Monday was an extremely bittersweet day for Holden lovers like Peter Dunn.
The Western Victoria Car Club president said he was sad the iconic brand would cease to exist.
"I think we've known for some time it may happen but it's a little bit earlier than expected," Mr Dunn said.
He said he fell in love with the Holden brand when he bought his first car a VB commodore.
"It's definitely sad," Mr Dunn said.
"It's an Aussie icon and we've lost that now.
"It's sad you won't see that Holden logo around anymore on anything new."
Mr Dunn is the proud owner of a 1959 FC Holden and a 1983 WB ute.
He said he didn't believe the news would affect the club, which had about 200 members.
"There's no reason to think the club will fold," Mr Dunn said.
There is one silver lining for lovers of the Holden brand.
Mr Dunn said the cars would already be worth more.
"I believe the value of the cars has probably gone up and the value of any Holden memorabilia will go through the roof," he said.
GM Holden interim chairman and managing director Kristian Aquilina said it was a hard decision to make.
He said the announcement would be felt deeply by the many people who love Holdens, drive Holdens and feel connected to the company.
"Unfortunately, all the hard work and talent of the Holden family, the support of our parent company GM and the passion of our loyal supporters have not been enough to overcome our challenges," Mr Aquilina said.
The first Australian made Holden rolled off the production line 72 years ago.
About 600 of 800 jobs across Australia will be lost, The Age reports.
The remaining employees will handle Holden's ongoing service and warranty commitments.
Have you signed up to The Standard's daily newsletter and breaking news emails? You can register below and make sure you are up to date with everything that's happening in the south-west.