You zooming in PERCY or on the phone
Thanks Todd and Aaron for the zoom time, much appreciated.
Thanks Todd and Aaron. A very informative and encouraging meeting. I feel that the company is in excellent hands. Cheers
Thanks everyone for attending our first Zoom Q&A...I wish I had got a photo of the screen!
Unfortunately I forgot to hit record so sorry no recording.
Again if anyone has any follow up questions please email myself todd.hunter@turners.co.nz or aaron.saunders@turners.co.nz
Thanks
Todd
No recording:ohmy:, couldnt make the time.Oh well thanks anyway.How are peoples sentiments?
it presented the company as being well managed and dealing with all the CV19 challenges as well as can be expected. Banker support for up to 5 months of lockdown if necessary . Business model not fully undercut, with some operations continuing to generate revenue. Consignment vehicles 50% and to increase over next few months so as to reduce funding requirements. No expectation of capital raising.
I am not ready to invest more however remain holding at about 10% of portfolio and look forward to dividends resuming asap.
Just checked some used car prices on TradeMe. Prices have definitely dropped (I checked against a pre-lockdown newspaper prices) but only around 5% so far.
If I were a used car dealer, I would be fire-selling ASAP and getting rid of all my existing stock at cost or lower if required.
Plenty of opportunities to restock at much lower prices when the rental cars start dumping stock.
Turners has a contract with all the rental car companies to sell their used-car stock?
I thought that there are a few dealers specializing in selling ex-rentals - Orix, AutoSelect & FleetPartners to name 3 off the top of my head.
Must admit it has been a while since I talked to anyone in the industry however.
One thing you can be sure of is it's a mess,there are also going to be a vast amount of company cars being sold,as downsizing and layoffs continue.So are the buyers going to be there?
I am looking to buy 1 SUV - at around half price of what they are trying to sell today.
Cars, being a durable discretionary spend, will imo definitely feel the impact of the recession as bad as the tourism & hospitality sectors - maybe more so due to the collapse of the rental car industry.