Subsequent Events

12 Months Ended

Dec. 31, 2015

Subsequent Events [Abstract]

Subsequent Events

Note 17 – Subsequent Events

The Company has evaluated events subsequent to December 31, 2015 for potential recognition or disclosure in its consolidated financial statements.

In January 2016, the Company extended the maturity date of its third party debt for one year at the same interest rate.  

In January 2016, the Company entered into a related party loan with a trust controlled by certain executive officers of the Company.  The Company received proceeds of $0.4 million.  The loan bears interest at 10% per annum and is payable within 90 days of the loan date.  

On March 11, 2016, the Company entered into a purchase and sale agreement with International Auto Processing Inc. (“IAP”) to sell the Company’s real estate inventory.  The purchase price of the real estate inventory is $4.1 million.  Concurrently, the Company entered into a five year lease agreement with an affiliate of IAP to lease the building during the escrow period, which will terminate at the close of escrow.  The purchase agreement gives IAP the right to terminate its obligation to consummate the sale for any reason, but in the event the sale is not consummated, the lease agreement will continue on through the end of the lease term.          

There have been no other material subsequent events requiring disclosure in this Report.