A large car dealer in Torring has to face a large deficit of millions instead of a balance sheet. According to the owner, it is a scam.
The Danish car dealer Torring Auto – Kvalitetsbiler.dk – has ended up with a loss of a million as a result of dealing in cars with Swedish fraudsters.
The fraud, which involved false sales of cars, is one of several reasons why the company has had to record a significant financial loss in the last financial year.
This is written by Horsens Folkeblad .
In the most recent financial year, which covers the period 2023/24, the company ended with a loss of DKK 6.64 million before tax.
This is in stark contrast to the year before, when the car dealer was able to show a profit of DKK 4.22 million before tax. In addition to the fraud, the deficit is affected, among other things, by the falling value of used electric cars and subsequent adjustments to registration fees.
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The fraud case has had a major impact on the result. According to Kvalitetsbiler.dk, the company was exposed to fraud from Swedish dealers who sold cars they did not own.
The cars in question were in fact owned by a leasing company. But the fraudsters had secured enough documentation to carry out the sales as if the cars were their own.
– We did a little business with them at the beginning, and when we had gained trust in them, they struck. It was very professional.
– I cannot give the exact amount for our loss, but had we not received the beating from Sweden, we would probably have broken even, says Lars Bo Madsen, managing director of Kvalitetsbiler.dk to Horsens Folkeblad.
In the course of the financial year, the company managed to sell around 4,600 cars. It was sufficient to be on the way to a profit. But the combination of the fraud, loss of value in the inventory of electric cars and other economic adjustments knocked the plug out of the bottom line.
The case against those responsible for the fraud is now being processed, and according to Horsens Folkeblad, which has covered the story, the fraudsters have been arrested. However, this does not immediately give Kvalitetsbiler.dk compensation for the losses they have already suffered.
It is far from the first time that fraud has hit the Danish car industry and led to large losses in the millions. In the course of this year alone, several companies have gone bankrupt due to fraudulent methods. Read more about it here .
