Claremont : Buyer for Auto Park?
- Share via
DeAnza Auto Center Partners Inc. has emerged as a proposed buyer of the financially struggling Claremont Auto Park, according to city officials, who are recommending a $750,000 redevelopment loan to provide the firm with working capital.
DeAnza is owned by George Reade, the owner of DeAnza Chevrolet in Riverside, and three partners. The auto park, which has seven franchises, including Cadillac, Pontiac, Acura and Hyundai, generates about one-third of the city’s $2 million in annual sales tax revenue.
It ran into financial difficulties early this year and has been operating under the control of a bankruptcy trustee since April. The sale will require approval of the U. S. Bankruptcy Court.
Another potential buyer, Arnold Palmer Automotive Group Holdings Inc., has withdrawn its offer.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
