Court Clears Sale of 750+ John Scotti Vehicles Following Insolvency Proceedings

• Superior Court approved the sale of more than 750 vehicles from Location John Scotti.

• Portfolio includes 178 Lamborghinis alongside Ferrari, Porsche, Rolls-Royce and Bentley vehicles.

• More than 640 vehicles remain under active lease agreements during the sale process.

A court-authorized vehicle sale is moving ahead in Quebec after the insolvency of Location John Scotti, creating one of the largest exotic-vehicle portfolio transactions seen in the Canadian market.

The Quebec Superior Court granted approval for court-appointed manager Deloitte to sell more than 750 vehicles held by Location John Scotti. The authorization allows the sale process to proceed despite requirements that vehicle merchants normally hold a permit issued by Quebec’s consumer protection authority.

During its review of company records, Deloitte determined that Location John Scotti did not hold its own valid permit. Court documents indicate that a permit number appearing on vehicle leases and sales agreements was registered to a separate business, John Scotti Automotive, rather than Location John Scotti.

The proceedings follow the company’s insolvency, which began on April 1. According to court filings, Location John Scotti owes more than $90 million to Bank of Montreal. Deloitte also reported discovering several irregularities while reviewing operations, including stolen vehicles, vehicles allegedly sold without authorization, and unexplained fund transfers.

Among the assets reviewed was a high-value Bugatti Chiron that had reportedly been leased despite incomplete information. The vehicle is not included in the portfolio currently being marketed for sale.

The inventory being offered remains substantial. It includes 178 Lamborghini, making it the largest brand represented in the portfolio. The collection contains 10 Revuelto models, each valued at roughly $700,000, and 81 Huracan models, each valued at roughly $300,000.

Other luxury and performance brands represented include 18 vehicles from Ferrari, 13 from Rolls-Royce, 12 from Lotus Cars, five from Bentley Motors, 61 from Porsche, 76 from Mercedes-Benz, 43 from Land Rover, 38 from Audi and 21 from BMW.

The portfolio also contains mainstream vehicles, including 57 Fords, 42 GMs and 39 Dodge and Ram models. Additional assets include eight Harley-Davidson motorcycles, seven Freightliner trucks and two Can-Am all-terrain vehicles.

More than 640 vehicles are currently leased to consumers or commercial customers. Deloitte noted that many assets have established resale values and that the concentration of limited-production exotic vehicles could help preserve residual value compared with conventional fleet inventories.

Source: tva nouvelles