If you have been living under a rock the past two weeks and own an automobile from Reagor-Dykes, I’ve got some bad news for you. Ford Motor Credit filed bankruptcy against Reagor-Dykes Friday Morning and claimed this may be one of the largest financing frauds in the history of the United States. Now, I have no clue if they’re being dramatic, but this does not sound good. At. All.
Apparently Reagor-Dykes Auto Group hid a “massive breach” from Ford Credit by misrepresenting sales reporting data. This scheme is parallel to check-kiting - don't ask me what that means - they were also double funded twice for the same vehicle and allegedly did this multiple times. The list goes on of what Reagor-Dykes has done in fraudulent, but what does that have to do with Texas Tech you’re asking. Surprisingly, a lot.
Lubbock residents can hopefully sigh with relief knowing no more terrible Reagor-Dykes car commercials flooding their TVs any more along with the awkward commercials in the stadium during the football games.
It’s not all good however. Between the scholarships they’ve created, the gold tournament they host and the free cars they give away to Red Raider students, Dykes is officially at yikes status. Most Red Raiders are aware that Reagor-Dykes was a pretty big sponsor to the football team as well. So while our coach is in the hot seat for this season, a QB hunt is underway, we may be on the look out for a new major sponsor as well. Ford, we are so so sorry. I don't know about y'all, but my heart rate is through the roof. What’s new though with Red Raider football?
CORRECTION: Ford didn’t file bankruptcy against Reagor-Dykes. It was a voluntary filing caused by Ford attempting to terminate their financing relationship due to the alleged fraud.