WILMINGTON, NC (WECT) - One of Wilmington's largest car dealers is closing operations.
Bruce Cavenaugh was forced to shut down because their credit lender, Fifth Third Bank of Ohio, decided to eliminate inventory lending.
Nationwide care sales have slumped, and Cavenaugh said his business has been off by 30%.
In October 2008, Cavenaugh consolidated his business to the Superstore location on Market Street near Martin Luther King Jr Pkwy, but now those doors have closed too.
Cavenaugh said customers should not be affected by the closing - you should continue paying off car loans through your bank.
While the Superstore location has been open for 3.5 years, Cavenaugh has personally been in the business for 36 years.
Long-time employee Roland Johnson said Cavenaugh was known for much more than just used cars.
"I'm amazed that the banks and even the community would let such a thing happen," said Johnson. "He's always given to this community when anyone needed anything, he was always there."
Cavenaugh has repeatedly donated his cars to help out local non profit organizations.
The Cavenaugh name won't be forgotten in the Wilmington area. He said he will continue to seek funding in hopes to reopen the auto dealership one day.