Bart Reagor proclaims his innocence online: blames banks and CFO

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On Saturday night, with most of Lubbock watching the World Series, celebrating Halloween weekend, or overcoming another Texas Tech Football loss, Bart Reagor took to the internet.

Reagor was recently convicted by a federal jury of making a false statement to a bank. He faces a prison sentence of up to 30 years and is currently on bail until the date of his conviction.

Reagor posted a one-paragraph essay of about 1000 words on Facebook, recounting the fall of the Reagor-Dykes Auto group from his point of view. This is just the second time he has spoken in public since his conviction.

At one point in his missive, Reagor said, “My business is gone! Why is it gone? Greed yes, but not my greed.”

Reagor then blamed the banks, the Ford Motor Credit Company, and former Reagor-Dykes Automotive Group CFO Shane Smith, “The many banks we did business with around Lubbock were making millions of dollars on my business by all kinds of fees and interest. I had no idea. My CFO, who was a good friend and hard worker, was giving me false information. I was getting weekly bank balance reports that were wrong. not accurate I was getting monthly financial statements that weren’t accurate HSFC was doing false audits My CFO was director of HSFC for 11 years before working for me and one of his good friends Gary Byrd , was the Dallas area head for FMCC.

At the height of the Reagor-Dykes Auto Group, the company had several dealers in Lubbock, as well as additional dealers in Plainview, Lamesa, Floydada, Amarillo and Dallas.

You can read Bart Reagor’s full post, below:

Bart Reagor’s full post on Facebook from October 30, 2021; unedited:

John 8:32 “Then you will know the truth, and the truth will set you free. Whether you like it or not, I’m not the bad guy that many of you that I don’t know want me to be. I worked hard to start a business that provided a great place for people to get cars and go to work. I created a place that helped people in need. A company that has given back to the community. I created an automotive group recognized nationally as one of the best automotive groups in America by many organizations including Ford, FMCC, General Motors, Toyota, Mitsubishi, Wards Auto Dealer Magazine, Inc Magazine, The Lubbock Chamber of Commerce, The American Diabetes. Association, Texas Tech, Southcrest Christian Schools, Boys and Girls club and at least a hundred others. I have taught hundreds of people how to be successful by working hard and doing things right. Chances are, if you drive between Amarillo and Midland Odessa today, you will likely go to a dealership run by someone I have trained over the past 34 years. In 2003, when I resigned from Gene Messer as General Manager of 2/4 dealerships in Lubbock, I started Reagor Auto Mall. In 2004, we achieved $ 10,000,000 in sales. In 2006 Rick Dykes bought 50% of my business. I wanted to grow the business and he wanted to invest and provide the capital to grow the business. In our last full year, we had over 700 employees, over 20 locations in 9 different cities and we sold 24,000 cars, which represented approximately $ 780,000,000 in sales. I worked hard to build this business for my family and the other families who were there. My business is gone! Why did he leave? Greed yes, but not my greed. The many banks we did business with around Lubbock were making millions on my business in all kinds of fees and interest. I had no idea. My CFO, who was a good friend and a hard worker, provided me with false information. I was getting weekly bank balance reports that weren’t accurate. I received monthly financial statements that were not accurate. FMCC was doing false audits. My CFO was a senior manager of HSFC for 11 years before working for me and one of his good friends, Gary Byrd, was the Dallas area head for HSFC. The only time after about 2008 that we had an audit problem was in March 2017. I was told that the stores were behind in processing transactions because too many people were out for the holidays. spring. Back then, we were making $ 5-8 million in sales a day so that made sense. If we were doing fraudulent things, why would HSFC give us a $ 5 million line of credit to help us with this check? We had to pay $ 25,000,000 in cars in 7 days. We did it. This was the most I had ever been involved in RDAG dealer financial accounts since my partnership with Rick Dykes in 2006. We have had 5 audits since with FMCC without major issues. We were good on capital from what I knew. On 06/29/2018 I received an email after the June inventory audit that congratulated my team and thanked me for my business (of course Ford and FMCC were making more money than me thanks to my operation). On July 10, 2018, executives from Ford and FMCC came to West Texas to present us with 2 President’s Awards. One for Spike Dykes Ford at Lamesa and one for Reagor Dykes Ford at Plainview. On 07/21/2018 it was a Saturday and I was leaving the next day for my annual vacation with my family. I was in the office and spent about 2 hours (as I did every Saturday) reviewing the weekly bank balance report Shane sent to Rick Dykes and myself. We had over $ 20,000,000 available, including a $ 5,000,000 cushion account for Shane at IBC Bank. I came home and went on vacation Sunday with my wife and kids. Thursday of my vacation I get an email from Gary Byrd telling me that they are doing an audit (which was weird as they had just done a 6/29) and that we were missing some cars. I immediately called Shane and he said have fun, everything is fine, it’s early, we have it. So I’m leaving with my family. When I come back and check my phone, there are always issues. The next day, FMCC had actually arrived with an army to take over all of our concessions (you don’t think it was an accident, they happened while I was on vacation, right?). They took all the keys, the securities and the money that was coming. I managed to get home as quickly as possible. I got home at midnight on 7/28 or 29 at that time, my business was no longer under my control. It was a disaster! It was terrible! I have not been involved in any fraudulent activity at any time! I have built this business for my family and other families in the long run. I loved my employees, my clients and everyone we were able to help or do business with. I never knew anything about the fraud until 07/28/2018. I never knew anything about the control kite until 07/30/2018. There is a lot more to say and a lot more to do! I was silent for three years as this all went on. The government lashed out at Shane and his team, the office managers most of whom are moms and they refused to prosecute and investigate fmcc who we now know knew what they said to have found out in 6/18 is a lie because we saw the emails in connection with the RDAG $ 315 million lawsuit against FMCC in bankruptcy court. HSFC leaders across the country were talking about what was going on and ignoring it …. We know the bankers were working directly with Shane Smith. Why weren’t they charged? Why not FMCC employees Because they decided to use me as a patsy to take the fall for everyone but I will not do it because I have a family that I love, friends that I like it and I was not at all involved in financial fraud. I built the business and have (my family) been the victim of fraud more than anyone. Obviously you can think what you want, say what you want and do what you want but it’s the TRUTH whether you like it or not! I’m not the BAD GUY that some of you want me to be. This will never change! I love God, my family, my team and me last. GFTM !!!!!!!!!! Mark 9: 23- “Anything is possible for those who BELIEVE” John 8: 32-Then you will know the truth and the truth will set you free. RDAG also filed more than $ 50 million in lawsuits against First Capital Bank in bankruptcy court. It wasn’t just Shane and his office team that created this situation … If it had, other banks and institutions would not have already paid RDAG entities in bankruptcy court. As for me, I have to focus on my family and get rid of them by making a false statement of belief that is not 100% true!

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