Originally Posted by
percy
I missed the first 10 minutes.
Turners are very happy sourcing most of the vehicles they sell in NZ.Means they get them saleable and sold very quickly.
Finance book cycle takes around 24 or 27 months.Next September all the low interest rate loans will end.Means the NIM margin is starting to improve,and then will be back to high.
Interest rates are affecting property owners and prices.They are buying a property in Tauranga for $8.5mil that the owner turned down $11.5 mil for a year ago.
They are happy with long settlement dates on property they buy,as it means they can get consents and their plans organised for how they want the site set up.
Working on a number of opportunities ,with more available in the current property market.
Interesting Todd mentioned a number of the board are involved in these deals.
Seems there really is a "team" effort right through the business,from The Chairman,the board,management and staff.
A lot of very capable people enjoying their work and achieving great results for themselves and shareholders.
Todd and Aaron were very generous giving us their time.
I thank them.
ps.Beagle asked good questions,which were answered fully
pps.I think people under estimate just how clever Turners are with their property deals.
Any property they buy and develop they get the development margin,and the property is valued higher as it is leased to a listed national client,ie Turners Cars.
Great use of part of their insurance float.