Authorities say an undercover detective paid $2,100 for a new Cadillac.
Three suspects were arraigned last week in the scheme.
Suffolk County District Attorney Thomas Spota says the car rental companies apparently did not discover the vehicles missing until several weeks after they had already been sold.
He says one of the suspects created phony credit cards in the bedroom of his parents' Long Island home.
Spota said at a news conference that the investigation is ongoing and further arrests are possible.
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