Just days after its sale to a similar group, popular online auction house Grays online has gone into administration.
The commercial online platform had recently been acquired by Slattery Auctions, owned by former Grays owner Quadrant Private equity.
The collapse comes just over a year since the Federal Court ruling last year ordered the company to pay $10m in fines and provide compensation for deceiving car buyers through false advertising.
It was determining Grays had failed to advise of faults and misrepresented makes and models of more than 750 vehicles between 2022 and 2022, with customers left to fork out extensive repairs or sell at a loss.
The sale to the industrial and automotive seller only went through a month ago for about $2m,…