Florida used car dealership chain Off Lease Only filed for Chapter 11 bankruptcy reorganization on Sept. 7, and announced plans to “orderly wind down” its business.
The Palm Springs-based company, along with affiliates Off Lease Only Parent and Colo Real Estate Holdings, filed Chapter 11 petitions signed by CEO Leland Wilson in U.S. Bankruptcy Court in Delaware.
The companies listed between $100 million and $500 million in both assets and debts.
The company — which has five Florida dealerships, one near Orlando International Airport and the others in West Palm Beach, North Lauderdale, Opa-locka and Bradenton— is closed to the public, according to its website. All of its locations are leased; the Orlando property’s landlord is Dallas-based Spirit Realty LP.
Off Lease Only made this decision because of “significant challenges and competitive pressures resulting from unprecedented changes to the automotive retail landscape,” it said in a news release. “The industry has been impacted by inventory scarcity, and vehicle price inflation stemming from supply chain disruptions and multiyear declines in new vehicle production. Elevated pricing and rising interest rates have further deteriorated conditions in the automotive retail market, weakening consumer demand and affordability.”