Beepi is reportedly dismantling.

The Wall Street Journal reported this week that Beepi has spent $150 million in venture capital and will start liquidating assets to meet creditor obligations.

A spokesperson on behalf of the online used-car retailer declined to comment when reached Friday via email by Auto Remarketing.

At press time, Beepi’s website had a message referring visitors to “Stay tuned for our next steps” and included an email sign-up.

In December, it was announced that Beepi was merging into a new venture led by TrueCar founder Scott Painter and two former Tesla executives.

TechCrunch was first to report that news on Dec. 7, indicating that Beepi had merged with the to-be-launched Fair.com.

The news release provided by public relations firm Kel & Partners announcing that move in December  did not mention Fair.com by name, but indicated that Beepi was “joining forces with a number of automotive industry veterans to integrate dealers into Beepi’s digital car-buying platform.”  

However, that deal ultimately did not work out, according to the Wall Street Journal’s report on Wednesday and a separate story from TechCrunch, nor did a deal with the DGDG dealer group, TechCrunch reported.

The Wall Street Journal  first reported that Beepi is using an assignment for the benefit of creditors — which is a bankruptcy alternative — for the asset sale, with the assignee being Sherwood Partners, LLC. Sherwood confirmed to Auto Remarketing on Friday that it is the assignee.

Staff Writer Chris Hart-Williams contributed to this report.