Stories are swirling about MidMichigan auto dealer Joe Hood.
His flamboyant television commercials are some of the most memorable in our area. But as of late, we haven't seen much of the outspoken auto dealer.
NBC25 had an exclusive interview with Joe Hood on Thursday afternoon.
He talked about what many small business owners are going through, his current struggles, recent bankruptcy and where he goes from here.
Hood said it all started when General Motors started phasing out the Pontiac brand. Eventually, the Pontiac brand was eliminated and Joseph Pontiac in Fenton was at risk.
Hood said he was in the process of regrouping.
"Then, our creditors, like GMAC and other banks and financial institutions, they were all concerned because they said, 'Hey, if you don't have a franchise, if you don't have a product, how are you going to pay your bills? How are you going to pay us?' Everybody, I think, hit the panic button a little too quick."
Hood said that's when the storm hit. With creditors breathing down his neck, credit being hard to get and sales slowing down, he had no other option.
"I made the decision at the 11th hour," Hood said. "It was the Hail Mary that was thrown and I pulled the bankruptcy cord."
It's chapter 11 bankruptcy, which allows for restructuring.
Hood said that's exactly what he's done with the sale of the Millington Chevrolet business and the closing of Joseph Fenton.
"This has put Cheryl and I in a position to expand our business, maintain jobs, and put ourselves back on track."
That track includes a new program, "Majek" leasing. They're short, two year leases, on the hottest vehicles from each brand.
The Grand Blanc location will also continue to service all brands.
Hood admits several people lost their jobs, something he's not proud of that.
However, he said he's continuing to survive, employ people and support his community.
"This wasn't something I planned," Hood said. "Now my retirement is set aside and I'm going to rebuild something that someone else destroyed for me. Joe didn't do this to Joe. Cheryl didn't do this to Joe. This was a set of circumstances that happened."
Joe hood said part of the deal with his creditors is that his back taxes will be paid and workers will be paid.
Next week, he's meeting with the state's treasury department about his plans.
