The Sale based Ford, Subaru and Mercedes-Benz dealership went into administration on Tuesday, September 29 because of extensive debt.

The exact cause of the debt - in the hundreds of thousands of dollars - remains to be uncovered by administrators Grant Thornton.

Grant Thornton director Andrew Hewitt said it would take weeks to reach the bottom of the issue, yet assured customers that the dealership would continue to operate as per usual.

"Right now, we're trying to determine whether the company can be restructured or sold,'' Mr Hewitt said.

"It'll be of benefit to all employees if the company can be sold, as they will all be able to keep their jobs.

"Right now, we're looking to generate some interest in the vehicles we've got on the lot. We've counted cars and reconciled car numbers, we've done a complete stocktake and worked through the payroll.''

However, the likely sale of Prestneys will mean the end of an era for Australia's oldest family-owned Ford dealership.

Owned by the Prestney family since its inception in 1922, the dealership endured many hardships during its lifetime, including remaining afloat during the Depression and being burnt out in a fire during the 1950s.

While it may be the end of the family business, it is hoped the dealership will be purchased by a local concern.

"There have already been a number of enquiries expressing interest (in purchasing the company), and I can tell you at least one party is local,'' Mr Hewitt said.

"It is a preference of the manufacturers that the dealership has a local flavour.''

In response to the current company overdraft, Mr Hewitt stated it would be a priority of Grant Thornton to thouroughly investigate the financial record of Prestneys.

"Obviously, there have been some issues down here for the past four to six weeks. From a financial point of view, the company was in a state of flux.