Thanks for posting Todd. Property being carried at cost + the finance division has the 'material' covid provision which surely wont be needed now. A couple of gems up your sleeve. :t_up:
Congrats to you and the team on the great result.
Thanks for posting Todd. Property being carried at cost + the finance division has the 'material' covid provision which surely wont be needed now. A couple of gems up your sleeve. :t_up:
Congrats to you and the team on the great result.
Thanks Todd good to hear everything on track and thanks to you and your team for a great result.
Thanks so much for coming on here and clarifying things Todd and to you and your team for your hard work. The new advertisement with Tina is really good stuff, top marks !
https://www.nzherald.co.nz/business/...OHJKR7XK752FA/
Interesting anecdotal story opining that the chip shortage could cause economic pain for years to come. (Paywalled)
The relevant part for Turners is this is very supportive of used car values. I've read one or two articles about how the European manufacturers are coping... and for instance BMW are taking important features like adaptive cruise control out of some of their models due to the unavailability of some chips.
I find it hard to imagine buying a high end BMW without adaptive cruise control that is standard fit on, (for example), every Toyota Corolla.
I also wonder where are all the batteries going to come from for the tidal wave of new EV' models set to be released in the next few years...but apologies, I digress.
I think used car values will stay "stronger for longer".
The caution I see is that if new vehicles are held up due to chip shortage, then less trade in stock become available, to flow on down through the used car sales chains, including Turners.
Nobody who would otherwise be a new car buyer, will roll into Turners to buy a used one instead, they will wait till new stock arrives in franchise dealerships.
The same dynamic will play out overseas, affecting Turners supply of import stock.
Hope the share price smashes through the 4 buck today ....or at the latest tomorrow
Last thing we want is somebody calling it a double top on the chart
Be that as it may, its going to lead to a shortage of good used stock to replace what is sold.
https://www.driven.co.nz/news/what-a...r-2021-so-far/
New vehicle sales going gangbusters so far... excerpt "The new-vehicle market is booming in New Zealand, with record sales for both February and March".
Maybe ordinary vehicles don't have so many chips as their fancy European counterparts :)
Mrs B might be selling her 2017 Honda Civic soon and I know where we'll go to get a fair sale price, (and its not Honda Cars Newmarket).
Turned out to be one of best performing stock for me over last year since Covid hit, almost a bagger. Who would've thought a boring second had car dealer would deliver this kind of return. Good on ya Todd and team and also Baker.
WHOOPEE -- 4 bucks broken and on our way to 5 bucks
Next year Todd will have to have a slide Pathway to $7/share :t_up:
Hi Todd,
First let me thank you for another great post and clarification. I think your way to communicate with investors (and some traders :) ) like us is quite innovative (and as far as I know) quite unique. Efficient and addressing real concerns and issues. Great stuff!
Maybe one question re the cyclicality of the business ... it took markets in the 1920'íes less than a decade from 80% horse carts on the roads to 80% cars with combustion engines on the road - and in some markets the swap went even faster. I recon that this was a tough time for the sellers of horses and preloved carts ... and I recon that there was a high percentage of new vehicles on the road, given that due to the demand there would have been not many used vehicle with combustion engine available.
Now - this was 100 years ago, and nobody cares anymore - however I would expect a similar dynamics when EV's ultimately take over (and I don't think we will need to wait another decade to see that happening).
I do understand as well, that Turners can sell EV's as easy as cars with combustion engine. However - isn't it likely that there will be in the beginning of the EV tsunami just not enough used EV vehicles available but many more new cars (in percentage) on the roads? What happens if you can get a new and much more economical EV car for say $15,000 instead of the combustion engine version for 30,000? Would this cut into Turners business?
Anyway - just my thoughts ... and obviously - congratulations to Turners and its team for the recent results. Long may they continue!