NZAI preparing to list on NZX; aim to rival Turners

A SECONDHAND car dealership is gearing up to become a major player in the automotive and finance markets, having aspirations to rival the country’s other main used car group, Turners Cars.

New Zealand Automotive Investments (NZAI), which has used car dealership 2 Cheap Cars as a subsidiary, is understood to be preparing for a direct listing on the NZX.

The company has appointed vehicle finance expert David Page as its chief executive and has announced a new board with a view to growing its multimilliondollar retail finance book.

Mr Page has a family background in the car industry and more than 25 years’ asset finance and banking experience, including consumer, motor vehicle and commercial asset finance.

NZAI is the holding company for both 2 Cheap Cars and New Zealand Motor Finance (NZMF).

Founded 10 years ago, 2 Cheap Cars has grown to be one of the country’s largest used car dealerships and now sells about 10,000 cars a month through 12 dealerships.

It was established by Eugene Williams and David Sena, who said they recognised New Zealanders were paying too much for their cars and saw an opportunity to disrupt the industry.

2 Cheap Cars now imports about 8% of all used cars into the country using a dedicated team of buyers in Japan.

NZMF was set up in 2019 to service about a third of its usedcar clients who wanted finance amounting to more than $30 million annually through thirdparty finance companies.

The company now wants to grow its own finance company, resulting in reduced costs to customers.

NZAI has appointed a board of directors to work with Mr Page on the expansion. Karl Smith, a professional independent director with more than 40 years’ corporate and governance experience, was appointed as chairman of the board in September last year.

His current directorships include VetNZ Ltd, Halls Group Ltd (chairman), Hamilton Jet and Forthill Property Ltd (chairman). He recently came off the Ports of Auckland board.