2 Cheap Cars secures finance to aid expansion

2 Cheap Cars secures finance to aid expansion

New Zealand’s largest second-hand car retailer 2 Cheap Cars has secured a major trade finance arrangement with ASB Bank.

The financial arrangement will allow 2 Cheap Cars to operate more efficiently in the purchase of vehicles out of Japan and also provide funds for further expansion.

2 Cheap Cars CEO Eugene Williams says the arrangement with ASB Bank is a significant achievement being a leading financial facility for a second-hand car dealership in New Zealand.

“While we have considered and continue to consider other options for the funding of growth in our business, such as new investors and potentially a share market float, we believe that working with ASB Bank gives us immediate additional financial resources to move quickly,” says Eugene Williams.

Mr Williams says 2 Cheap Cars was established on the basis that car buyers in New Zealand could get a much better deal, and scale of business is an important part of delivering on this vision.

“By creating an enterprise based around good service, high volumes and low margins, the consumer gets value and affordability and 2 Cheap Cars builds a sustainable business,” he says.

2 Cheap Cars has continued to grow and expand in its five years of operation and now has 16 branches throughout the country. Kiwi car buyers are purchasing approximately 10,000 cars annually from the company.

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