23 Sep 2013

Turners Auctions retains two major contracts

12:16 pm on 23 September 2013

Turners Auctions has retained contracts with two insurance companies to manage the sale of all damaged vehicles, mobile plant, machinery and general property.

The car auction company said it has partnered with Vero, the second largest general insurer in New Zealand, for 10 years and with AA Insurance for 15 years, and both have chosen to stick with Turners.

In March, Turners lost its contract with the nation's largest insurer, IAG of Australia, which initially was expected to drag drop profit by 15% this financial year. But last month Turners said the impact would not be as bad as expected.

Chief executive Todd Hunter says the company's branch network of 10 centres helped Turners retain the contracts.