Multi-million-dollar exotic car sales scam…
Interesting video to watch…
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Too long didn’t watch?
Title flipping at its finest. Sell cars on consignment. Collecting money and never paying the person who consigned the car.
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It’s amazing how many auto enthusiast’s trusted the CMC dealership in California to sell their car…
They inventoried tens of millions of dollars worth of other peoples vehicles…
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If I walked into that dealer and saw that line up I would trust them too. With the internet I just don’t see the need to ever trust someone like this though. I guess when you’re super wealthy you just don’t have time to deal with such minor transactions.
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Doug Demuro featured quite a few CNC cars on his channel and suddenly that dried up. I wonder if he got wind of something and decided to distance himself.
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Apparently the old man died. Left the sons the business. Yadda yadda…like so many other inheritances, they destroyed the place.
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Doug did catch wind of the issue that owners were not getting paid for their cars…
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CNC was like a year ago.
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His contact at CNC left because they caught wind of the sketchiness…
This just happened in Miami too.
This is a big one too. House of cards is falling. The margins are way too tight on exotics they can’t stay afloat with their flips vs liabilities. Coming soon to basically every business.
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Yeah… Excell was a cool dealer and got ft by ppl like Savage Garage (RIP Randy Tillim).
This should be discovered by the banks anyway. If they did their jobs. They owe 10-50mill. If I’m a bank those loans are collateralized by titles etc. clearly there’s just no oversight when things are going well
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Crave Luxury Motors in Woodlands area of north Houston just closed…
They were a well-known exotic consignment dealer in the Houston area…
They very quietly and suddenly closed their showroom…lots of rumors circulating on why they closed…
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You just can’t pay 500k for a car and sell it for 505-510 in 2-3 months. These businesses were built when margins were high and rates low. The model doesn’t work anymore. There’s so much overhead
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Actually…the margins are quite high if you never pay the owner for his vehicle…LOL 
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Sad that’s true…
Yes never thought of that as someone that couldn’t imagine such a scenario…
If I remember correctly, the cars are gone right? Transferred to the new owner free and clear?
The old owner can’t recover as it was sold properly?
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The consignment scam works like this…
Existing owner whom consigned their vehicle was not paid after it was sold…but they still had the title…
The new owner paid for the car…took delivery of the vehicle…but never received a title…
More than likely the dealership kept the funds…
Many of the people whom consigned vehicles never knew their car was sold…
Additionally… the dealership is supposed to pay off the existing loan on the car… and in many cases the new owner has applied for and secured a new loan…
But …the dealership was not paying off the existing loan…so both the buyer and seller both had loans secured against the same vehicle
Not a good situation…
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