That meant almost 750 items -- including office supplies and car parts -- stayed put. There is no word on whether the auction will be rescheduled.
It's now up to the bankruptcy judge.
This is the latest development in a string of financial problems for the well-known car dealer. In September, Hood said he owed GMAC $7 million.
He blamed the tough economy and the government being slow to reimburse dealers for the federal Cash For Clunkers program.
His debts are piling up. Tuesday it was learned he also owes $124,000 to the Michigan Treasury Department.
Also tacked on is another $77,000 in property taxes to the city of Fenton. City officials called the bankruptcy filing "a sad day."
A written statement from the Joseph Pontiac Board of Directors reads as follows: "After long and hard work with our largest creditors (including GMAC), Joseph was unable to reach mutual agreement for the future of our company. In an effort to preserve jobs in Mid-Michigan, the desire was to reorganize and create a new company."
It's unclear what all this means for Joe Hood's other dealerships in Grand Blanc Township and Millington.
