What will happen to Bradenton’s empty Off Lease Only car lot? Bankruptcy case begins
When the Off Lease Only used-car dealership opened at 3230 14th St. W., Bradenton, in April 2021, it was seen as positive news, bringing jobs and revitalization to the urban corridor.
Founded in 2004, Off Lease Only was one of the largest privately owned, independent used-car dealerships in the United States. The company had retail locations in Fort Lauderdale, West Palm Beach, Miami and Orlando.
But the company filed for Chapter 11 bankruptcy in September and closed all its dealerships.
Statewide, 466 workers lost their jobs, including 49 in Bradenton.
The 15-acre lot was quickly cleared of automobiles, as proceedings commenced in the U.S. Bankruptcy Court in Wilmington, Delaware.
On Oct. 3, the court converted the Chapter 11 bankruptcy filing to Chapter 7 to allow the bankruptcy trustee to gather and sell Off Lease Only’s nonexempt assets and use the proceeds to pay creditors.
Creditors have until Dec. 12 to file claims.
“The company made this decision due to the significant challenges and competitive pressures resulting from unprecedented changes to the automotive retail landscape,” Off Lease Only said in a news release in September, announcing its bankruptcy.
“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 company said.
At the time of the bankruptcy filing, Off Lease Only was no longer the owner of the Bradenton property where it conducted its business, and which had previously been home to AutoWay Ford, and prior to that Bill Graham Ford.
Off Lease bought the Bradenton area property on June 4, 2019, from First Team Ford for $4.5 million, and sold it to Spirit Realty LP for $18.6 million on June 18, 2021.
After the sale, Off Lease Only leased the property back from Spirit Realty LP of Dallas, Texas. Spirit Realty is a real estate investment trust, investing primarily in single-tenant, long-term real estate assets.
Spirit Realty LP did not immediately respond to a Bradenton Herald email this week requesting information on its plans for the property, following the bankruptcy filing.
A piece of the property was also home for more than 30 years to Panda Garden Restaurant, which closed in 2020.
Asked about how long bankruptcy proceedings might take, a media contact for Off Lease Only’s bankruptcy filing responded in an email: “Unfortunately we can’t estimate or provide comment on this.”
