Pierce was the only luxury brand that did not field a lower-priced car ("e.g.", the Packard 120) to provide cash flow, and without sales or funds for development, the company declared insolvency in 1938 and closed its doors. The final Pierce-Arrow assembled was built by Karl Wise, the firm's chief engineer, from parts secured from the company's receivers. Pierce's remaining assets (which probably would include the forty Arrows made in October 1938) were sold at auction on a Friday, May 13, 1938.