Industry News: Aussie dealerships improve net profit

DELOITTE-October-2014-Dealer-Profitability

Australian dealerships produced an average net profit of 1.8% – measured as a percentage of sales (NP%S) – in October, according to Deloitte Australia’s latest ‘dealer profitability’ guidance.

This result was below the calendar year-to-date (YTD) NP%S level of 1.9% and also 0.3% down on the result of last month which benefited from quarterly new car incentive payments.

On a State-by-State basis the results show that for New South Wales and Australian Capital Territory combined, the average NSW/ACT dealer NP%S was 1.8% in October which was 0.7% above the October 2013 result. This can be attributed to an improvement in gross margins across new and used vehicles and service. Continue reading “Aussie dealerships improve net profit” »

Industry News: Former Autosure boss joins software firm

Mark-Greenfield120x165Former Autosure general manager Mark Greenfield is returning to the dealer-support trade, this time with software company Limelight.

Greenfield has taken on the role of general manager for Limelight’s Motorcentral dealer management system, joining former Autosure colleague Darren Marmont, who joined the company earlier this year as national sales manager.

Company headquarters remain in Christchurch, but Greenfield says an Auckland office will be established. Continue reading “Former Autosure boss joins software firm” »

Industry News: Dorchester confirms name drop

turnersDorchester Pacific has confirmed what had been long suggested – that it will take on the Turners name now it has acquired the auctions business.

Turners has now been delisted, but the name will return to the NZX when Dorchester renames itself on February 1 next year.

“It doesn’t make sense to maintain two listed companies, so we had a decision to make,” says Dorchester chief executive and director Paul Byrnes. Continue reading “Dorchester confirms name drop” »

Industry News: $1.5 million confirmed lost in Citifleet case

dunedin1An investigation into the operation of Dunedin City Council’s Citifleet division has been released – blaming the loss of $1.5 million on the divisions former manager.

Deloitte was engaged by the DCC in May to launch an investigation after staff identified what appeared to be a discrepancy in the number of Citifleet vehicles when implementing new financial procedures.

Soon after questions were first asked, Citifleet manager Brent Bachop died in a suspected suicide. Continue reading “$1.5 million confirmed lost in Citifleet case” »

Industry News: Vero renews AMP insurance deal

thVero Insurance has renewed its 13-year deal underwriting AMP branded insurance products for another seven years.

The deal includes vehicle insurance among a suite of products.

Vero chief executive Gary Dransfield says the companies are a natural fit. Continue reading “Vero renews AMP insurance deal” »

Industry News: Green light for new Auckland KartSport complex

Manukau2Christmas has come early for the Auckland KartSport community with word from the Otara-Papatoetoe Board that they have been given the green light to begin work on the Colin Dale Park motorsport complex near the airport.

“This is fantastic news and it could not have come at a better time,” says Bob Cunningham, who with local man Ian Hodgson has been working on a plan to build an international standard kart track at the park for the past seven years.

Colin Dale Park, named after a long-serving Manukau City city manager, was ear-marked as a dedicated motorsport venue by what was the Manukau City Council and its mayor, Sir Barry Curtis, in 2003 when the land – on Price Rd (off Puhinui) and adjacent to Auckland International Airport – was purchased. Continue reading “Green light for new Auckland KartSport complex” »

Industry News: New Zealand economy ‘fastest growing’

BE_BeehiveNew Zealand’s economy remains one of the fastest growing in the developed world according to Finance Minister Bill English.

Statistics New Zealand today reported gross domestic product expanded by 1.0% in the September quarter. This took annual growth – from the September quarter 2013 to the September quarter 2014 – to a revised 3.2%. This is the same as annual growth to June 2014 and equals the highest annual growth rate since September 2007. Average annual growth was 2.9 per cent.

“We are in the unusual but encouraging situation where we have solid economic growth, more employment and higher wages, but few pressures on inflation,” English says. “This suggests New Zealand’s economic growth potential before inflation sets in – essentially the speed limit of the economy – is higher than expected previously.” Continue reading “New Zealand economy ‘fastest growing’” »

Industry News: Criminal proceedings launched against finance company leftovers

comcom-logoThe Commerce Commission has filed criminal proceedings in Auckland District Court against finance companies Budget Loans Limited and Evolution Finance Limited – companies largely formed to take on the books of other failed financiers.

The charges alleging their repossession and debt recovery practices breached the Fair Trading Act.

Owned by Allan and Wayne Hawkins, and in liquidation, Evolution Finance and Budget Loans purchased old loan books from a number of failed finance companies including National Finance Limited and Western Bay Finance Limited. The majority of loans originate between 2001 and 2006. Continue reading “Criminal proceedings launched against finance company leftovers” »

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