The trusted voice of the auto industry for more than 25 years www.autofile.co.nz
Issue 3-2014 21 February 2014
Car dealers’ safety net may be banned T
he Financial Services Federation (FSF) is urging the government to allow motor vehicle manufacturers, traders and lenders to hold spare sets of car keys after finance is approved for purchases. The long-established practice could be banned under the Credit Contracts and Financial Services Reform Bill, which the government describes as the biggest overhaul of the sector for a decade. Most of the proposals are aimed at cracking down on
unscrupulous lenders, particularly in the lower end of the market. But in its present form, the legislation will affect how finance companies and car dealers go about their business – as revealed in the previous issue of Autofile. The FSF has also raised concerns with other parts of the bill and is calling for Craig Foss, Minister of Consumer Affairs, to address them. The federation submits there’s nothing wrong in principle with lenders and registered motor vehicle dealers holding duplicate
sets of keys from day one of loans. “Doing so may facilitate subsequent repossession to the benefit of all concerned in terms of cost savings,” says executive director Lyn McMorran. “The use of keys should be regulated, not the custody of them.” The issue is particularly important with car finance because manufacturers typically hold duplicate keys for their vehicles with many having outlets that provide point-of-sale finance for new stock. The FSF questions if one section
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performers was the automotive sector, with motor vehicle imports increasing by 29.3 per cent to 99,710 units from 77,122. Volumes of break-bulk – or general – cargo, which is noncontainerised and includes cars, were up 41.9 per cent to 2.87m tonnes compared to 2.02m over the same timescale.
p6 Trader’s view on WOFs p9 IMVIA’s capital venture p10 Kia Soul EV unveiled p12 Spotlight on Hamilton p15 MTA’s take on Lumley p18 Buyer was ‘trying it on’
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Vehicles boost profits at port ew Zealand’s booming motor vehicle industry is providing Ports of Auckland Ltd with a massive increase in business, as reflected in its half-yearly financial statement. The company has announced a 70 per cent increase in profits for the six months up to December 31. One of the port’s star
In this issue
“The motor vehicle numbers we’ve been experiencing have been very good,” Tony Gibson, chief executive officer, told Autofile. “Having almost 100,000 units coming through the port in the second half of 2013 is a good sign – the economy seems to be really picking up.”
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From Gran Turismo to Chicago Toyota’s FT-1 PlayStation racer becomes reality
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