Auto company sues over North Miami Beach dealership sale

Group 1 wants $72M acquisition from Prestige Imports enforced in Miami-Dade Circuit Court

TRD MIAMI /
Jun.June 24, 2014 12:00 PM

One major auto company sued another over a $72 million contract to sell a North Miami Beach Audi dealership.

Houston-based Group 1 Automotive filed a Miami-Dade Circuit Court lawsuit against Prestige Imports of North Miami Beach and CEO Brett David last week. Group 1 owns 152 dealerships in the U.S., United Kingdom and Brazil. The complaint seeks to enforce the sale contract for Prestige Audi of Miami at 14780 Biscayne Boulevard.

Miami attorney Abbey Kaplan, who represents Group 1, wrote in the complaint that his client performed its contractual obligations, including a $6 million earnest money deposit, according to the Daily Business Review. But Prestige allegedly didn’t provide lists of assumed contracts or financial data and failed to submit necessary paperwork to the Federal Trade Commission.

Robert Zarco, the Miami attorney who represents Prestige, countered that the agreements between the companies are not enforceable. Zarco said Group 1 is trying to force a sale because the true purchase price should be $10 million to $12 million higher.

“There were over a dozen material and essential terms the parties were unable to agree to,” Zarco said. “As such, Brett David would not sign.” [Daily Business Review]Eric Kalis


Related Articles

arrow_forward_ios
Rendering of the project, Davide Bizzi and Jeff Bercow

North Miami Beach approves Bizzi & Partners’ mixed-use tower

Alex Zylberglait of Marcus & Millichap and 2020 Northeast 163rd street

Argentine investor nabs North Miami Beach Opportunity Zone property

Daily Digest Miami

Ken Griffin pays nearly $100M for Palm Beach estate, new renders of 830 Brickell office tower: Daily digest

From left: Jacob Serure, Elliot Shainberg, Deme Mekras, and Aaron Kurlansky with California Club Apartments

Coral Springs investor buys apartment complex near Aventura

Brett David and a rendering of the auto spa

Prestige Imports plans $2M “auto spa” in North Miami Beach

Jorge Savloff and Marco Tenenbaum with a rendering of the project

Blue Road wins approval for Capri condo tower in North Miami Beach

Baskir Capital buys a TD Bank branch in North Miami Beach

Baskir Capital buys a TD Bank branch in North Miami Beach

Bizzi & Partners pays $10.27M for site on Northeast 163 Street in North Miami Beach

Bizzi & Partners pays $10.27M for site on Northeast 163 Street in North Miami Beach

arrow_forward_ios
Loading...