WEST PALM BEACH, Fla., Sept. 7, 2023 /PRNewswire/ -- Off Lease Only ("the Company") and certain of its affiliates today announced that the Company has voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code in the District of Delaware to pursue an orderly wind down of its business.
The Company made this decision due to the significant challenges and competitive pressures resulting from unprecedented changes to the automotive retail landscape. 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.
Off Lease Only has explored a range of strategic options; however, industry headwinds coupled with the decreased affordability of used vehicles have necessitated the decision to pursue an orderly wind down of the business.
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