The Rundown: What Happened?
In a wild twist that reads like something from a heist movie, Vladimir Ranguelov, the owner of Bul Auto Sales, and sales manager Igor Westerman were arrested on multiple felony charges tied to an alleged exotic vehicle fraud scheme. Authorities in Jacksonville, Florida, and Colonie, New York, are investigating claims that customers paid six-figure sums for luxury vehicles—all while receiving nothing in return.
Times Union
What Are They Charged With?
Both men face serious allegations:
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Organized fraud
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Obtaining motor vehicles with fraudulent intent
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Dealing in stolen property via the internet
Jacksonville Today
In one telling case, a customer paid $235,000 for a 2019 Corvette ZR1, only to discover the vehicle was nowhere to be found by the time they arrived at the Lot. A McLaren 720S, Range Rover, and Porsche 911 were among other exotic vehicles entangled in the legal mess.
Jacksonville Today
Fallout and Legal Entanglements
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Karma Automotive, the manufacturer whose cars were sold at Bul Auto, ended its ties with the dealership amid mounting legal trouble.
Jacksonville Today -
The Colonie showroom in New York was abruptly shuttered in June following a cascade of lawsuits from aggressive customer claims and financial partners.
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Stellantis Financial Services, a lender, seized approximately 500 lots of high-end automotive gear—from new tires to equipment—after Ranguelov defaulted on more than $3.7 million in loans. An online auction is now being planned.
What’s at Stake?
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Vehicles double-sold or disappeared entirely.
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Customers and lenders are seeking millions in restitution.
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The dealership stands at the center of both criminal and civil legal battles across state lines.
At a Glance: Key Details
| Detail | Info |
|---|---|
| Who | Vladimir Ranguelov & Igor Westerman |
| What | Fraud with exotic car purchases |
| Where | Colonie, NY & Jacksonville, FL |
| When | Closed in June 2025; arrests in late August |
| Legal Claims | Organized fraud, theft, stolen property |
| Aftermath | Lawsuits + repossessed inventory auctioned |
This case is a sharp reminder: when a deal feels too good—or goes off-script—it often is. Customers expecting a luxury experience are now victims of alleged fraud. Investors and auto developers in the exotic car space would do well to watch this case unfold.
Buyer beware isn’t just sound advice—it’s essential.
