Scott Meyers, who has IronHorse dealerships in Montana and Minnesota, bought the bankrupt company for $6.7 million. Meyers said he will be moving to Fort Worth to run the company. Total cost is going to be around $8 million since Meyers plans to pay back rent still owed on buildings plus cover warranty expenses dealers have not been reimbursed for.
It’s nice to see someone picking up the pieces and stepping back in to help owners and dealers who were in a bad spot, now it remains to be seen if Meyers can get the company back to profitability.
Link: Star Telegram via Powersports Business
Related: American Ironhorse Facing Bankruptcy
JC says
Sounds like a real stand up guy, hope it comes back to him in full.
AB says
$8 million is the new price for vanity. OCC makes it’s money by selling to corporations who see building a $100,000+ custom and 1 hour TV airtime as a business expense.
Paying $25-$65,000 for a custom bike that only gets ridden on sunny days, parked at Starbucks and sold 6 months later for $10-$15,000 makes no sense to me.
Good luck Scott! We can never get enough eye candy. :))
Loomis says
Ha!
If they drop as much in value as you say then why arent you running around looking for a used one to buy? btw, I also think they’re slightly impractical.
OMMAG says
Given the trends developing at this time ….. I’d say this is a really bad business decision.
IMO – The chopper fad is as dead as the hog that donated it’s ribs to my weekend cookout.
That’s not to say that a revamped AIH couldn’t build a different sort of bike. But I doubt if the business would survive that transition.
Good luck Mr. Meyers
GenWaylaid says
Eight million is what, six choppers? Seven?
2young says
Am air-cooled low-horsepower v-twin bolted to a bike with a ridiculously long wheelbase. Sure makes the Ducati Monster, Speed Triple, and all those Aprilias look silly.
AB says
Loomis, I should have said they depreciate $10-$15000 six months later. Check out Ebay and see the real world selling price of these metal artworks on two wheels.
I could never want to buy a custom cause my bank manager says my ego is not big enough and my wife says my p&n#s is not small enough :)))
Besides I prefer bikes I spend more time riding than keeping clean.
Bob B says
If Mr. Meyers intends to pick up the pieces and step back in to help owners and dealers who were in a bad spot, he can start with my bike.
I purchased my bike 2 years ago, it ran for less than 3 months and has spent 10 months at the local AIH dealer and another “service centerâ€. I then went through the lemon law process for almost a year before AIH agreed to settle by replacing my bike. After 6 weeks of excuses (“we’re trying to locate a suitable replacement†“blah, blah, blah…â€) they filed bankruptcy, reneging on the settlement. Now left with a $30K+ boat anchor, I guess I am one of the “legacy costs†CEO Hendrickson wanted to legally stiff to help “prospective buyers’ i.e. Mr. Meyers.
Funny how Mr. Hendrickson felt “bad for the investors who lost money†with no mention of the customers AIH screwed during his tenure.
bob128_99@yahoo.com
Rich Hiam says
Congratulations Scott, finally a tax write off that suites your budget. I worked for Scott for over 2 years at his AIH dealership. Nice guy, too bad your “friends” didnt tell you the OCC fad is dead.
David Houston says
Scott, do you have any plans to pay back the consumer who paid for the warranty work that ironhorse was supposed to do? What do you plan on doing about the BBB and Attorney General Complaints against the company? Is there any hope at all for the guys who’s bikes are currently not running but they are paying out of pocket to fix them. Trust me you will be hearing from me. Ask Vicky, and the rest of the former staff at Ironhorse.
FOR SALE
2005 LSC
111 CI
6400 MILES
ONLY REPLACED THE PISTONS ONCE, ONE NEW STARTER, ONE NEW THROWOUT BEARING, NEW PRIMARY BELT, PAINT PEALING JUST A BIT AROUND THE GAS TANK. BEST BIKE EVERY BUILT!!! I PAID FOR ALL REPAIRS ON MY OWN (OUT OF POCKET). 23,500 OR BEST OFFER
DAVID