Jacksonville Car Dealer Scandal: $560K Fraud Investigation Unfolds!

Jacksonville, Florida, USA - In a troubling turn of events for luxury car enthusiasts in Jacksonville, a local exotic car dealer, Vladimir Ranguelov, is under intense scrutiny as multiple allegations of fraud and financial misconduct surface. Peter Nassar, a long-time customer, reported a staggering loss of over $560,000, stemming from two questionable transactions involving high-end vehicles purchased from Ranguelov’s dealership. This situation is now thrusting the dealership into the spotlight as the FBI investigates the claims surrounding it.

Nassar, who had been flipping cars with Ranguelov for years, initially wired $260,000 for a blue McLaren 720S. However, after enjoying the vehicle for three months, he was shocked to discover that it was never registered in his name. Compounding his frustration, Ranguelov subsequently requested that Nassar deliver the McLaren to another buyer, only for Nassar to find no buyer present when he arrived. As Ranguelov continued to offer excuses about financing, Nassar decided to purchase a Rolls-Royce for $300,000, a move that has left him fearing that Ranguelov may be planning to flee with his money. As Nassar seeks a refund, he is not alone; another customer, Michael Abatecola, claims he too has fallen victim to Ranguelov’s tactics, stating he is owed $250,000 for a Lamborghini he never received, further highlighting a pattern of deception (News4Jax reports that…).

The Fallout from Allegations

The fallout from these allegations is palpable. The Karma Automotive dealership, which converts a former furniture store into a hub for luxury vehicles, has recently shut its doors after just 15 months of operation. Empty lots are now a stark reminder of what was once a bustling business. Local authorities, including the Jacksonville Sheriff’s Office, are currently investigating several related complaints of title forgery and fraudulent sales, while five luxury vehicles were repossessed from the dealership on June 5 (JaxToday reports that…).

Ranguelov, who launched the Jacksonville dealership in March 2024, is also associated with Bul Auto Sales in Albany, New York. Both businesses have come under fire; the Albany police are fielding numerous complaints against Bul Auto Sales as well. Meanwhile, calls to both dealerships now go unanswered, indicating a swift and sudden collapse that has left many customers feeling lost and frustrated.

The gravity of the situation extends beyond Jacksonville. Recent reports of another luxury car dealership in South Florida, Excell Auto Group, add context to the potential issues within the exotic car market. This dealership filed for bankruptcy in April 2022, resulting in approximately 90 luxury vehicles going missing and numerous lawsuits alleging they sold vehicles that were never delivered. Investigations into similar fraudulent behaviors could point to a broader problem in the luxury car industry (NICB provides details about…).

A Broader Industry Concern

The implications of Ranguelov’s actions raise significant questions about the stability of luxury car dealerships in Florida as a whole. Investigations into the dealership’s practices reveal a widespread loss of trust among consumers, further exacerbating the crisis. The luxury car market has seen its fair share of turmoil, as proven by the challenges facing other dealerships, highlighting the need for due diligence among buyers.

As customers rally to recover lost funds and seek justice, the landscape for exotic car sales appears shaky. The hope is that transparency in these investigations and customer-awareness initiatives will prevent further exploitation within this niche market. As this saga unfolds, the community watches closely, knowing that when it comes to cars, as with any good deal, you must always proceed with caution.