In my capacity as the owner of an import car dealership, I am often amazed at the levels some wholesalers will go to in order to cover up damages to vehicles. As any reputable reseller will tell you, finding the best vehicles is not only a matter of knowing what to physically look for, it’s also a matter of knowing how to spot title and ownership oddities. Lately, I have noticed many wholesalers in possession of autos that were originally sold in the Louisiana and Mississippi areas. For some reason, these vehicles had their titles transferred to wholesalers from states far away. While this isn’t completely uncommon, it does raise a red flag when you consider the recent natural disasters that have occurred on the Gulf Coast.
Dealerships need to be aware of the opportunity for unscrupulous parties to effectively “launder” the titles of these vehicles. As a result of Hurricane Katrina, many vehicles were likely paid for via insurance claims against flood damage. These vehicles are finding their way back into the market. While there is nothing inherently wrong with re-selling a designated flood damaged vehicle, there is something entirely...
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