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Sooo what happened to C&C??

Discussion in 'California (Southern)' started by Dseig001, Mar 6, 2021.

  1. RonH

    RonH Formula 3
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    May 29, 2016
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    Ron H
    I use Randy Tippets at RMT in Yorba Linda. He is well known in the community and a great guy. If you look on this section there are other threads here discussing the best mechanics. The two most recommended are Randy and Craig at Fast Cars in Redondo Beach.
     
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  3. ShineKen

    ShineKen F1 Veteran
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    Fastcars in Redondo Beach
     
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  4. ShineKen

    ShineKen F1 Veteran
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    I’m going assume CNC’s financial issues came in to play when they made the big investment in their new facility. It’s arguably bigger and nicer than some Ferrari dealerships.

    I’ve heard a rumor the building is now sold and CNC is trying to make their clients whole. My bet is a large percentage of those 120 cases are going to be left empty-handed and that’s pretty crazy when you think about it. CNC has the allure and it is very easy for a local exotic car owner looking to sell his car to get sucked into their scheme.
     
  5. Dseig001

    Dseig001 Karting

    Jun 21, 2017
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    Riverside, Ca
    Awesome! Thank you!
     
  6. ShineKen

    ShineKen F1 Veteran
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    I yes I remember the debacle with Lambo OC. My friend was working in the finance dept at the time and even she didn’t know what was going on until they closed doors.
     
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  8. alex

    alex Formula Junior
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    Shouldn't the Attorney General be involved in something like this?
     
  9. FERRARI-TECH

    FERRARI-TECH Formula 3

    Nov 9, 2006
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    I'd take that with a pinch of salt... Everyone ... and I mean everyone at Lambo OC and Lambo Calabasas ( same owner) knew exactly what was going on..... and they still all cashed their paychecks until the last day ( salesman/finance peeps making $10K on $100k looser deals!!) ...Vic had a scheme going on for sure, but you're telling me someone in finance writing paper on a $400k new Murci for $200k, or a New Gallardo for $80k didn't know what was happening.... no one at either of those dealers was surprised when the doors got locked.

    Running a dealer can get out of hand real quick..... 2 (or was it 3) years ago BMW financial showed up at O-Gara Coach in westlake and took all the keys for all the cars ( over $20M owed) .... Bank rep sat in the showroom and made salesman sign out keys for test drives, ( Bentley, rolls, Maserati & all used cars) mechanics couldn't leave the lot with customer cars... Jim Moreno ( Mercedes dealer) back in the early 90's never paid the taxes on new cars he sold.... was just talking today with one of my longest suffering clients today about how he couldn't register his dads 91 500SL because the taxes where due. ( even though he had paid the dealer)

    Its a real shame what's happening with CNC ,I have no excuse or explanation ( way above my pay grade) I hope and pray that everyone is made whole.....
     
  10. BMW.SauberF1Team

    BMW.SauberF1Team F1 World Champ

    Dec 4, 2004
    13,313
    Yep, especially luxury and exotic sales have been way up during COVID compared to a 10% drop in regular cars for 2020 vs 2019. https://www.cnn.com/2021/04/01/success/luxury-car-sales-pandemic-2020/index.html
     
  11. ScottS

    ScottS Formula 3
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    Mar 2, 2004
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    So many ways to hurt the buyer. Yes the attorney general should be involved. These are actual crimes and the dealer has to know as the information is in the material required to review to be licensed.

    Likely most businesses start as under capitalized. They pay late on the floor plan and try to juggle things like payroll and parts invoices. Then they use customer deposits. Then the sales tax. Then the car sales. Usually the police get called when the buyers cannot register and or the titles never come.


    It’s sad on all fronts. Buyers consigners etc. everyone assumes if you own a Ferrari money doesn’t matter. Not true for many and most of the time it’s a dealer in the area, with a little league team and employing your friends.

    I guess I should unsubscribe from cnc emails huh
     
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  13. BLUROAD

    BLUROAD F1 Veteran

    Feb 3, 2006
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    Not sure if this has been covered yet but it is important. Consumer protection laws are designed to protect the buyer in these cases not the seller. My advice is never hand over the title ever until the money clears.
     
  14. ScudMarks

    ScudMarks Formula Junior
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    This is insane, I have been following the story. It's bad practice like that which affects all of us smaller dealers. But on the flip side, it's also what will keep guys like me in business for years. On an interesting note, when I take my cars on consignment, I insist that the owner keeps the title, I just take a photocopy to know whether or not it has a lien on it or clear. Now we also pay sales tax directly to the DMV, which prevents tax money scheming from dealers. Really, in today's world of used car sales, it is very easy to run a legitimate business based on integrity and trust. I am a 1-man operation up in Marin, I did $6M in sales the last two years of exotics, and I only had two issues with titles, and they were the fault of a well-known lending company. It is a simple process, sell the car, wait for the funds to clear, and then pay the consignor in exchange for the title. This takes 3 days at most with wires and FedEx. I don't get it.
     
  15. Shark01

    Shark01 F1 Rookie

    Jun 25, 2005
    4,024
    But this meant nothing to CNC, as they sold cars without a title to get the buyer cash. So eventually, a consigner may get their car back (if they can find it..... I know if I was a screwed buyer, I would hide the car) but not funds for selling the car and if financed will have to keep up payments.

    I would be so leary of consigning a car after watching this onion being peeled.
     

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