Used-car dealer Tripoli Auto Sales has come under investigation by the Auto Industry Division of the Colorado Department of Revenue for failing to pay its two floorplan lenders and withholding vehicle titles from consumers, according to an affidavit. It is estimated that nearly 80 vehicles — valued at $180,000 — were sold out of trust.
Ussamah Milad Shukry, the dealership’s owner, is accused of withholding payments from wholesale used-vehicle retailers Manheim, Adesa, Loveland Auto Auction, and Copart Auto Auction.
Although the names of the lenders involved are redacted in the affidavit, a quick internet search of one of the witnesses — Kirk Wiggers, of Denver — reveals he works as a regional sales manager for Automobile Acceptance Corp. In another instance, AFC, or Automotive Finance Corp., was left unredacted. AFC is an Adesa subsidiary that provides floorplan financing for independent dealerships in the U.S. and Canada.
For more content like this, join us at the upcoming Auto Finance Accelerate event, March 9-11 at the Omni San Diego. Combining three crucial topics in auto lending and leasing, Auto Finance Accelerate dives into the strategies and knowledge needed to enhance your company’s auto finance sales, marketing, and innovation. Register before Friday, Jan. 31 to save with early registration rates. Visit www.AutoFinanceAccelerate.com to learn more.
