Help me find my Scud :(

Beautiful car, shame what happened. Will keep my eyes and ears open

 

Wow, that sucks.
Any chance your insurance will cover this as a theft?

 

After this and CNC motors I cannot imagine why anyone would take the risk of consigning a car with any dealer that isn’t Ferrari (or whatever factory-branded dealer for the car you’re selling). Really sucks that it happened to you, I hope you’re able to resolve it somehow.

 

Does it say which state? If it stayed in south Florida, I take a lot of photos at car events down there and can check my archives if this car popped up at any.

 

Wow, that really sucks… both for you and the buyer. I hope you can recover it soon! Best of luck!

 

This is a bad story made especially worse since the market is up and you'd have sold that Scud easily on your own without having to consign it.

I would think you could report the car stolen at this point.

 

i've always been confused by this issue.

legal guy in SCM (as i recall) wrote a piece on titles and BOS.

ownership transfers with a BOS and a title is just a security (lien) instrument?

 

The car cannot be reported as stolen unfortunately because it was a consignment. Fact is, never do a consignment outside of an OEM dealer where the OEM verifies the dealer's financials and holds a bigger card than you do, the franchise agreement. Excell and CNC are not new to fraud in exotics. This has been going on for decades in the exotic world. There are lots of these independent exotic dealers around the country. Very few of them operate differently than Excell or CNC in how they handle sales, titles, etc. While most aren't crooks, you have virtually no protection unless they use an escrow service. There is an exotic independent in Raleigh NC I contacted about consignment with escrow services. They do not use escrow and refused to use escrow. For me, that is a deal breaker. Escrow adds a layer of protection. Buyer pays the escrow agent, usually a lawyer or bank (I would prefer a bank serving as an escrow agent). Escrow agent holds title or rights to transfer title. Escrow agent receives payment from buyer, transfer's payment to seller, releases title to buyer and pays consignment dealer with excess proceeds. The only consideration for the escrow agent is a fee with the sale. That fee is small for the protection it provides both buyer and seller.

 

Car was not stolen, but you are the owner of the car and you should reposses it ASAP. You are correct, they cannot register it but time is not your friend. There is a guy on You Tube (Matt Salvo) who was a “buyer” in the CNC affair and you should reach out to him.

I would lawyer up and get a PI to track down your car.

 

After the Excel guy declares and files bankruptcy, so many things are removed from your control, and you will end up on the bottom so the time to act is now.

 

sports car market

john draneues (sp?) is the legal writer

 

110%. I began writing this earlier but then didn't want to sound too preachy. I cannot understand why on earth people would send a car across the country to what is essentially a used car dealer. I've consigned several Ferrari's but only thru my local Ferrari dealer. Everything else that's been sold thru independents or brokers has been a wire first, title second, car third type deal.

Title or not, once that car leaves your garage, it's out of your possession. And if you did as the OP did, it's unable to be easily picked up if something went south.

To the OP - have you considered all the dealers in South Florida and see if they will put the car on a watchlist in case someone brings it in for service? Also maybe call some of the bigger independent repair shops as well? Too bad you didn't throw an AirTag in it.

 

Bring a Trailer auction site is what many people use. Usually brings top dollar for nice specimens and you're in control of the transfer.

 

To add onto this, many insurance companies will not cover consignment damage and the independent dealer's insurance does not cover it either unless its part of a floor plan which nearly none of them are.

 

usually? 99.999% of the time

 

BaT has failed auctions as well. Certainly more than .001%, but no risk of fraudulent transfer.

 

For this era, DeMuro's Cars & Bids is a solid option too.

Hope you get your car back.

 

Well, this sucks. Good luck to you in the recovery process.