Car lots shut down, dealer arrested - WECT TV6-WECT.com:News, weather & sports Wilmington, NC

7.25.03

Car lots shut down, dealer arrested

You have probably seen those advertisements where a car dealer says, "everything must go." At a lot in Wilmington, almost everything is gone.

Friday afternoon, tow trucks cleared one vehicle after another from Wilmington Car Center's two Market Street locations. A spokesman for the Department of Motor Vehicles says they are beginning an investigation into the business practices of the dealership.

At both locations, the doors are locked, the normally bright open signs are dim, the DMV says the cars are being repossessed by their finance companies.

It is not uncommon in the used car business for cars on a lot to be owned by other dealers. If the lot owner does not sell the cars fast enough, or for enough money, they an be repossessed just like a bank can repossess a car if its owner does not make the payments.

The Division of Motor Vehicles told News 6 that the owner of the lots was arrested Friday on unrelated charges.

Reported by: Ellen Goldberg

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