EXCELL AUTO GROUP FILES FOR BANKRUPTCY, OWES $10M-$50M - BocaNewsNow.com

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Boca Raton Showroom Empty. Chapter 7 Filing Comes As Lawsuit Claims Dealership Engaged In Fraud.

BY: ANDREW COLTON | Editor and Publisher

BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2022 MetroDesk Media, LLC) — Excell Auto Group has officially filed for Chapter 7 Bankruptcy protection, claiming that it has between $0 and $50,000 in assets but owes between $10M and $50M to creditors.

The Excell Auto Group showroom at 1001 Clint Moore Road in Boca Raton, normally full of high-end and exotic cars, remains empty. That led customers, starting early last week, to ask questions about cars they are owed, cars they sold but were not paid for, and owners Scott Zankl and Kristen Zankl.

Scott Zankl told BocaNewsNow.com, in an exclusive interview, that his “landlord” took the cars illegally as part of a civil dispute. Attorneys for his landlord, however, denied the accusation and sued Excell.

As we wrote in a Friday rep ort: “The landlord(s), identified as “Auto Wholesale of Boca LLC, Ultimate Services LLC, and Moshe Farache,” claim in the lawsuit that Excell Auto is engaged in a multimillion-dollar fraud where Excell sold cars “out of trust.” That means the dealership borrowed money to buy a car, then sold the car, but didn’t return the proceeds of the car back to the lender.

Scott Zankl said there is no fraud and stated that he would prevail in the lawsuit.

“The claims are false,” said Zankl, exclusively to BocaNewsNow.com. “I have bank statements. I am going to end up on top of this.”

Zankl also denied rumors circulating Boca Raton and Delray Beach that he had been arrested by federal agents investigating his dealership.

“There was no raid, no federal agents,” said Zankl. “This is not a criminal thing. It’s a dispute between me and my landlord.”

At least one local law enforcement agency, however, says it has received criminal complaints against Excell Auto Group.

The bankruptcy petition, which you can read below, was filed in U.S. District Court for the Southern District of Florida. Kristen Zankl is listed as “president” of Excell Auto Group and signed the “voluntary petition for non-individuals filing for bankruptcy.”

Excell-Chapter-7

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