Off Lease Only files for bankruptcy, closes all locations effective immediately
ORLANDO, Fla. - Off Lease Only, a popular used car dealership, has filed for bankruptcy and closed all of its Florida locations, including one in Orlando, effective immediately.
Several now-former employees, who wish to remain anonymous, told FOX 35 they learned of the company's closure shortly after noon Wednesday during a company-wide meeting. A notice was posted online a few hours later.
Carlos Lopez, who traveled from the Tampa area to purchase a car at the Orlando location, couldn't believe what happened.
"The salesman that I was meeting with called me and told me, 'Hey, I have bad news. The company just went out of business. We're all fired, and there's no way we can help you anymore,'" Lopez said. "They shuffled all the employees out of there with all their belongings and locked the door."
The company blames "unprecedented changes" in the used car sales industry for the closure.
"Elevated pricing and rising interest rates have further deteriorated conditions in the automotive retail market, weakening consumer demand and affordability," the company said in a statement Thursday.
Off Lease Only had a total of five locations in Florida. The Orlando location was located northeast of the Orlando International Airport, off McCoy Road and Narcoossee Road.
Before it closed, that location had more than 500 vehicles for sale, according to the company website,
Last week, Lopez paid $500 online to place a hold for a Dodge Challenger. He's concerned he won't get his money back as attempts to reach customer service have been unsuccessful.
"I'm hoping for the best that I do, but I'm thinking no," he said.
An internal document obtained by FOX 35 states only a small transition team will continue on for about 30 days before the company shuts down for good. Those laid off Wednesday will receive at least two paychecks and any remaining earned commission.
A company spokesperson has not yet responded to questions about its plans to refund deposits and honor warranties.