Buy and Drive Administrators Seek Court Approval for Online Vehicle Auction
Administrators of Buy and Drive Holdings obtained court approval to auction dozens of company vehicles online following the immediate termination of its loss-making rental division.
The administrators of Buy and Drive Holdings, which operates the luxury car dealership, have submitted an urgent request to the Central District Court to approve an online auction for dozens of company vehicles following the immediate shutdown of its rental operations. Attorney Avner Cohen and CPA Chen Berdichev filed the motion with the consent of secured creditors Carasso Motors and Colmobil, which holds court approval to publish a call for bids via the Bidspirit online platform.
Founded in 1997, Buy and Drive has operated in vehicle sales, leasing, rentals, and trade-in transactions. In September, the court ordered a stay of proceedings after the company accumulated 97 million shekels in debt, appointing the administrators to oversee assets and evaluate operations. An assessment concluded that the rental division was unprofitable, prompting its closure and the recall of all rental vehicles by the end of October 2026.
The company fleet comprises approximately 95 vehicles, with Carasso Motors and Colmobil holding liens on roughly 95% of them. The online auction is scheduled for this Thursday through the Bidspirit platform, featuring models from 2022 to 2025 with zero previous owners, including Hyundai, Jaecoo, Mitsubishi, Chery, Renault, and Dacia. The current court application seeks approval solely for publishing bids and conducting the auction, while separate motions will be submitted for final sales approval.
