West Palm Beach, Florida-based Off Lease Only, a high-volume, pre-owned car dealership group, has declared bankruptcy and shuttered all of its locations.
The abrupt closing will impact 446 employees.
According to the company, "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."
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?