Israeli Car Agency 'Buy and Drive' to Sell Fleet Amid Bankruptcy Proceedings

The Israeli car agency "Buy and Drive Holdings" is set to auction off its fleet of approximately 95 vehicles after its rental operations were deemed unprofitable and immediately shut down. The court-appointed receivers, Adv. Avner Cohen and CPA Chen Bardichev, received approval from the Central District Court to proceed with an online auction for the cars, which are being sold with the consent of the company and its secured creditors, Cargo Motors and Colmobil. The auction will take place on Thursday via the Bidspirit online sales platform, with separate sessions for different vehicle categories. The fleet includes various models from 2022-2025, such as Hyundai Tucson and Elantra, Mitsubishi Outlander, Jaecoo 7, Chery Tiggo (4, 7, and 8 Pro) and FX Comfort, Renault Captur, Clio, Grand Coupe, and Dacia Duster and Sandero. Potential buyers can inspect the vehicles at the company's lot in Netanya. The court's approval currently covers only the auction process, not the final sale, ownership transfer, or distribution of funds, which will require separate applications. "Buy and Drive," established in 1997, previously operated in sales, leasing, trade-ins, and rentals. In September, the court ordered a stay of proceedings against the company due to accumulated debts of approximately 97 million shekels, appointing Cohen and Bardichev to oversee its assets and operations. A comprehensive review by the receivers revealed that the rental business was consistently losing money, leading to the decision to close it and recall all vehicles by the end of October 2026. Cargo Motors and Colmobil hold liens on about 95% of the vehicles.