South Jersey Corvette dealer files for Chapter 7 bankruptcy protection
VINELAND - A local auto dealership is ending its 50-year run with a trip to bankruptcy court.
Conte's Corvettes Inc. has filed for Chapter 7 protection, which would allow a court-appointed trustee to liquidate company assets.
The Jan. 12 filing listed assets of $131,000 and liabilities of almost $767,000.
Company owner Marty Pinder said sales of high-end cars stalled during the worst days of the pandemic and are still sputtering due to economic concerns.
“The collector car market is made up of boys and girls that simply cannot go through life without chasing and someday owning their dream car,” said Pinder, a retired banker and Corvette enthusiast who bought the dealership in 2016.
But he noted, “When the economy tightens, the fulfillment of those dreams often must wait."
Sales recovered slowly in 2021 and 2022, Pinder said.
But gross revenues last year fell by $600,000 to $1.8 million, according to the Jan. 12 filing.
"As 2023 began to unfold, it was clear that while the desire to own a dream car remained strong, those actually buying one began to fade rapidly," said Pinder, citing the impact of inflation and rising interest rates.
"Even those with ample cash on hand were now far more cautious given today's economic uncertainty," he said.
Pinder closed Conte's Corvettes in November 2023, saying he was retiring and could not find someone to take over the West Wheat Road business.
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"As a retired banker, continuing to march forward was clearly now far more of a gamble than an investment with odds worsening every month," said Pinder, who acquired the firm from its founder, Joe Conte.
"And I am not a gambler," he said.
According to its website, Conte's Corvettes also sold "classic" cars and muscle cars, and shipped some vehicles internationally.
It serviced cars — "ranging from oil changes to complete mechanical and cosmetic restorations" — and detailed vehicles, the website adds.
In announcing his retirement on the firm's website, Pinder said he wanted to focus on family and friends.
He also expressed gratitude to his employees and customers, adding he was "looking forward to having more time enjoying car shows with all of you."
Jim Walsh is a senior reporter for the Courier-Post, Burlington County Times and The Daily Journal. Email: Jwalsh@cpsj.com.
This article originally appeared on Cherry Hill Courier-Post: Conte's Corvettes filed for bankruptcy after its president retired
