Used Car Conglomerate "OffLeaseOnly" Shutting Down

[Harry's Humble Hitch]

OffLeaseOnly, a major player in used cars, appears to be in the process of shutting down after 23 years of business. The company owns 5 dealerships in South Florida that holds 1500 vehicles in their inventory. If you visit their website, their banner states, "Off Lease Only is closed to the public. We apologize for any inconvenience...."

Below is a leaked internal memo outlining their situation. They cite rising car prices and interest rates as causes of their failure, but a source claims the new owner gambled on their inventory and lost too many times. It is too early to say whether or not this is the start of a larger trend, but it speaks to the overall increasing volatility of the car market.

Source: https://twitter.com/GuyDealership

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[fossil]

AKA, paid too much for stock and can't move them.

 

[nklem]

This was a sketchy dealer anyway. Many times I saw their too good to be true prices and found many of the vehicles were repaired salvage vehicles..buyer beware..

 

[MadMike22]

That's really surprising to hear about OffLeaseOnly, especially after being around for so long. It’s a tough market right now, with rising prices and interest rates affecting a lot of dealerships. I was recently shopping for a used car and came across some good options at https://www.bestdealsautofla.com/inventory/, which was a great experience. They had a solid selection, and the prices were fair. I found it helpful to be able to compare different models in one place, and the team there made the whole process stress-free.

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