NZ Automotive Investments Limited (NZAI) has announced that its 2 Cheap Cars brand has increased its market share of used car registrations to 7% in the third quarter of FY23, despite the overall New Zealand used car market dropping by 9.5%.
This follows a disciplined cost and value focus, and the appointment of Paul Millward as CEO in January 2023.
Gordon Shaw, interim CEO since August 2022, will re-join the Board as an independent director from 1 February 2023.
Samantha Sharif will resign from the Board on the same date.
NZAI is focused on energising the retail business through sales capabilities, third party finance and insurance penetration rates, and targeted expansion of the dealership distribution network.
See more
