Ugly Duckling Corp., a used-car dealer that...

Ugly Duckling Corp., a used-car dealer that sells to people with troubled credit histories, said it sold its Cygnet Dealer Finance unit to an entity controlled by the company’s chairman and principal shareholder, Ernest Garcia. The transaction includes $17.5 million in cash, a $12-million, 10-year promissory note backed by Verde Investments Inc., and the assumption of $8 million in debt owed to Verde. Phoenix-based Ugly Duckling said it wants to focus on continuing to build its chain of used-car dealerships. The shares of the company were unchanged at $6.88 in Nasdaq trading.