Described as a "house of cards" in court records, a once rapidly expanding dealership group with stores in Michigan, Pennsylvania and New Jersey is now facing lawsuits from Nissan and Hyundai's captive finance arms as the survival of its stores is in question.
Five of the group's dealerships -- owned by auto retail veteran Michael Saporito and former NFL linebackers Jessie Armstead and Antonio Pierce -- are alleged in the lawsuits filed last month to have sold nearly 500 vehicles worth more than $10.5 million out of trust, with 98 other vehicles missing. Being out of trust happens when a retailer sells a vehicle but fails to repay the floorplan loan on that vehicle as dictated in the lending agreement. In the case of these Michigan and Pennsylvania stores,it has led to vehicles being repossessed, an apparent closure of two stores and questions about the livelihood of the owners' other dealerships.