September 24, 2008

Bill Heard Enterprises announced today that it has elected to discontinue all business operations in all of our markets effective September 24, 2008. Most of the company's approximately 3200 employees will be laid off at that time, although a few will stay on to assist in the closure. The declining automobile market, the high price of gasoline and its effects on sales of the dealership's core products, such as heavy trucks and SUVs, and the difficult financing conditions the automobile industry as a whole has faced because of the subprime lending industry collapse, all contributed to the decision to close the facilities.

We recognize the adverse impact that this will have on employees and others in the community and extend our best wishes to them as they seek employment. We appreciate the support that the community has provided to the facilities.