Dealership Financial Issues
Whether you’re selling new and used cars and trucks, boats or manufactured homes, there are some common issues that arise when a dealership encounters financial distress. Some of the major players will include the floor plan lenders, customers who have traded in or purchased vehicles, manufacturers and taxing authorities. We have assisted dealers when floor plan agents are on site holding keys and titles as well as defending replevin actions brought by floor plan lenders to recover collateral. We understand it can be difficult to walk the fine line needed to pay off liens on trade-in vehicles and ensure financing proceeds go to the floor plan lender while waiting on deals to fund and maintaining operating expenses. Dealing with the manufacturer on franchise issues as well as vehicle or parts returns in the event of a winddown are not new to us. Sometimes we even have to deal with the Attorney General and unhappy landlords.
The DelCotto Law Group always helps a client assess their options and formulate a strategy in order to do their best to accomplish the client’s goal. We have helped dealers liquidate, filed bankruptcy for them, and even had some successful workouts where some blue sky was recovered by selling the franchise. Let us help you assess your situation and negotiate with the multiple parties who are involved in the day to day operations of a vehicle dealership. We understand both dealership operations and the impact financial distress has upon the owners and managers of those operations. We are ready to go to work for you, just call our firm at (859) 231-5800.
