Dealership hails $1.6m half-year profit
NZ Cheap Cars says it is planning an “ambitious expansion strategy” over the next 12 months after reporting a half-year net profit of $1.6 million.
The company, which has two Auckland branches, has announced the headline figure for the six months to the end of September and notes it sold 1,100 cars during this period.
NZ Cheap Cars is now predicting its full-year result for the 2024 financial year will be between $4.2 million and $4.8m.
It adds a highlight for the business during the half-year has been the opening of a branch on the North Shore in July to complement its site in Mt Wellington.
Michael Yang, managing director, says the North Shore operation “has been trading exceptionally well, contributing significantly to the company's overall success”.
“We are thrilled to report such impressive results for the first half of FY24,” he continues. “Selling 1,100 cars and achieving a net profit of $1,570,000 is a testament to our team's dedication and our commitment to providing affordable and reliable transportation solutions.”
Looking ahead, a statement from the company says it plans to expand its operations nationwide over the coming year but does not mention any possible locations.
