.

The Hecker company is the second large privately held dealer group to have its credit line and floor plan financing yanked by one of the auto maker captive finance firms. In September, GMAC LLC stopped providing floor plan financing to the Bill Heard Automotive Group, one of nation’s largest dealer groups and General Corp.’s best selling Chevrolet dealer. The Heard group subsequently declared bankruptcy and is in liquidation.

Click here to read more on the story.