50 Vehicles Repossessed From Alfa Romeo of Dallas:
Dealer Claims To Have $35 Million In Debt...
A lender for a Texas-based dealer has repossessed 50 Alfa Romeo vehicles, earlier this week. According to CBS DFW, the dealer in question is Kamkad Automotive, which is millions of dollars in debt according to the company’s CEO. As a result, some recent customers haven’t received license plates or titles for their vehicles.
Wednesday morning, Alfa Romeo of Dallas one of the Kamkad Automotive’s dealerships, had tow trucks show up on their lot after the lending company, Ally Financial gave the go-ahead to repossess most of its inventory. According to documents posted on the remaining vehicles on the lot, they are destined for ADESA Dallas, a wholesale auction solutions company.
CBS DFW, also reported that Kamkad Automotive recently backed out of a deal to purchase a Hyundai franchise. The news organization found that Kamkad Automotive was under investigation by the TxDMV for some 244 complains filed at dealerships run by the automotive group. According to the automotive group’s CEO, the company is facing $35 million in debt.
The Kamkad Automotive group operates three dealerships, Alfa Romeo Fiat of McKinney, Alfa Romeo of Dallas, and Kamkad Hyundai of Huntsville.
