TRA - Turners Automotive Group [previously TNR - Turners Limited]

[Beagle]

Over 400k shares bought at $2.33 and no end in sight of that line being reloaded for sale at that price, I wonder who the big seller/sellers are?

By all appearances it would seem there is an almost unlimited supply of stock that keeps getting loaded on the sale side at $2.33. Somebody knows something we don't...never trust a car dealer.

[percy]

Well the car dealer I saw at their presentation has not sold any.

[BlackPeter]

By all appearances it would seem there is an almost unlimited supply of stock that keeps getting loaded on the sale side at $2.33. Somebody knows something we don't...never trust a car dealer.

Sure - interesting volume, though momentum seems to pull back. But just wondering - if it would be the car dealer selling - shouldn't we see some SSH notices?

Not sure what to make out of all of this - people do need cars to stay mobile in a country like ours, no matter what the market conditions. Not to replace a car is seldom an option ... and if consumer confidence is dropping, than even more people should look for a used car (instead of buying a new one).

Obviously - an increasing number of people not able of paying back their car loan would hurt ... but as long as unemployment rate is under control (at this stage it is, even if it went up last quarter) and as long as wages go up I don't see a big killer in that regard.

Maybe we should take on Todd's offer to have a webinar on the conditions in the second hand car market?

In my view the second hand car market in NZ should continue to do well. If Turners does not, than this would be for some home made reason, which I can't see at this stage.

But maybe this is all just a cunning strategy to keep the SP during the share buy back phase down - I guess what better outcome could there be for the remaining shareholders? We are basically buying back the shares we sold late last year in the $2.80 ies (bond conversion) for $2.33 a piece. Now, this is clever.

[winner69]

Beagle I have done some digging to find out what constitute attending meetings for directors at this company.
It appears that it is considered that a meeting is attended if a director has anticipated in any form no matter how minor.
Personally I would consider a director attend a meeting if he has prepared for the meeting and participate in person so a healthy discussion of minds with fellow directors can take part.
However in TRA case a director is considered having taken part if he has video conferenced in, conferenced called even if only part of the meeting or wait even if he has e-mailed a suggestion or opinion.
As I have mentioned before the work culture of directors in this company seems lacking motivation. If the motivation is not optimum at the top level one has to wonder how it is at the rest of the company.

And Annual Report says 12 Board meetings and Baker only attended 9

What a slacker

[forest]

And Annual Report says 12 Board meetings and Baker only attended 9

What a slacker

Exactly my point, I have great respect for people like Snoopy, Percy and many others on this forum who carry out a lot of good research.
But one has to remember if motivation to work wanes at the top the financial results are likely to wane in the future.

[Beagle]

Beagle I have done some digging to find out what constitute attending meetings for directors at this company.
It appears that it is considered that a meeting is attended if a director has anticipated in any form no matter how minor.
Personally I would consider a director attend a meeting if he has prepared for the meeting and participate in person so a healthy discussion of minds with fellow directors can take part.
However in TRA case a director is considered having taken part if he has video conferenced in, conferenced called even if only part of the meeting or wait even if he has e-mailed a suggestion or opinion.
As I have mentioned before the work culture of directors in this company seems lacking motivation. If the motivation is not optimum at the top level one has to wonder how it is at the rest of the company.

Thanks forest...I find that more than a little concerning. As I have mentioned several times before I did not "buy" Bakers excuse for not attending the annual meeting and the deputy chair looked really flustered which suggest to me Baker's call not to attend was a last minute decision. I thought their demand for a big directors fee increase and discussion about it during the meeting...I found their attitude to be one of "entitlement" bordering on arrogance...you know...like a Chairman not attending because he's not legally required to do so. I still have some of these for my Mum for her retirement income portfolio and they're in my name in Trust for her so I am planning on being at next years annual meeting for another full on barking session.

[couta1]

I reckon everything but Armageddon is basically baked into the current SP.

[BlackCross]

https://www.newsroom.co.nz/2018/11/27/339410/whos-telling-porkies-about-car-sales

Nov 27th 18

Turners Automotive Group says it had a dreadful October and, that if those conditions continue, its annual pre-tax profit could be down 5-10 percent on its guidance.
The downturn has been bigger in Auckland and “we think it’s a cost of living pressure,” says chief executive Todd Hunter.
Rising fuel costs, in particular, haven’t helped.
Turners sells used cars and it says sales of imported used cars into New Zealand fell 8.6 percent in the six months ended September while sales of imports into Auckland fell 12 percent.
Hunter says that trend has continued through October and has been exacerbated by stink bug mitigation – from Sept. 1, all used vehicle imports have had to be treated to kill any bugs, adding $250 to each vehicle’s landing costs – and by the compulsory Takata airbag recall affecting 50,000 vehicles...and more ........

[BlackPeter]

Well yes, but not quite news - isn't it? This information brought the market (rightly or wrongly) down to a low of $2.46 on November 28th. Since than fuel prices were significantly dropping and consumer confidence was rising (https://www.anz.co.nz/resources/d/0/...e-20190201.pdf). So, what is really happening?

[Beagle]

Well yes, but not quite news - isn't it? This information brought the market (rightly or wrongly) down to a low of $2.46 on November 28th. Since than fuel prices were significantly dropping and consumer confidence was rising (https://www.anz.co.nz/resources/d/0/...e-20190201.pdf). So, what is really happening?

Yes fuel prices have come down but anecdotally it would appear that right across the board consumers showed an inclination towards very modest spending this Christmas.
Insiders will already know how things have gone since then. They will know November, December and January sales information.