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

[Balance]

Finally sussed how the Turners ‘clipping the ticket’ business model works

Now that’s three of us — Todd, Percy and me. I fear Baker and Byrnes don’t really know.

https://twitter.com/wolfejosh/status...153263617?s=21

Scary but it reminds me of the "Blue Chip Financial Services' model!

Start with something (an asset) and then, clip the ticket as many times as you can before the ticket has no holes left to clip!

[percy]

I know of some very wealthy ChCh car dealers.
One told me he started by financing one in ten cars he sold.A few years later he was financing every car he sold,however the real money was made in developing car yards.
So a finance company, Dorcester, managed to unlock Bartel's blocking stake in Turners Auctions ,thereby taking Turners over.Bartel have retained their holding.
Turners develop sites,sell and auction vehicles,finance them,insure them,and even help insurance companies with the logistics for end of life cars.
How that can be compared with Mark Bryers' Blue Chip is beyond me.
Turners would be better compared to Mainfreight, who not only develop sites,run trucks and other logistic services.

PS.I knew of Mark Bryers well before he ran Blue Chip.He helped a garage manufacturer in ChCh go broke.Having met him ,it was easy to know to avoid anything he was associated with.

[Balance]

I know of some very wealthy ChCh car dealers.
One told me he started by financing one in ten cars he sold.A few years later he was financing every car he sold,however the real money was made in developing car yards.
So a finance company, Dorcester, managed to unlock Bartel's blocking stake in Turners Auctions ,thereby taking Turners over.Bartel have retained their holding.
Turners develop sites,sell and auction vehicles,finance them,insure them,and even help insurance companies with the logistics for end of life cars.
How that can be compared with Mark Bryers' Blue Chip is beyond me.
Turners would be better compared to Mainfreight, who not only develop sites,run trucks and other logistic services.

PS.I knew of Mark Bryers well before he ran Blue Chip.He helped a garage manufacturer in ChCh go broke.Having met him ,it was easy to know to avoid anything he was associated with.

Chill!

Was just responding to https://twitter.com/wolfejosh/status...153263617?s=21

I sat in on one Blue Chip presentation (after Macquarie Bank bought in) and they (including two directors who were ex-National Party ministers) showed how their business model was all about clipping the ticket as many times as they could. Nothing was said about the poor old clients and customers of Blue Chip - how they were better off because they allowed Blue Chip to clip the ticket!

Suffice to say, we ran a million miles and I recall a year later, Macquarie took the Blue Chip & its clip the ticket model to Australia etc etc etc.

[winner69]

Got to read more attentively - percy gave me a big fright mentioning Bryers (ex Blue Chip) and Turners in the same post

Thought he was talking about the guy who ran the last Turners AGM first read through.ii

[winner69]

Finally sussed how the Turners ‘clipping the ticket’ business model works

Now that’s three of us — Todd, Percy and me. I fear Baker and Byrnes don’t really know.

https://twitter.com/wolfejosh/status...153263617?s=21

It’s really up to date ....if you look closely enough you can see the new Whangarei site (with its ticket collectors) is shown

Cool

[percy]

Chill!

Was just responding to https://twitter.com/wolfejosh/status...153263617?s=21

I sat in on one Blue Chip presentation (after Macquarie Bank bought in) and they (including two directors who were ex-National Party ministers) showed how their business model was all about clipping the ticket as many times as they could. Nothing was said about the poor old clients and customers of Blue Chip - how they were better off because they allowed Blue Chip to clip the ticket!

Suffice to say, we ran a million miles and I recall a year later, Macquarie took the Blue Chip & its clip the ticket model to Australia etc etc etc.

So you and I knew to avoid Bryers and Bluechip.You because you went to a presentation, and me because I knew of his involvement with a ChCh garage manufacturer.
Turners I know because my daughter brought a car off them which they "clipped the ticket" with finance.She found them excellent to deal with.
My brother-in-law confirmed this, when he brought a vehicle from Turners, and had to sell it back, because of changed circumstances.
So we both rely on personal experience before investing.
I have taken this a bit further by phoning Paul Brynes and attending Turners presentations [Todd Hunter and Aaron Saunders].All have spoken frankly and openly to me.

[percy]

Got to read more attentively - percy gave me a big fright mentioning Bryers (ex Blue Chip) and Turners in the same post

Thought he was talking about the guy who ran the last Turners AGM first read through.ii

Blame Balance,..
I do.!!.lol.

[winner69]

Weird thing about Byrnes selling 30,000 of his 3,414,860 shares for $69,900 was that only a few weeks before he collected a dividend of about $136,000 (plus all those juicy imputation credits).

Wasn’t that long ago he proudly telling us that he had bought quite a few at about $3

Must be a huge deck ....and the cost of timber is going up fast

Bit tough when you have to disclose dealings eh ...people jump to conclusions

[Snoopy]

Weird thing about Byrnes selling 30,000 of his 3,414,860 shares for $69,900 was that only a few weeks before he collected a dividend of about $136,000 (plus all those juicy imputation credits).

Wasn’t that long ago he proudly telling us that he had bought quite a few at about $3

Must be a huge deck ....and the cost of timber is going up fast

Bit tough when you have to disclose dealings eh ...people jump to conclusions

You guys assume too much. You assume that Byrnes owns his shares freehold, without knowing what loans he has secured against those assets. The directors were all pretty confident at AGM time, So confident they could never believe the share price could fall post AGM, and they may have extended themselves accordingly. On the surface, Byrnes selling those shares so soon after topping up at $3 and banking a bumper dividend doesn't make sense. But it might make perfect sense if Byrnes has had a tap on the shoulder from his own bank and has been given a margin call.

SNOOPY

[Beagle]

You guys assume too much. You assume that Byrnes owns his shares freehold, without knowing what loans he has secured against those assets. The directors were all pretty confident at AGM time, So confident they could never believe the share price could fall post AGM, and they may have extended themselves accordingly. On the surface, Byrnes selling those shares so soon after topping up at $3 and banking a bumper dividend doesn't make sense. But it might make perfect sense if Byrnes has had a tap on the shoulder from his own bank and has been given a margin call.

SNOOPY

You are talking about someone getting a margin call on a $7m value shareholding and selling $69,000 worth...that someone who is collecting more than $500k per annum in dividends. Have another think about those numbers mate and ask yourself if anything you have suggested sound realistically plausible...