An auction to sell the bankrupt South Korean car maker, Kia, and its truck company Asia Motors, is reported to have been abandoned after unsatisfactory offers.

Korean newspapers said bids were made by other Korean car firms -- Samsung, Daewoo and Hyundai.

Ford -- a partial owner of Kia -- also took part in the offer, but General Motors dropped out.

Analysts and foreign businessmen looking for takeover opportunities have complained that South Koreans are unrealistic about the value of their companies.

The domestic market for cars has collapsed amid South Korea's worst recession for decade.