Israeli Auto Dealer Buy & Drive to Sell Fleet at Online Auction
Translated & summarized from NEWSru Israel by baba
An Israeli court has approved an online auction for dozens of vehicles from the car dealership Buy & Drive Holdings, which is ceasing its rental operations due to unprofitability. The company owes 97 million shekels and is selling about 95 vehicles, including Hyundai, Mitsubishi, and Renault models from 2022-2025. The auction is set for November 6, with sales occurring in batches as vehicles are returned.
The story in 5 lines · by baba
- Israeli court allows Buy & Drive Holdings to sell dozens of vehicles via online auction.
- The company is closing its unprofitable car rental division due to 97 million shekel debt.
- Secured creditors Carasso Motors and Colmobil hold liens on 95% of the fleet.
- The auction will feature approximately 95 vehicles, including Hyundai, Mitsubishi, and Renault models.
- The sale is scheduled for November 6 and will proceed in batches as cars are returned.
The Central District Court in Lod has authorized the sale of dozens of vehicles belonging to the Israeli car dealership Buy & Drive Holdings via an online auction. The decision follows the company's move to immediately cease its car rental operations. The court's permission covers the publication of the offer, acceptance of bids, and the auction itself, which will be conducted on the Bidspirit platform. Each batch of vehicles sold will require separate court approval.
The request for the auction was made with the consent of the company and its secured creditors, Carasso Motors and Colmobil, who hold liens on approximately 95% of the fleet. Buy & Drive's fleet consists of about 95 vehicles, primarily used for leasing and rentals. The company, founded in 1997 and involved in car sales, leasing, rentals, and trade-ins, had accumulated debts of 97 million shekels and received creditor protection in September.
Court-appointed managers, lawyer Avner Cohen and auditor Hen Berdichev, determined that the rental division was unprofitable and incurring daily losses. Consequently, they, along with company management, decided to close this operation, requiring renters to return vehicles by the end of October 2026.
The auction is scheduled for Thursday, November 6, with two sessions planned based on vehicle types. The vehicles up for sale include models from Hyundai, Jaecoo, Mitsubishi, Chery, Renault, and Dacia, manufactured between 2022 and 2025. The fleet will be sold in batches as vehicles are returned.
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