Turners Auctions loses contract to sell wrecks for IAG, denting profit

Wed, 06 Mar 2013

March 7 (BusinessDesk) - Turners Auctions has lost the contract to sell damaged vehicles for Insurance Australian Group, New Zealand’s largest general insurer, eliminating a revenue line that generates more than 15 percent of profit. Auckland-based Turners currently has 555 damaged vehicles listed on its website and 1,000 that are undamaged. The contract with IAG ends in the next few months and the loss “will have a negative impact on the company’s earnings for the second half of the December 2013 year and beyond,” it said in a statement....

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