27 Feb 2012

Turners auctioning more NZ-sourced cars

7:26 am on 27 February 2012

Turners Auctions says it will continue to bridge the gap with locally sourced vehicles while there is international competition for Japanese stock.

The listed firm made $3.7 million profit in 2011, up 22% on 2010.

Revenue increased 7% to $75 million.

Turners chief executive Graham Roberts says new exhaust emission legislation that came into effect in New Zealand in January means newer Japanese vehicles are needed.

He says there are still second hand cars that will comply with the new regulations, but there is worldwide demand for them and the Japanese yen remains strong which makes purchasing them at the right time challenging.

Mr Roberts says fortunately there is good supply in New Zealand in terms of rental cars, government cars and lease cars.