Stephen Quinn, Bruce Mackay, and Guy Mander of Baker Tilly were appointed administrative receivers of Hamer Tamworth and Specktor yesterday.
Specktor has six dealerships, three Ford and three Toyota, trading around the Birmingham area.
Stephen Quinn, partner Baker Tilly, said: "Receivers have been appointed over Hamer Tamworth Limited and Specktor Limited because of the businesses continued trading losses.
"We are continuing to trade the business while its position is being assessed. While we hope to achieve a sale as a going concern, all possible options will be explored which will optimise customer and creditor prospects."