On Sunday, September 28, the world's top-selling Chevrolet dealership group, Bill Heard Enterprises, sought Chapter 11 protection from bankruptcy in a filing before a Decatur, Alabama court.

The company, owned by William T. Heard Jr., began a string of large monthly losses in mid-2007 that grew to $2 million to $5 million a month in 2008, before all stores were shut down on Wednesday September 24.

According to figures cited in the filing, both assets and debts for the company were set at between $50 million and $100 million. Thirteen affiliates including Bill Heard Chevrolet Co. filed simultaneously.

The company cited a "perfect storm" of circumstances including a Chevrolet product line weighted too heavily toward trucks and SUVs at a time when rising gas prices are driving customers to smaller, more fuel-efficient vehicles.

Floorplan loans for ten Heard stores were pulled by GMAC Financial Services on August 21 and similar loans were pulled by BMW or JPMorgan Chase.

Approximately 2,700 employees worked for the Heard Group at thirteen locations in Alabama, Florida, Georgia, Nevada, Tennessee, and Texas.

In 2007 Bill Heard Enterprises headqartered in Columbus, GA was ranked thirteenth on the Automotive News list of 125 top dealerships in the United States, selling 40,781 vehicles that year for a group revenue of $2.13 billion.