Turners Auctions 2012 Net Profit Results Show a Successful Year

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The net profit results for Turners Car Auctions New Zealand have been released and the figures are looking impressive.

Turners Car Auctions New Zealand
The reason for the increase of revenue in 2012 came from the Car business and can be partly attributed to Turners Auctions’ CashNow product.

Turners Auctions released data showing that their 2012 net profit after tax was the large sum of $4.2 million. This is a 14% increase from the previous year. The revenue for 2012 came to be an impressive $78 million which is an increase of 4% from the previous year.

The reason for the increase of revenue in 2012 came from the Car business and can be partly attributed to Turners Auctions’ CashNow product. CashNow provides customers with immediate cash for their used cars. Turners’ CashNow auto selling option is a simple way for car owners to sell their vehicle and get immediate cash. Customers simply contact a Turners Auctions’ representative to schedule a time to take in their car for a quick analysis. Once a Turners’ consultant has reviewed the vehicle they will make an offer. If the seller likes and accepts the proposed price they will leave with a cheque in pocket.

Growth in the Damaged Vehicles Division with a steady performance within the Commercial and Trucks Division couple the rise in popular of CashNow. In 2012 Turners’ implemented a strategy to buy more cars domestically. With the introduction of the new emissions regulations that started at the start of January 2012, the Japan import market faced challenges.
Complimenting their CashNow product, Turners also has a BuyNow service which offers customers a simple solution to buying a car with no auction and no haggling. The BuyNow vehicles labelled with their given price which includes a current WOF, registration and on-the-road costs. Turners CashNow and BuyNow services have been very popular amongst customers in 2012 with predicted continual increase in 2013.

The company is also excited about the growth of the Turners Finance ledger by 10% in 2012, which is predicted to lead to further growth in 2013’s interest revenue. Turners’ Finance & Insurance offers coverage in competitive finance for new vehicle owners. They offer vehicle finance, finance for boats, motorbikes, trucks and even renovations, personal loans for those much needed holidays and debt consolidation.

At the end of 2012 the Directors declared a fully imputed dividend of eight cents per share, a two cent raise from 2011 due to the strong cash position of the business and balance sheet. The year’s total dividend comes to 15 cents. The Directors have decided to not announce a special dividend for this year due to consideration in a number of growth opportunities which would need investment.

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Todd Hunter

Richard Conway
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