By Patrick Maitland Editor-in-Chief, Street Hype Newspaper
(Bronx, New York) The operations of the most successful African-American car dealership in the Bronx, Cox Nissan have been crippled with the banks’ recent confiscation of some 300 new and preowned cars valued at $10 million.
According to neighbors and onlookers, the cars at 3700 Boston Road and 1235 East Tremont Avenue were hastily packed on several wreckers as the staff curiously watched.
However, Cox Nissan’s CEO, Keith Cox, insisted that it was all planned for the banks to repose the cars at the end of the year as “we could not carry the overheads or source cheaper finances.”
Cox said with the overall downturn in the economy, his business suffered a 60% decline in revenue. “This came at a time when we just invested $4 million to construct the new facilities on Boston Road,” Cox added.
“With over sixty staff to pay and bank charges, our monthly overhead expenses were well over $0.5 million, plus the customers were not buying. We could not continue the operation,” he stressed and added that “this has nothing to do with any taxation issue or matters with the federal government.”
He told Street Hype that he was pressured by Nissan Corporation to construct the new offices or he would lose the Nissan franchise. “They pushed me to build this nice place. I really did not have the money to sustain it. Now they leave me out in the cold without any support or help.”
An upset Cox said he would be suing Nissan and the banks for putting him in the financial problems he is now having. Over 100 staff have been laid off during the past 12 months, while the operations have been significantly cut back.
He stressed that Cox Nissan is still in business, as the services department is opened and there are still a few cars on his preowned lot at 4059 Boston Road.
An optimistic Cox is seeking new partners and investors to revive his business within the next few months, “this is just a temporary setback,” he added.
Entering the automotive industry as a salesman, Cox worked his way up in the short space of 14 years to dealer principal of his own stores. He was named one of the Top 100 Auto Dealers in the Nation by Black Enterprise magazine three years in a row and in 2005 and 2006 made Crain’s List of New York’s Largest Minority-Owned Businesses.
He has also received numerous awards for outstanding sales and customer satisfaction from Nissan North America Corporation.
Cox was born in St. Vincent, West Indies and came to the United States at the age of 14, graduating from Midwood High School in Brooklyn, followed by earning a B.A. at Brooklyn College
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Anonymous
the banks and Nissan didn’t do this he did it to himself. how many customers didn’t get their trade in paid off i have to wait three months for my car to be paid off after i traded in. if you hold on to the money and use it for something else expecting to make it up in the long run, but doesn’t work to well in a bad economy. and from past employees info he was suppose to make that building 5 years ago. how would nissan let a business like that go down it would be in their best interest to support him so they can make more money.
Anonymous
The Japanese Automotive Industry has not been hit as hard as the American Automotive Industry in this recession. So how is it possible that you “Cox Nissan” is singled out and allowed to fail? This does not look good for Nissan, I am sure that they would never allow a dealership that has been in business for 8 years to fail. There is more to this story that has not been mentioned. The building has been completely stripped of all its furniture. What about the used cars? These cars are paid for in full at auctions. Why were these cars towed away? They were not owned by the bank or Nissan. I think Mr. Cox has to come out with the truth and tell his customers what really happened to Cox Nissan? What happened to Cox Chrsyler, which shortly after opening became Zennitti Chrsyler? Same thing? Come on people, investigate this story a little further.
Anonymous
Mr. Cox did this to himself, he scamed his customers. I purchased a used car from him in July 08, I did not receive the registration from cox until October of 08, that is serveral months later. And on top of that, when I purchased the vehcile in July of 08, a week later my vehicle broke down, I brought the vehcile back, I did not get my vehcile back until the middle of septmeber with no explaintions. When I spoke to Keith Cox persoanlly and explained to him how can this vehicle had pass inspection, and a week later break down. I am a woman and I know this much that if your vehicle has a broken tail light your vehicle fails inspection. So on top of all of this mess, I bring in all the tickets that i got from registration being experied to Cox Nissan, they did not pay not even one ticket, so now I am stuck with tickets, that they said they will pay..
Anonymous
Cox Nissan has only become a victim of the turbulent Economic times. Yes there is more to his story. So to here it watch CLM TV this Sunday and hear directly from the man himself. Tune in to channel 73 NYC at 11:30am.
Anonymous
Nissan would never leave any viable dealership to fold. Considering he had the “exclusive” nissan dealerships in the Bronx, Nissan pulled out of the scams and will seaarch for a proper dealer to run the operation.It is a credit to Mr Cox for rising for salesman to owner, but he should have left the shady sales tactics behind and grow with his position in life. A good techer does not make a great principal!!
Anonymous
i got a car from cox nissan and they are a fucking rip off so fuck cox burn in hell with your scams
Anonymous
Unfortunately, I do not at all feel too sorry for his current situation. Cox Nissan scammed me into financing a vehicle. Granted I may have been a bit naive in beleiveing that I was going to save money in the long run b/c they gave me 1500 back toward the vehicle when purchased…but Im paying for that 1500 plus as I type.
I explained that I wanted to keep the charges below a certain amount. What I got instead was a bill in the mail a year later with my new higher charges, stating that I would need to refinance if I wanted to continue at the previous amount, but guess what? Nissan doesn't flippin' refinance!