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What is their explanation?
They did not have a right to sell the vehicle. The vehicle was yours. There was an offer made and an acceptance which creates a binding contract. For this reason they are required to fulfill the contract. If they cannot provide you with that car they must provide you with a comparable car which is at least as good if not better than the car you were going to purchase for the same cost.
If they will not do that you can sue them in court and if this is car is worth less than $25,000 you can sue them in small claims court and self represent.
If it gets that far and you find you need some help as you go through the process you can always post on the site again and I can assist you further.
Because the price is over $25,000 you will have to sue in Superior court. For this reason, your best next step would be to retain a lawyer and have the lawyer send them the demand letter, and you should not accept the refund at this point in time.