Owner, manager of troubled Jacksonville exotic car dealership arrested on fraud-related charges amid FBI investigation

JACKSONVILLE, Fla. – The owner and sales manager of a Jacksonville exotic car dealership were arrested this week and accused of fraud-related charges, according to the Jacksonville Sheriff’s Office inmate portal.

The arrests of Vladimir Ranguelov, owner of Bul Auto, and his sales manager, came just over two months after the FBI said it was investigating the luxury car dealership on Beach Boulevard, and its second location in Albany, New York, over accusations that it defrauded customers out of millions of dollars.

Karma Automotive, the California-based manufacturer associated with Bul Auto, suspended its relationship with Ranguelov and Bul Auto, citing concerns over the mounting accusations.

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Both dealerships have been under scrutiny since the dealerships shut down operations in mid-June, with customers, banks, and lenders scrambling to recover vehicles and funds.

Videos obtained by News4JAX show police and bank representatives on site attempting to seize vehicles believed to have been sold multiple times or used as collateral for fraudulent loans.

In one case, a Jacksonville customer who requested anonymity said he lost $260,000 after purchasing a 2022 McLaren. While at the dealership, he learned that another person had purchased a vehicle with the same vehicle identification number (VIN). He also described watching representatives from Karma search the lot for 10 vehicles — and only finding five.

In New York, customer Michael Abatecola said he is owed $250,000 for a Lamborghini he never received.

“He got $100,000 selling one car two times,” Abatecola said. “Neither one of us has it.”

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A Jacksonville customer told the News4JAX I-TEAM that a detective with the Jacksonville Sheriff’s Office told him the scope of the alleged fraud is far greater than initially suspected.

According to the JSO portal, Ranguelov was charged with dealing in stolen property by use of internet, organized fraud and obtaining a motor vehicle with intent to defraud, which are all felonies.

The dealership’s sales manager was charged with dealing in stolen property by use of internet and obtaining a motor vehicle with intent to defraud.

They were both released on Thursday, according to the portal.