Cerberus-Owned Used-Car Dealer Files for Chapter 11 Bankruptcy

Off Lease Only, a used-car dealer majority owned by Cerberus Capital Management LP, has filed bankruptcy and said it plans to wind down its business because of “unprecedented changes to the automotive-retail landscape.”

The Florida-based company and its affiliates filed Chapter 11 on Thursday, listing assets and liabilities each of between $100 million and $500 million on its bankruptcy petition.

Off Lease Only explored other options before filing bankruptcy, but ultimately decided to close the business because rising interest rates and higher prices have weakened demand for used cars and made them less affordable, it said in a ...