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  1. #1701
    percy
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    Quote Originally Posted by percy View Post
    My experience is very different,[no surprises there.!],good second hand car dealers enjoy fat profits,and those who joined together to form MTF,or started financing their own deals,went on to enjoy even fatter profits.
    New car sales were a little different, as they were franchises,covered by the likes of Toyota and Ford, who were forever looking for market share.Meant slim profits on new cars,and dealers left trying to make money out of second hand car sales and parts.None ever seemed to make money in their service departments.Tractor sales also meant a lot of money tied up when farmers hid their wallets,which they often did.Being part of a franchise group, also meant opportunities for rolling out their business to other centres was limited.
    The Turners model is the best I have ever seen,and easily scaled up.Property development,vehicle and equipment sales,finance and insurance.Total package.However I would not be surprised to see Turners try new cars too.They certainly have the channels to sell them.
    Interesting article in this morning's Share Trader A M Update.
    ACCC [Australian consumer watchdog] tells car makers to lift their game.
    "The watchdog has taken action against Ford over alleged unconscionable and misleading conduct in its response to customer complaints,"
    That leaves dealerships selling Ford vehicles, as meat in the sandwich.Very expensive position to find themselves in.Having to replace,fix faulty vehicles, and then not being supported by Ford.
    I would point out from what I know, Ford are not alone in not supporting their dealers fully.
    Life is not easy for any new vehicle dealership.

  2. #1702
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    No fireworks during the formal business at the AGM. The Beagle must have got caught up in traffic, or otherwise missed attending? Or maybe he's planning to plant a cream pie in someone's face during the scoff session?

    I thought from the video stream that the meeting was well run. Can't blame the board for the poor quality of the questions from some of the geriatrics attending.

    Was a minor problem with the sound on the video stream not synching with the sound at the venue when the video marking 50 years of Turners car auctions was played. I'll happily watch again next year.

  3. #1703
    Guru
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    Quote Originally Posted by Under Surveillance View Post
    No fireworks during the formal business at the AGM. The Beagle must have got caught up in traffic, or otherwise missed attending? Or maybe he's planning to plant a cream pie in someone's face during the scoff session?

    I thought from the video stream that the meeting was well run. Can't blame the board for the poor quality of the questions from some of the geriatrics attending.

    Was a minor problem with the sound on the video stream not synching with the sound at the venue when the video marking 50 years of Turners car auctions was played. I'll happily watch again next year.
    Yes the live stream was very good. Cannot complain about that. Saved a trip from Wellington to Auckland. Some of the questions were amusing yes.

  4. #1704
    percy
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    Quote Originally Posted by Under Surveillance View Post
    No fireworks during the formal business at the AGM. The Beagle must have got caught up in traffic, or otherwise missed attending? Or maybe he's planning to plant a cream pie in someone's face during the scoff session?

    I thought from the video stream that the meeting was well run. Can't blame the board for the poor quality of the questions from some of the geriatrics attending.

    Was a minor problem with the sound on the video stream not synching with the sound at the venue when the video marking 50 years of Turners car auctions was played. I'll happily watch again next year.
    Excellent summary.
    Saved an expensive trip to Auckland.
    Easy to understand why directors and CEOs ,don't mind talking to you after the meetings, if you ask sensible questions.
    I thought the meeting confirmed how strong the business foundations had been laid, and future growth prospects remain sound.

    ps.Enjoyed the odd "well positioned."...lol
    Last edited by percy; 20-09-2017 at 12:29 PM.

  5. #1705
    On the doghouse
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    Quote Originally Posted by Under Surveillance View Post
    No fireworks during the formal business at the AGM. The Beagle must have got caught up in traffic, or otherwise missed attending?
    The other Beagle is a bondholder only. Bondholders don't get an invite to the AGM.

    SNOOPY
    Watch out for the most persistent and dangerous version of Covid-19: B.S.24/7

  6. #1706
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    Many of the big shareholders did not take up new shares according to NBR. Not a good sign. holding

  7. #1707
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    Quote Originally Posted by horus1 View Post
    Many of the big shareholders did not take up new shares according to NBR. Not a good sign. holding
    Many of the big shareholders were excluded from taking up shares according to the Chairman. Or at least voluntarily excluded as they wanted to get an Australian and more diverse register. Not concerned at all.

  8. #1708
    ShareTrader Legend Beagle's Avatar
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    Quote Originally Posted by Snoopy View Post
    The other Beagle is a bondholder only. Bondholders don't get an invite to the AGM.

    SNOOPY
    Correct and too busy anyway. Apparently the Chairman told shareholders that the shares are undervalued.
    https://www.nbr.co.nz/subscribe/207901
    Gosh I wonder if that's an appropriate comment to make seeing as they're in the middle of a capital raise, vested interest anyone ?
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
    Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine

  9. #1709
    percy
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    Quote Originally Posted by blackcap View Post
    Many of the big shareholders were excluded from taking up shares according to the Chairman. Or at least voluntarily excluded as they wanted to get an Australian and more diverse register. Not concerned at all.
    Neither am I.
    The meeting confirmed they are on track to prove the shares are currently under valued. Well I certainly think so.
    I also don't mind if the nervous nellies stay away from the SPP.More for me.!


    ps.Nice to know Todd reads, and replies to his emails.
    I sent him an email saying I thought the ASM webcast was excellent.
    Last edited by percy; 20-09-2017 at 03:58 PM.

  10. #1710
    ShareTrader Legend Beagle's Avatar
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    Quote Originally Posted by percy View Post
    Neither am I.
    The meeting confirmed they are on track to prove the shares are currently under valued. Well I certainly think so.
    I also don't mind if the nervous nellies stay away from the SPP.More for me.!


    ps.Nice to know Todd reads, and replies to his emails.
    I sent him an email saying I thought the ASM webcast was excellent.
    Fill ya boots mate. From a TA perspective the chart is a shocker and from a FA perspective the stock still trades at a 25% forward PE premium to CML. Good luck.
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
    Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine

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