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Major Hungarian car dealer hits the wall

S.P.Q.R. Hungária Zrt, one of Hungary's leading car dealers, is facing bankruptcy proceedings after it amassed debts of HUF 100 million, mfor.hu reports, citing a court decision released last Friday.  S.P.Q.R. has been struggling to stay afloat since 2009 when its sales plummeted to the tenth of the previous year's pushing the company to a loss of HUF 36 million. A bankruptcy petition was filed against S.P.Q.R. last November and the District Court of Pest last week cleared the way for the proceedings, the online business website said. Auto sales in Hungary went into a nosedive in mid-2008 with monthly sales plunging from 14,000 in July 2008 to less than 3,000 in August 2009.