LUBBOCK, Texas — On Thursday, a federal judge will determine the outcome of Bart Reagor’s legal battle with Ford Motor Credit Company. In July of last year, Reagor Dykes companies were accused of fraud and default. They filed for bankruptcy.
The Reagor Dykes Auto Group Chief Financial Officer, Shane Smith, worked for Ford Motor Credit for 12 before becoming a member of the Reagor Dykes staff. Smith recently pleaded guilty to check kiting and floor plan fraud. He now faces up to 20 years in prison.
Bart Reagor released a statement Wednesday saying he had no knowledge of Smith’s fraud. He also said that Ford ran audits of his dealerships every three months, but he believes Smith’s past with Ford Motor Credit is the reason Reagor was never notified of the group’s financial problems.
In an email sent to Reagor by Ford’s finance business development manager, she said the results of the June 2018 audit were “fantastic” and that Ford “appreciated the group’s partnership.”
“I think they [Ford] came in aggressively like they did to basically try to bury the company as fast as possible, so that they never had to deal with any ramifications,” Reagor said in a statement. “They knew they had liability.”
In June, Ford filed an updated court document stating that Reagor owes the company $46,740,904.61 plus interest. Reagor said he hopes the judge will be fair and look at both sides of the case.
Reagor goes to civil court Thursday for a hearing. The judge already found that Reagor is liable, but a specific dollar figure has not been determined. The hearing will be tied to the question of how much money Reagor owes.
In addition to his written statement, Reagor’s PR representative Wayne Dolcefino also released a video.