Nissan dealership in Porter County closes its doors

By Bob Kasarda, Times of Northwest Indiana
rkasarda@nwitimes.com

BURNS HARBOR | Ludington Nissan has closed up shop one month after Fifth Third Bank won a court order to take possession of 200 vehicles, computer equipment and office furniture from the dealership.

The dealership, which moved at the end of 2007 to the new facility near U.S. 20 and Interstate 94, had defaulted on a $5.9 million line of credit, according to court records.

Owner Jim Ludington, who could not be reached Friday for comment, was working to save the business even after the court order was granted.

He told The Times last month that Fifth Third contacted him in April and said that he was to either pay off his debt or come up with alternative financing. It had been difficult finding another funding source, he said, because of the poor state of the industry and the low number of car sales at the dealership.

The parking area in front of the store, which is typically full of vehicles for sale, was empty Friday. A small sign posted on the front door of the dealership carries the simple message "store closed."

Japanese auto sales plunged 32.4 percent in February, the biggest fall since 1974 on sinking demand as the global economic downturn deepens, according to the Associated Press.

Fifth Third Vice President Timothy Coakley said in February the bank had been working with the Ludington dealership on the debt for seven months.