Popular used car dealership, Off Lease Only, has filed for bankruptcy and has closed its stores across the state of Florida.
According to a media release, the company has voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code in the District of Delaware to pursue an orderly wind down of its business this week.
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In a statement the company said: “The industry has been impacted by inventory scarcity, and vehicle price inflation stemming from supply chain disruptions and multi-year 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.”
The dealership had locations in Miami, North Lauderdale, West Palm Beach, Bradenton and Orlando.
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