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.”

The head of the country's largest provider of aftermarket warranties is 'concerned and surprised' at the Motor Trade Association's position on statutory warranties.

In Autotalk last week we reported on submissions by the industry to the Consumer Law Reform discussion document, currently being looked at by parliament.

"I am concerned and surprised at the comments and the support for statutory warranties from the MTA, without any discussion with the industry and those who may be affected," says Steve Owens, general manager of Vero Warranty, which distributes Autosure product via its dealer network.

A new Ssangyong distributor has rises from the ashes of the collapsed Rapson Holdings - with the original man behind the brand still involved.

Great Lake Motor Distributors, which will operate from Ssangyong's old Takanini offices, has been formed, led by prominent Taupo dealer - and Mayor - Rick Cooper. Existing administration and parts staff have been retained.

Cooper's family owns 50% of the venture, the rest owned by Rapson owner Russell Burling.

Cooper had already acquired the remaining parts and vehicle stock from Rapson when the firm went into voluntary liquidation in May.

Cooper is preparing to relaunch the brand, and has added new dealers to the network, including Roger Gill in Huntly and the Ingham group in the Waikato.

The Commerce Commission has issued a warning to those selling cars on TradeMe following  an investigation into a trader that lied in his listing.

The Commission recently concluded an investigation into a Trade Me seller, Justin Van Malland (‘leahv46’) who had advertised a Honda Civic for sale saying, “Selling this car on behalf of my sister as she brought (sic) a new car.”

Along with concluding that statement was untrue, the investigation also found that the seller had sold more than eight cars on Trade Me over a 12 month period, which qualified the seller as a motor vehicle trader. Consumer Information Notices (CINs) had not been provided on at least two of those sales.

Turners Auctions has announced a rise in profit, but says consumers are currently benefitting from an oversupply in the used import market.

Turners Auctions announced a half year net profit before tax of $2.16m on Friday, and a 6% increase in net profit after tax to $1.46m.

“We are pleased with these results given the challenging environment we’re operating in and how hard the industry was hit in 2009,” says chief executive of Turners Auctions, Graham Roberts.

Roberts noted that finance and insurance sales played a part in increased revenue.

The new passenger vehicle market is swinging in favour of private buyers.

Traditionally, private buyers account for only 25-30% of new car sales - companies, fleets, rental cars and government sales taking the lion's share of the market.

Last year, private buyers accounted for 33.4% of the new car market and this year, to date, private buyers have been responsible for 36.1% of sales.

Peugeot has traditionally relied upon high performance versions of standard hatchbacks to provide for the sportier customer, but a sign that the French company is about to head off in another direction is the RCZ coupe.

As well as heralding another new interpretation of the Peugeot design language, the car is the first Peugeot in recent memory to have letters, rather than numbers, designating the model, which will be used on special models in the future. As Simon Rose, divisional manager of Peugeot New Zealand puts it: “The RCZ is a sports car to halo the entire brand.”

Peugeot New Zealand expects the RCZ to appeal equally to female and male buyers, with two distinct models – a 115kW six speed automatic, and a 147kW six speed manual, both priced at $64,990. Both cars have the same 1598cc turbocharged engine, but in differing states of tune. Notably the 147kW engine is essentially the same engine as found in the Mini John Cooper Works.

Initially sales expectations were around the 50 per year mark, but after judging the level of interest at this year’s Speedshow, Grant Smith, general manager of Peugeot New Zealand is now estimating 100 per year.