NZAI executes new finance facility

GENERAL

Thu, Jun 01 2023 08:30 am

01 June 2023

Market Update
NZX:NZA

NZAI executes new finance facility

NZ Automotive Investments Limited (NZAI or the Company) (NZX:NZA) is pleased to advise it has executed a new, lower cost trade finance facility with Finance Now.

Finance Now, with whom 2 Cheap Cars has enjoyed a long-term strategic partnership, is providing a NZD$5.0m trade finance facility, replacing NZAI’s current arrangement with ASB, effective 1 June 2023.

CEO Paul Millward said the new arrangement is a win win – leveraging an already strong relationship and providing 2 Cheap Cars access to working capital finance at a lower rate.

“We are delighted to be extending our partnership with Finance Now who have provided finance solutions to our customers for over nine years. The Finance Now team understands and actively supports our business, and we can confidently plan ahead knowing we have access to very well-priced capital,” he said.

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This announcement has been authorised by the NZAI Board Chair, Michael Stiassny.

For further information please contact:

Paul Millward
CEO
NZ Automotive Investments Limited

Mobile : +64 27 448 6458
Email: [email protected]

About NZ Automotive Investments Limited (NZAI)
NZAI is an integrated automotive group operating throughout New Zealand via two subsidiaries: Automotive Retail and Vehicle Finance. NZAI’s mission is to deliver quality cars and financing solutions at the most affordable prices to the average New Zealander. Operating under the “2 Cheap Cars” brand, its Automotive Retail company is one of the largest used vehicle sellers in New Zealand with 13 dealerships across the country. Its Vehicle Finance company operates under the “NZ Motor Finance” brand. www.nzautomotiveinvestments.co.nz