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