Full year profit for Turners Auctions is down 53% as fewer people buy cars at auction.
The company made $1.1 million in the year to December, compared to $2.3 million the previous year.
Chief executive, Graham Roberts, says it's a satisfactory result - given the extreme changes in the car market.
He says the company has made significant cost savings through restructuring, which included consolidating branches and cutting eleven jobs.
The dividend for 2008 will be 7.5 cents per share.
