Administrators from PwC have gone in to Leicestershire Hyundai and Mazda dealer Trinity Motors after the business hit financial difficulties.
The 40-year-old company, in Hinckley, is also an authorised repairer for Ford and Land Rover.
The joint administrators are Eddie Williams, Tony Barrell and Matthew Hammond.
Williams said: "Trinity Motors is a long-established family business which has unfortunately been severely affected by the ongoing impact of the economic downturn.
"We are exploring the strategic options in respect of all parts of the group with key stakeholders and are looking to secure interest in the assets of the business if possible."