Turners New Zealand Auction Profit up 55%
Published August 22nd, 2008
Turners Auctions has reported a half-year profit of $812,000.
Turners chief executive Graham Roberts said the latest results were “very good” in tough times.
“The combination of rapidly declining consumer confidence, pressure on household incomes, fuel price increases and emission regulations has resulted in the second-hand car market being hit extremely hard in the first half of the year,” he said.
He said Turners had a 8 per cent increase in the number of cars entered into its auctions, yet the numbers sold actually reduced by 7 per cent “highlighting the large gap between the expectations of vendors and buyers in the current market”.
“The overall market was down 6.5 per cent compared to 2007 levels. This is the lowest number of second-hand cars sold in a 6 month period since 2002.
“Two further initiatives have been launched in the first half. Firstly the new version of our online bidding application, Turners “Live,” which now accounts for 19 per cent of sales. Secondly we have introduced “BuyNow” which provides a new way of buying vehicles and will attract a new type of customer to Turners Auctions,” Roberts said.
