A spokeswoman for Baker Tilly said the company was “hopeful of completing a successful outcome” but could not give a precise time scale.
The lack of a suitable buyer will be a major headache for Roger Prowting, the new Ford dealer representation manager, who took over from Bill Cross last month on his retirement.
Whyte Knights was the fourth major Ford dealer group to go into receivership in 18 months. Company sources say its collapse has forced Ford to reconsider aspects of its market area approach.
Ford Credit called in the receivers on Whyte Knights, which had an annual turnover of £50m and sold nearly 1,900 vehicles last year. The company is continuing to trade under the control of the receivers.