2CC - 2 Cheap Cars Group

[Rawz]

I'm hearing absolute horror stories from some customers who bought vehicles from this company. Not only that I'm hearing bad things from multiple Repco stores' employees as well. In fact, I've not heard one positive comment about them.

Are you or one of your network one of those customers?

[percy]

Good one percy …..where exactly is that Recaster dealer located?

In never never land,right here on ST.

[kiwical]

I'm hearing absolute horror stories from some customers who bought vehicles from this company. Not only that I'm hearing bad things from multiple Repco stores' employees as well. In fact, I've not heard one positive comment about them.

I'm confused. Why would a Repco store employee have comments to make about a car dealership? Only thing I can think of is they are buying things on account at Repco and not settling the bill or something?

[percy]

I'm confused. Why would a Repco store employee have comments to make about a car dealership? Only thing I can think of is they are buying things on account at Repco and not settling the bill or something?

At the half year ;
"The Company has cash of $6.1m, no net debt and total equity of $19.0m."
Therefore no reason for them not to pay their accounts on time.

[blackcap]

I'm confused. Why would a Repco store employee have comments to make about a car dealership? Only thing I can think of is they are buying things on account at Repco and not settling the bill or something?

Im guessing he is alluding to repco employees, are hearing horror stories from customers who have purchased a car from 2CC and now have to buy parts to fix said car.

Not that recaster is a reliable source, but that is what I think he is alluding to.

[NZSilver]

Well I've been buying a few more with the recent weakness.. we are still on for a 15% dive return regardless!

[mike2020]

So the to cheap tittle lives up to its name? Surprise surprise surprise.

Have bought previously and would again.

[Sideshow Bob]

https://www.nzx.com/announcements/429880

Executive changes at 2CC

2 Cheap Cars Group Limited (NZX:2CC) today announced the resignation of CEO, Paul Millward, with founder and majority shareholder, David Sena taking over as CEO from 1 June 2024.

At the September 2023 Annual Shareholder Meeting, shareholders voted overwhelmingly in favour of a transaction which saw David Sena and his Family Trust increase its shareholding to approximately 76%.

2CC Chair, Michael Stiassny noted that with such a significant shareholding, it was logical that Mr Sena would eventually step into the CEO role.
“David is deeply invested in this business, seeing the share price perform and dividends delivered. He has already played a vital role in transforming the business and increasing profitability through his focus on operations.

Paul Millward joined in January 2023 and in less than eighteen months has fundamentally reset the foundations of the business.

“I cannot overstate the tremendous contribution Paul has made to 2CC. Under his leadership the business has achieved record profits, reinstated dividend payments and was 2023’s top performer on the NZX. These are phenomenal results, even more so because it was his first CEO role.

“Paul has a great leadership career ahead of him and I have no doubt he will excel in the future. He leaves with our sincere thanks and our best wishes,” he said.

[percy]

I wish Paul Millward all the very best for his future.
Achieved incredible results in just 18 months.

[Rawz]

I wonder if Sena is going to look to takeover 2CC in the next year is so?

Takeover at $1.40 probably do it