Neighbouring firms in Portman Road, west Reading, report seeing cars removed on transporters from the Whitequay Alfa Romeo site on Friday and the same operation has been carried out at the company's base in Faraday Road, Newbury, which sold the Seat and Skoda range.
Phone calls to the company's numbers are going unanswered, some of its websites are closed down and both the Reading and Newbury sites appeared deserted today.
A man who works nearby said today: "I have heard it's gone bust. They have been moving cars out for a few days now as far as I know.
"It all seems to be quite sudden, I didn't know it was in any trouble."
Staff are thought to have been laid off with little warning and Whitequay's affairs are in the hands of administrators Smith & Williamson.
The company was set up in Hampshire in 2001 and its head offices were in Southampton.
Did you work for Whitequay or are you a customer? Contact the Chronicle news desk 0118 955 3309 or email firstname.lastname@example.org