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Saturday, Feb 4, 2023

Preview: Nissan Accused of Double-Dealing on Car Lot

The receiver for the company that formerly owned Universal City Nissan alleges that Carlos Ghosn, the former chief executive of Nissan, and his allies conspired to devalue the dealership so a hidden partner could buy it at a greatly reduced price. Byron Moldo, the court-appointed receiver for Sage Automotive Group alleges Nissan, under Ghosn’s leadership, concealed a “corrupt” financial relationship with Trophy Automotive Dealer Group LLC in Glendale, which bought the Universal City dealership and three others, including Mercedes-Benz of Valencia. A lawsuit filed in December against Nissan and two of its subsidiaries also alleges Nissan wrongfully withheld millions of dollars from Sage following the sale, forcing the company to divest two Glendale dealerships. Read the full story in the Feb. 3 issue of the San Fernando Valley Business Journal.

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