A national car dealership group that includes former New York Giants linebackers Jessie Armstead and Antonio Pearce is a "house of cards" that sold more than $10.5 million worth of vehicle without paying the financers and can't account for nearly 100 others, a lawsuit filed by Hyundai and Nissan charges.
Armstead, Pearce and retail veteran Michael Saporito own several dealerships in New Jersey, Michigan and Pennsylvania, including Englewood Cliffs Cadillac on Sylvan Avenue.
The lawsuit calls the group insolvent and accuses it of defaulting on loan agreements, Automotive News reports .
Audits by Hyundai Capital America showed discrepancies at two stores the group owns in Pennsylvania, followed by similar trouble at the Michigan locations -- including hundreds of financed vehicles that couldn't be found, the report says.
Vehicles have been repossessed, two of the Michigan stores appear to be closing and concerns have been raised over the remaining locations, Automotive News reports .The lawsuit doesn't allege any problems at the Englewood Cliffs dealership.
Armstead, a five-time Pro Bowler who played for the Giants for nine seasons, went into business with Saporito in 2009, opening a dealership in Hamilton Township. Pearce, a five-year Giants veteran who won a Super Bowl with Big Blue in 2007, became a third partner in 2014.
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