SANFORD–According to the Triangle Business Journal, a local car business owned by dealer Tom Smith has filed for Chapter 11 bankruptcy reorganization. The February 18 filing by Tom SmithTrade-In Center LLC, in Sanford, cited $500,000 to 1 million in liabilities and less that $50,000 in assets. The bankruptcy case does not directly affect Precision Ford in Lillington, which Smith also owns.
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