New Zealand investment firm Hellaby Holdings, which owns a number of prominent local parts suppliers, has announced an after tax profit of $10.3 million for the year to June 30.

This is dramatically higher than a profit of just $700,000 in the previous year.

Hellany owns parts suppliers BNT, Autolign, NZ Brake Co, HCB Technologies, Diesel Distributors and TRS Tyre and Well. Autolign and HCB Technologies also run outlets under the Shock Shop and Battery Town brands.

Auctions have become an excuse for some dealers to avoid consumer protection obligations says TradeMe in its submission to the current review of consumer law.

A significant aspect of the review is looking at how consumer law relates to auctions, both online and physical. Currently vehicles sold 'under the hammer' are exempt from both the Consumer Guarantees Act and the Motor Vehicle Sales Act.

The auction giant is supportive of the CGA applying to online auctions made by businesses, and also believes that should be extended to live auctions as well. It notes that items already sold via 'Buy Now' on its site are covered.

"We think the same consumer rights should apply, whether the goods are sold by bidding, or by buy now or fixed price offer. This would provide better consumer protection, be less confusing to buyers and sellers, and be consistent law," TradeMe says in its submission.

The Motor Vehicle Disputes Tribunal (MVDT) handled 245 applications in the year to the end of June, and the majority went in favour of the buyer.

The result comes as part of annual reports issued by the two MVDT adjudicators, who also call for a change in legislation to allow the publishing of the manufacturer of a vehicle where a fault is found.

New Consumer Affairs minister John Boscawen says that around 70% of cases, were found in favour of the consumer.

At 245, the number of complaints was up on 228 the previous year - although  this is somewhat reflective of the recovery in vehicle sales.

North Harbour Hyundai has been upgraded to the brand’s ‘Elite’ level, with a makeover of the dealership completed yesterday.

The nine-month project included the development of a new showroom in the car parking space behind the old facility. The build cost over $3 million.

The Serious Fraud office has laid more than one hundred criminal charges against those running the failed finance company.

The firm, which had motor vehicle lending as part of a broader consumer lending portfolio, collapsed in August 2007 and it is expected investors and creditors will ultimately lose in excess of $85 million across multiple Five Star linked companies.

The company's three former directors, Nicholas Kirk, Marcus MacDonald and Anthony Bowden, along with Neill Williams - accused of being involved in running the company - appeared in the Auckland District Court on Wednesday. They have been remanded on bail till September 16.

The head of the major service for uploading vehicles to TradeMe has sought to clarify a story Autotalk ran earlier in the week.

In the report, the Commerce Commission said: “Motor vehicle traders must ensure that consumers have access to Consumer Information Notices (CINs) for all used motor vehicles offered or displayed for sale.”

Autobase general manager David Boshier says this is not the case, and a CIN is required only on auction listings.

Re-focusing on its core-activities - vehicle lending and leasing - has paid off for Marac Finance.

The firm today reported a net profit after tax of $14.3m against a projection of a $13.7m profit made last year.

In its report, the company noted the important impact focussing on the vehicle business has had: “A highlight for the year under review was the strength of the balance sheet and the quality of Marac's earnings, namely from vehicle leasing and finance, as the company re-focused on its core lending operations.”