NZ Automotive Investments Limited (NZAI) has released a trading update, forecasting lower than expected revenue and net profit after tax for the year to 31 March 2022.

The Company cites lower car, finance and insurance product sales, Covid-19 related events, changes in consumer behaviour, and impacts from the deferral of the Government's Clean Car Rebate programme and recent changes in the CCCFA lending standards.

Management are taking action to address the issues and the new 2 Cheap Cars Westgate dealership is expected to help deliver improved sales volumes.

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