Crown Auto Holdings closes up shop

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Crown Auto Holdings, a publicly held Salt Lake City-based company whose shares were traded over-the-counter, said it dissolved its operations on Dec. 31, 2012 with the approval of its sole director and majority stockholder.

The company, in a statement announcing the move, said all of its assets and inventor were assigned to a Utah corporation owned by its director in consideration of an agreement that saw its majority shareholder agree to take on the liabilities of the business.

As of Nov. 30, Crown Auto's liabilities exceeded its assets by approximately $208,000, the statement said.

Crown Auto's business centered around the purchase of vehicles at auctions in Nevada and the transporting them to Utah for sale. The company focused its business on credit-challenged buyers who were unable to qualify for financing through traditional sources.

The company said it will ask the OTC Markets Inc. to delist the company's shares.