On the Dash: Foundation Automotive’s CFO told a North Dakota court the company is insolvent, and creditor HPS Investment Partners has taken control of its board. The U.S. Court of Appeals for the Eighth Circuit upheld a $4.7 million judgment against Foundation on Aug. 4, closing a six-year legal fight with dealership seller BAPTKO Inc. Foundation has sold 18 dealerships and closed one since December 2024, reducing its store count from more than 30 to 7. Foundation Automotive Corp. is insolvent and has lost control of its dealership group to a creditor after falling behind on more than $300 million in debt, the company’s CFO Derek Slemko said in an…
