Volume 1 Number 27
July 5, 2004










TEXT VERSION

 

 

 


SOUTH FLORIDA AUTO DEALERS' LICENSES REVOKED

MIAMI-The Florida Office of Financial Regulation (OFR) today revoked the retail installment sales licenses of two automobile dealers in South Florida.  According to OFR investigators, U-Ride Motors of Florida, Inc., located at 2160 Northwest 79th Street, Miami, Florida, and Horizon Car & Van Sales, Inc., located at 1590 North State Road 7, Lauderhill, Florida, were at various times selling motor vehicle installment contracts without a license. In addition to the main offices in South Florida, Horizon had branch locations through the state.  Motor vehicle installment contracts are used when an individual purchases a motor vehicle and finances it over a period of time.

The investigation was conducted over the past twelve months by OFR investigators in Orlando, Tampa, Ft. Myers, West Palm Beach, Lauderhill and Miami. At all ten statewide locations for Horizon and the two locations for U-Ride, investigators documented that some money collected for third party fees was not paid out as contracted for by consumers.

In addition to the revocations, OFR has ordered the dealerships to pay a fine of $15,000 and banned Mr. Courtney Longman, who indirectly controlled both licensees but was never approved by OFR, from participating in any motor vehicle financing activities for the next five years.

"Our office will take immediate action when we identify that consumers are at risk in their dealings with companies financing motor vehicles," said Don Saxon, Director of the Office of Financial Regulation.

Customers who may have questions or concerns over the financing of their contracts with Horizon or U-Ride should contact John Kneissel in OFR's Miami office at (305) 810-1111.