Dozens of luxury coaches rolled off the lot at JC’s RV center May 8 under the supervision of two Sacramento County, Calif., sheriff’s deputies, according to KXTV, Sacramento.
A total of 120 motorhomes and travel trailers from the Rancho Cordova lot are headed to an auto auction yard after Bank of America got a court order authorizing the repossession.
Owner J.C. Foreman said despite rebounding sales in recent months, his balance sheet wasn’t strong enough to satisfy the bank and the lender wasn’t willing to negotiate lower payments.
“They’re picking it up to take it to auction and get 50 cents (on the dollar) on it,” he said. “Why wouldn’t they want to keep it with a guy like me and get 90% or 80%?”
Foreman is also losing 40 RVs from his lot in Livermore where he started the business 19 years ago. A total of 60 people have lost their jobs at the two locations, he said.
Foreman hopes to reopen the Rancho Cordova location within a couple of weeks with a different business model based on what he’s seen in the RV industry.
“I think we’ll treat it as a liquidation center,” he said.