AUTOTOW Unhooks 3 Sites

LAKE WORTH, Fla.--The troubled 1-800-AUTOTOW Inc., a consolidator of vehicle towing companies, is closing three subsidiaries “that have consistently been losing money.”

The operations are Dixie Grande Towing in Bradenton, Fla., Arrow Towing in St. Petersburg, Fla. and A. Ace Towing in San Antonio, Texas. “The company is working with its major secured lender, Finova Capital Corp., to effectively liquidate these operations,” said Leonard D. Levin, acting president and chief executive officer. Levin was hired in October to reorganize the company “and achieve profitability.”

In November it defaulted on more than $4 million owed to Finova and announced plans for “exploring strategic alternatives.”

Meanwhile, Eugene Iarocci resigned as a member of the company’s board of directors, but he continues as chief operating officer.