A blaze broke out at the auction site based at Blackbushe Airport at 3.09pm but it is not clear how many people have been injured.
The Phenom 300 plane hit a full car park shortly after take-off. ............
Andrew Thomas, who was paying for a car at the time, told local media he saw the aircraft "nosedive" into the cars and explode.
"I saw it when it had just happened, and could see the plane and cars in flames. I have heard from staff here that four people were on the plane."
The A30, which backs on to the airport, has been closed following the incident and motorists have been asked by police to avoid the area.
Robert Belcher, a local aviation enthusiast, said he was driving home when he saw black smoke billowing from the site.
"I could see the plume of smoke waving from about five miles away and was hoping it was just a car fire rather than an aircraft accident."
He added: "Apparently the aircraft was landing and just didn't stop. At the end of the runway there is a car park because the airport is used for car auctions and it's gone into there."
A spokeswoman for Hampshire Fire and Rescue Service said: "We can confirm we are in attendance.
"We were called at 3.10pm today. We have got four pumps and three other vehicles.
"At this stage we do not know anything other than that."
A number of ambulances are at the scene, including an air ambulance, but South East Coast Ambulance Service said it could not confirm the number of casualties.
A spokesman for the Air Accidents Investigation Branch confirmed it was "aware" of the incident and was "making inquiries".
The private airport in Camberley hosts various events from model airshows to drag racing.
SkyNews
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