In January, Macs Auto Parts and the US Chamber of Automotive Administrators filed for Chapter 11 bankruptcy protection.
The companies reported losses totaling $6.2 billion.
They also had a net loss of $1.1 billion on the day the bankruptcy was announced.
The filing is an early sign of how the auto industry may be entering uncharted waters after a number of companies went under during the Great Recession.
The company was founded in 1997 by former executives from Ford, General Motors, and Toyota.
It started selling cars in 2009 and expanded its product line with the introduction of the F-150 pickup truck and the Chevrolet Cruze sport utility vehicle.
It also produced the Ford F-Series pickup truck.
In 2012, MCA merged with Jegs Auto Parts, which sold vehicles including the Nissan Rogue and Nissan Sentra crossover SUVs.
As a result of the bankruptcy filing, MACS is likely to be left in the lurch if it needs to sell any of its vehicles in the US.
The company says it will likely sell its remaining vehicles at some point in the next few months.
Macs owner and CEO Scott Soderberg is optimistic that the company will be able to maintain a profit and is hoping to sell some of its assets in the coming months.
He told Bloomberg News last month that he expects to have “more options available to us.”
“We’ve been through this before, and it’s something that we’ve dealt with and we’re ready to go to the next step,” Soderg said at the time.
“I think that there are going to be a lot of people out there who will be saying, ‘I want to get out of there,’ and that will be a good thing,” Sodeberg added.
Although the bankruptcy is an unfortunate outcome for the company, it could lead to other companies exiting the market as well.
“The good news is that we have some really big opportunities in the future,” said Soderwasser.
“We have a long way to go.
It’s a huge amount of inventory, and the inventory needs to be replaced.
The big opportunity for us is to do some new products and then we can really get out and explore that.
We’re going to see where that takes us.
However, Soderjens optimism for the future is tempered by a number things, including the recent announcement of a bankruptcy reorganization plan by the company.
“Our current plan is to exit the business by June 30 and begin the transition to a new entity. “
It’s a very challenging situation for us,” Soders CEO said in a statement.
“Our current plan is to exit the business by June 30 and begin the transition to a new entity.
It is our hope that by the end of June we can return to business and that we can achieve full profitability by the beginning of July.”
While the situation may not be as dire as some of the companies that went under, there could still be some bad news for consumers.
In March, the National Highway Traffic Safety Administration announced that it would investigate whether to impose fines on automakers and manufacturers for safety violations.
That decision is expected to be announced in May.