EXCLUSIVE/BREAKING NEWS: The region`s biggest car dealer Pacific Toyota is believed t

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EXCLUSIVE/BREAKING NEWS: The region`s biggest car dealer Pacific Toyota is believed to have been placed into receivership in a move that has sent shockwaves through the Cairns business community.

It is understood parent company Toyota Australia will keep the company afloat until a buyer can be found.

Several prospective buyers are believed to be interested in taking over the company.

The Cairns Post is awaiting comment from Pacific Toyota owner John O`Brien.

Staff at the Mulgrave Rd dealership were told about the shock development late yesterday.

The dealership is still trading this morning.

Mr O'Brien opened his first Toyota dealership in 1987 after buying a stake in Crossland Motors.

Pacific Toyota incorporates more than 10 new and used car dealerships in Cairns, Emerald and Longreach and a several service centres.

In 2003 the O`Brien family business was listed as one of Australia`s top 400 private companies.

Mr O`Brien was made a Member of the Order of Australia in 2006 for service to Cairns through youth development, cultural and sporting organisations, events and philanthropy.

He has poured hundreds of thousands of dollars in sponsorship of community and sporting groups and events.

Last week, he withdrew his financial support of the Cairns Taipans basketball team, forcing the club into administration.

"If a Toyota dealership goes bust,what hope do FORD dealers have ?"