Maine Car Dealership Seized by Bank, Forced to Close Immediately

A car dealer in Maine has abruptly closed after being seized by the bank that was funding the venture. After seeing the headline, and realizing that I myself just purchased a new Ram truck (not from this dealer), I knew I had to take a closer look into the story.

According to an article that was published by WMTW News 8, a dealership in Oxford County, Maine, formerly known as Bessey Motor Sales, closed without notice to the public last week after allegedly being seized by a Massachusetts-based bank.

isaac-martin-unsplash

The news station reports that Oxford County Chrysler Dodge Jeep RAM, located in South Paris, Maine, closed its doors sometime last week. It's being reported that Rockland Trust Company, based in Mass, made the decision to shut it down.

Apparently, according to channel 8, the dealership and its owners owed more than $4.4 million to Rockland Trust Company, however, the remaining inventory on the lot was only worth about $946,000. This left nearly a $3.3 million gap in actual loan to value- a major problem for any financial institution.

eyosias-unsplash

On Saturday, a former staff member told WMTW that he was escorted out of the dealership, terminated from his position, and informed he’d need to go through a lawyer to retrieve his personal items from the premises.

On Monday, a customer shared a similar complaint with Maine’s Total Coverage, saying his vehicle was left at the closed dealership for service and remains inaccessible. In the meantime, he’s relying on a rental car as he explores legal options.

james-jeremy-beckers-unsplash

WMTW went on to report that there's currently a sign on the door that reads, "

This dealership is temporarily closed. If you have any questions about your vehicle, contact: Christopher Currier (978) 335-5364 or Jeffrey Francis (617) 488-8136.