Annual net profit for Turners Auctions lifted 14 percent as it posted early gains from moving its focus from traditional auctions to an emphasis on higher-margin retail sales.
Net profit for the 2013 calendar year rose to $4.8 million from $4.2 million the previous year as sales grew at the same pace of 14 percent.
Sales of used cars in New Zealand grew at a slower 5.4 percent pace in 2013.
All the growth came from the company's finance and fleet divisions - the latter buys second-hand cars and onsells them - while revenue from auctions fell slightly.
Chief executive Todd Hunter says the fact the company's sales are growing faster than the market shows its strategy is working.
Last year, Turners lost its contract to sell damaged vehicles for the IAG insurance group, a contract which had generated more than 15 percent of the company's net profit.
Mr Hunter says Turners still sells a large number of damaged vehicles which have been written off by the insurance companies after accidents and then it onsells them to wreckers, recyclers and other interested buyers.
He says Turners put a plan in place once it knew it would lose the contract to refocus the business and drive growth.
