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An Indianapolis vehicle inventory financing company is suing a Florida-based dealership for more than $330,000 after it allegedly breached a contract between the two businesses.
The lawsuit was filed Feb. 7 in Marion Superior Court.
Plaintiff Axle Funding LLC is a floorplan finance company that finances used motor vehicle dealers’ purchases of vehicle inventory to be held for sale, according to the lawsuit.
Defendants ICars of Orlando LLC is a dealership based in Ocoee, Florida. Defendant Imrane Khamlichi is the company’s registered agent.
Khamlichi could not be reached for comment. The phone number for ICars listed on its website had been disconnected when Indiana Lawyer reached out to the dealership for comment.
Attorneys for Axle Funding could not immediately be reached for comment by Indiana Lawyer.
Axle is suing the dealership for $330,076.20 for breach of contract and fraud. Axle claims ICars committed check deception when payments for inventory in October 2024 were reversed for insufficient funds.
In February 2021, Axle and ICars entered into a floor plan financing agreement. Under the agreement, ICars granted Axle a security interest in its assets and property, including its inventory.
At ICars’ request, Axle advanced funds for the finance and purchase of the dealership’s lender-financed inventory.
As part of the agreement, ICars was required to pay Axle back at least 24 hours after receiving payment from a customer.
On Oct. 15, 2024, ICars tendered more than $165,000 to Axle for the release of seven vehicles. Each of the payments was reversed for insufficient funds.
As of Jan. 3, 2025, Axle had advanced funds for the acquisition of 20 vehicles. After accounting for all lawful offsets, payments, and credits, the unpaid balance of fees owed by ICars totaled $267,451.59.
The financing company is represented by attorneys Jason Burke and Sarah Fowler with Blackwell, Burke, Fowler & Rossow P.C.
The case is XL Funding, LLC d/b/a Axle Funding LLC v. Icars of Orlando LLC, Imrane Khamlichi, 49D01-2502-CE-006493.
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