Mega Used Car Dealer, Off Lease Only Closes Doors

[Wrenchturner44]

FYI BITOG team.

After bankruptcy filing, Off Lease Only hopes to refund $350,000 in customer deposits

A used car dealership chain that abruptly closed shop this week is working to pay back customers who put a deposit down for a car.

www.fox35orlando.com

Somehow I do not think this is going to be the last of these types of closures in this business.

 

[macarose]

They had a terrible business model that became even more ridiculous as the supply of cars dried up.

They would take absolute crap cars from the wholesale auctions (stuff that the big boys wouldn't touch), slap up enough repairs and recon so that it would go down the road, and then try to sell the paper before the customer turned that rolling turd to a sarcophagus of crusher fodder.

To be fair, all the big boys played in that nasty little sandbox of second tier brands that couldn't make the note. The difference is with Off-Lease Only, they bought what was already junk instead of what eventually became junk.

 

[Wrenchturner44]

They had a terrible business model that became even more ridiculous as the supply of cars dried up.

They would take absolute crap cars from the wholesale auctions (stuff that the big boys wouldn't touch), slap up enough repairs and recon so that it would go down the road, and then try to sell the paper before the customer turned that rolling turd to a sarcophagus of crusher fodder.

To be fair, all the big boys played in that nasty little sandbox of second tier brands that couldn't make the note. The difference is with Off-Lease Only, they bought what was already junk instead of what eventually became junk.

I know for a fact that they pushed extended warranties hard with every sale.

 

[andrew_j]

I only use credit card for those deposits even if seller balks. Credit card company eats loss