JACKSONVILLE, Fla. – Two exotic car dealerships—Karma Automotive in Jacksonville, Florida, and Bul Auto Sales in Albany, New York—have unexpectedly ceased operations, leaving customers concerned about unpaid loans and potential fraud.
RELATED: Jacksonville man charged with running chop shop with stolen vehicles
Both dealerships, owned by Vladimir “Val” Ranguelov, abruptly closed without prior notice. Their websites now display messages stating they have “ceased operations,” and their physical locations are empty.
Customers have also reported that vehicles were sold without paying off existing loans, leading to significant financial concerns.
In Albany, Michael Abatecola alleges that he sold a Lamborghini to Bul Auto Sales in August 2024. He claims the dealership did not pay off the remaining loan balance, resulting in a $250,000 debt.
He also says a lien has been placed on his vehicle.
Abatecola, who had a decade-long relationship with Ranguelov, expressed disbelief over the situation, stating, “You trust him, you know you do business on a handshake, and you don’t think you’re going to be taken advantage of.”
In Jacksonville, customers have reported similar issues, with at least four incidents of potential fraud reported to the Jacksonville Sheriff’s Office. One victim expressed concern that Ranguelov may have fled the country to avoid arrest.
Authorities in both cities are investigating the closures and the allegations of fraud. The FBI has also been involved in recovering vehicles and assisting affected customers.
Meanwhile, Karma Automotive, the manufacturer associated with the dealerships, has suspended relations with Bul Auto Sales and pledged full cooperation with investigative authorities.
Customers affected by the closures are encouraged to contact local law enforcement and seek legal advice to understand their rights and options.
For more information on steps to take if you’ve been affected by a dealership closure, visit the Consumer Law Group’s guide.