Group to adopt 2 Cheap name

NZ Automotive Investments Ltd, the parent company of 2 Cheap Cars, has confirmed it will start operating under a new name from June 26 following a “reset” of the business.

In a move signalled at the presentation of its annual results on May 29, the company will become known as 2 Cheap Cars Group Ltd and have 2CC as its ticker code on the NZX.

Michael Stiassny, chairman, says the name change marks a “new beginning” for the business. 

It follows a turbulent past year that saw the falling out between the co-founders of 2 Cheap Cars, David Sena and Eugene Williams, and wholesale changes at board and executive levels. 

“A reset was needed and that is what has happened. It’s now about accelerating performance to new heights,” explains Stiassny, pictured. 

“The new board and CEO are well established now and working exceptionally well together. We’ve made tremendous progress in recent months with the appointment of a new auditor, UHY Haines Norton Sydney, and we’ve successfully changed over trade finance providers to strengthen our access to funds. 

“There is almost an entirely new leadership team in place and their progress on results over the last quarter, in particular, is a great start. 

“We’ve done a reset, the past is past and we want to be judged on our performance from this point forward.”

Paul Millward, chief executive officer, says rebranding the business using the 2 Cheap Cars name made sense as it has 135,000-plus followers on social media. 

“Our brand is about giving New Zealanders a better deal every day on quality, affordable cars – that’s what we should be shouting from the rooftops from every single touchpoint,” he adds.