TRA - Turners Automotive Group

[winner (n)]

Turners - NZ's most trusted used vehicle dealership

[Basil]

Can't help wondering how many people will need to replace their cars due to flood damage?
I had to drive through 3 decent depth rivers to get home on Friday night and thankfully seem to have dodged a bullet.  Mrs B however was off elsewhere and also drove through a different river and now her ECU is throwing out multiple system error codes and gearbox isn't working.

Have to wait until Friday 10th just to have Honda take a look at it, they're run off their feet with other cars needing flood damage repairs...

I suspect Turners will do well out of the floods.

Not sure about insurance, both she and I decided to drive through different rivers running over different streets...not really an accident per se is it...only difference is I got away with it and she didn't..

[Raven]

Today for the first time I drove through our local neighbourhood streets that were badly flooded. Endless piles of sodden carpet, bedding, mattresses, furniture etc all piled out on the street front. A terrible sight. What really surprised me though was all the smashed up cars. Massive panel damage, windows all smashed in. I guess they started to float and the force of water bashed them into each other, lamp posts, etc. Astonishing. So yes, I think a lot of car replacement.

[Shareguy]

Sorry to hear Basil. Agree Turners should do well and get their fair share. At fishing comp was amazed at the guys fully drenching their 4 wheel drives off the beach. Surprise surprise all company vehicles with logos.

Hope it all works out mate.

[Teitei]

From a second hand car dealer in the North Shore, Auckland :

There will be a surge in second hand car sales when insurance claims are processed so dealers will try to make hay while the sun shines (so to speak). Number of cars impacted around 5% of imported volumes. Used car sales have been dropping and there's an opportunity to clear built up used car stock and for new car dealers to get rid of unpopular models (eg.petrol & diesel Nissan, Hyundai & KIA). Heyday of inflated margins enjoyed in 2020 and 2021 well and truly over. Waiting list still long for popular new car models like Toyota and BMW.

[Waltzing]

You mean even TINA wont be able to whip the trend back up?

Interesting to know the most popular models and average age ect.

[Minimoke]

From a second hand car dealer in the North Shore, Auckland :

There will be a surge in second hand car sales when insurance claims are processed so dealers will try to make hay while the sun shines (so to speak). Number of cars impacted around 5% of imported volumes. Used car sales have been dropping and there's an opportunity to clear built up used car stock and for new car dealers to get rid of unpopular models (eg.petrol & diesel Nissan, Hyundai & KIA). Heyday of inflated margins enjoyed in 2020 and 2021 well and truly over. Waiting list still long for popular new car models like Toyota and BMW.

Not a credible source. Love my Kona!

[Teitei]

Not a credible source. Love my Kona!

I pass on the information from what I consider to be a reliable source (dealer is son of a close personal friend) in good faith.

Information to be shared and to each their own!

Take it or leave it, does not bother me - I am neither long nor short TRA. On my watchlist.

PS.  Hyundai build great cars and I am sure your Kona is fantastic.  Hyundai NZ made the mistake of overstocking on diesel and petrol cars in 2022 when the demand is for electric & hybrid cars.  Hence, the sale of Hyundai diesel and petrol cars currently - heaps of deals to be had.

[Minimoke]

I pass on the information from what I consider to be a reliable source (dealer is son of a close personal friend) in good faith.

Information to be shared and to each their own!

Take it or leave it, does not bother me - I am neither long nor short TRA. On my watchlist.

PS.  Hyundai build great cars and I am sure your Kona is fantastic.  Hyundai NZ made the mistake of overstocking on diesel and petrol cars in 2022 when the demand is for electric & hybrid cars.  Hence, the sale of Hyundai diesel and petrol cars currently - heaps of deals to be had.

My post was a bit tongue in cheek. But it does raise theissue of sources.

The first part of your sources infoamrtion ("There will be a surge in second hand car sales") is patetnly obvious to any one with a bit of a clue.

I can't verify his "Number of cars impacted around 5% of imported volumes" but wil try to find out.

As for this "new car dealers to get rid of unpopular models (eg.petrol & diesel Nissan, Hyundai & KIA). " lets look at the data.

New registrations year to date 2023
Ford (because I think we can agree this is a "popular" brand = 361 registrations (no Rangers but loads of Everest)
Hyundai = 612 (I30's pipped Kona)
Kia = 1513 (stonics flying out the door)
Nissan = 1215 x trail beating Leafs.

[Waltzing]

And there we have it the models flying out the door.....

the jetsons...

Elon needs a new jig as all his other ones are not really catching the publics imagination this year unless he lands of mars and takes over the planet.....

The next version of T car is the F car.... a flying T car....

[winner (n)]

Saw somebody ask  somewhere if Turners insurance segment going to take a hit because of floods

[Teitei]

As for this "new car dealers to get rid of unpopular models (eg.petrol & diesel Nissan, Hyundai & KIA). " lets look at the data.

New registrations year to date 2023
Ford (because I think we can agree this is a "popular" brand = 361 registrations (no Rangers but loads of Everest)
Hyundai = 612 (I30's pipped Kona)
Kia = 1513 (stonics flying out the door)
Nissan = 1215 x trail beating Leafs.

If you go to Trademe Motors, you will see large numbers of Hyundai & KIA late model cars (2022) being heavily discounted to get rid of stock.  In contrast, you do not see the same with say, Toyota where their used late model RAV4s are selling above new car prices!

That being the case, it is not surprising that they are putting through numbers so far in 2023. Discounting does that to sales?

As for the 5% of imported car volumes, I must assume that good car dealers keep a close eye on such numbers and situations as they spell sale opportunities. I have not checked the numbers but be great if you do.
Appreciate your input.

[Minimoke]

If you go to Trademe Motors, you will see large numbers of Hyundai & KIA late model cars (2022) being heavily discounted to get rid of stock.  In contrast, you do not see the same with say, Toyota where their used late model RAV4s are selling above new car prices!

That being the case, it is not surprising that they are putting through numbers so far in 2023. Discounting does that to sales?

As for the 5% of imported car volumes, I must assume that good car dealers keep a close eye on such numbers and situations as they spell sale opportunities. I have not checked the numbers but be great if you do.
Appreciate your input.

I can't find the volume number. But I have found the value number. Which is for the year end March 2022 $6.1 billion

5% of that is $305,000,000.

If we assume an average assumed insured value of $25,000 written off then that's 12,200 cars to be sold.

How much of the market does Turners have. Say 5% - then we arrive at 610 cars to be sold.

AA are today reporting the, so far have 300 cars written off.

They also say damaged / written off cars go to Turners for Auction.

[KW]

Not a credible source. Love my Kona!

I love my Hyundai Veloster!  

[KW]

With respect to driving cars that have been flooded, here are the Aussie experts lol
https://www.abc.net.au/news/2022-03-04/what-to-do-if-your-car-has-been-submerged-in-floodwater/100879772

And beware buying one
https://www.cnbc.com/2022/10/11/hurricane-ian-damaged-358000-vehicles-how-to-avoid-buying-one-of-them.html

And NZ does have rules around selling flood damaged cars
https://www.icnz.org.nz/industry/media-releases/icnz-welcomes-new-rules-on-water-damaged-cars/