Sky Auto Mall bankruptcy

Alex, Igor and Yelena Tovstanovsky filed Chapter 11 petitions on March 20, 2026 in U.S. Bankruptcy Court for the Northern District of Illinois. (autonews.com) Stellantis Financial Services’ complaint seeks $12.3 million and was filed March 2, while Ford Credit filed March 5 seeking $6.6 million—claims that aggregate to roughly $18.9 million in lender demands. (autoblog.com) Ford Credit’s filing says an audit found 81 VINs financed to multiple lenders and an “out‑of‑trust” shortfall of about $1.2 million at the Sky Newhall franchise. (fordauthority.com) Stellantis’ complaint alleges Sky Auto Mall retained roughly $1.4 million in sale proceeds and seeks court approval to seize vehicles, parts and equipment potentially valued at more than $20 million. (autoblog.com) The group closed its Newhall and Center Point locations and issued WARN notices that cut 76 jobs (46 at Center Point, 30 at Newhall), while the Linn County Sheriff began seizing dozens of vehicles after court orders. (cbs2iowa.com) Both captives allege the dealer moved inventory between the two lots to conceal duplicate floorplan liens—an operational tactic plaintiffs say exploited gaps in collateral tracking and lien verification. (carscoops.com) Solifi’s September 23, 2025 acquisition of DataScan was explicitly aimed at adding wholesale finance and inventory‑risk tools that target lien verification and VIN‑level auditability, capabilities buyers will cite when tightening collateral controls after cases like Sky Auto Mall. (businesswire.com) Solifi customer work shows the practical playbook: Centennial Bank launched CALMS Compass floorplan operations in under four months, Kawasaki Motors Finance migrated 1,700 dealers and roughly 53,000 loans to Solifi’s wholesale platform, and Hitachi Capital reports improved credit standards after implementing Solifi’s wholesale tooling. (solifi.com)