Trinity Auto Group enters CCAA as BMO claims $85M owed

On August 7, 2026, the Bank of Montreal successfully petitioned to place Trinity Auto Group under Companies’ Creditors Arrangement Act (CCAA) protection, with the automotive group owing approximately $85.2 million. This report is based on court filings and information available as of October 18, 2024.

Trinity Auto Group, based in Ontario, operates four franchised dealerships under Stellantis, Mitsubishi, Nissan, and Kia banners across Mississauga, Oakville, and Stratford. It also runs used-car lots in Mississauga and London, a collision center in Brampton, MetroFleet Car & Truck Rentals, towing operations, and several automotive and commercial real estate properties. The group was founded by James Boban in 2013 as a service center and grew aggressively: entering used-car retail in 2020, adding Oakville Mitsubishi in 2021, Stratford Kia and Stratford Nissan in 2022, a Brampton commercial plaza in 2023, and Mississauga Chrysler in 2024. The Mississauga Chrysler property was acquired in 2025. The debtors employ about 144 people, plus 18 independent contractors in the towing business.

The rapid expansion ultimately drained the group’s liquidity. BMO claims that the acquisition of Mississauga Chrysler and its related real estate brought significant goodwill, mortgage, and floorplan obligations, along with a large amount of aged inventory. Slower inventory turnover, floorplan interest, curtailment payments, inventory losses, and fixed debt service followed, while self-funded vehicles tied up additional cash. A potential refinancing with TD Bank delayed BMO’s review but fell through by April 2026.

The seriousness of the inventory problems became clear in the following months. Steinberg Advisory Corp., hired by Trinity effective May 15, discovered 46 vehicles sold in violation of floorplan financing (SIV) at Mississauga Chrysler during a June 17 fieldwork, representing about $3.17 million. They also found a stolen vehicle financed for roughly $35,700, 77 instances of re-chatteling, and 18 instances of re-aging. BMO then brought in Goldhar & Associates / Ethos Advisory on