Rumours have been circulating that the firm – which holds three auctions a week – had fallen into the hands of administrators.
Car Dealer has tried to contact the firm via email and phone, but there has been no response.
However, Begbies Traynor today confirmed that they had been appointed administrators for the auction house.
Dealers have been said that they may lose payments on some cars that were sold by the auction house.
One dealer – who wished to remain anonymous – said: ‘We were called by our account manger on his personal phone who told us to keep things quiet.
‘We haven’t been able to speak to anyone really. Then we got a phone call this morning saying we can pick up our cars between 12-2pm. Cars that have been sold and not paid for will have to be claimed from the administrators.’
Dealers should contact Begbies Traynor on 0113 2375560.