David Taylor Enterprises, Inc. & Subsidiaries - Page 22

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          displaying the cars at the dealership and promotional events, and           
          publishing a large booklet on the cars.  Personnel of the                   
          dealership testified that they referred serious inquiries                   
          regarding the classic cars to Mr. Taylor, or to a broker retained           
          by the dealership after Mr. Taylor died.  There was also                    
          testimony that Mr. Taylor was frequently on the Galveston                   
          property negotiating with interested buyers.                                
               We find that the dealership always held the classic cars as            
          inventory for sale.  The dealership was merely more flexible                
          regarding the classic car’s price during the years at issue                 
          because of the immediate need for capital.  In addition, we find            
          that the dealership made efforts to advertise and sell the                  
          classic cars in years before those at issue.  Mr. Taylor                    
          personally negotiated these sales, and he would often accompany             
          potential customers on test drives of the cars.  If a potential             
          customer ever expressed an interest in a classic car, testimony             
          established that personnel would direct the potential customer to           
          Mr. Taylor or the broker appointed to sell the classic cars after           
          Mr. Taylor’s death.                                                         
               Even though, as respondent contends, the dealership did not            
          market the classic cars as it marketed the new and used cars, we            
          find the record replete with evidence that the dealership held              
          the classic cars as inventory for sale.  Mr. Taylor frequently              
          stated that every classic car was for sale.  In fact, the                   
          dealership’s general manager testified that Mr. Taylor said                 

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Last modified: May 25, 2011