A motor dealer which generates £62 million a year has called in receivers because of a dramatic fall in sales, it has been revealed.
The company, deVries, was founded in 1991 and runs five Honda dealerships in Hull, York, Scarborough, Northallerton and Stockton on Tees.
Keith Hinds of Grant Thornton said: "We are currently looking at maintaining as many trading operations as possible but we cannot discount the need to close some or all of the sites if buyers could not be found in the near future".
"We are currently working with Honda to safeguard customer deposits and are maintaining full aftersales services to customers."
Bernard Bradley, general manager of Honda Cars added: "This move was unavoidable due to major trading issues within the group which have been exacerbated by the current financial downturn.
"We will now be making every effort to contact and reassure customers in the vicinity of the dealerships who may be affected."
© Press Association 2009