29 Apr 2011

Turners Auctions expects tough year

7:06 am on 29 April 2011

At the car auction firm's annual general meeting yesterday, shareholders were told it was a challenging environment, worsened by the Christchurch earthquake.

Sales in Christchurch have dropped 30% since the 22 February earthquake.

Turners' chief executive Graham Roberts says the finance and trucking businesses are tracking well but the car business is likely to remain challenging for the rest of the year.

Turners is expecting fewer second hand cars to be available on the market because of the effect of the Japanese earthquake and tsunami.

Mr Roberts says difficult times have encouraged consumers to look further afield when searching for a bargain.

He says there has been a significant increase in the proportion of people buying cars from outside of their local area, bidding using Turner's online service.