Forbes has confirmed that it has shut down ForbesAutos.com and is in the process of laying off its entire staff, MediaPost reports. The site was originally launched in 2005 and was primarily aimed at luxury car buyers, with a full array of sponsors including Audi, BMW and General Motors.

Sadly, this doesn't bode well for the rest of the automotive press; the report said that automotive has been one of the online ad categories hardest-hit by the downturn, along with financial services and retail.