Turners Automotive Group Ltd Ordinary Shares

Consumer Discretionary

Turners Automotive Group has been formed through the 2014 merger of New Zealand's largest vehicle and machinery retailer, Turners Auctions, and leading consumer finance and insurance business, Dorchester. Turners Auctions was established in 1967 when Turners and Growers Limited began auctioning cars and trucks alongside its fruit and produce business. Today, Turners is New Zealand's largest auction house and vendor of second hand cars, trucks and machinery. Dorchester was incorporated in 1984 as Venture Pacific Limited. The company became Dorchester Pacific Limited in 1992 and over the following years, Dorchester developed a core financial services base through the acquisition of a number of finance companies throughout New Zealand aligned to its consumer finance and insurance strategy. In 2014, Dorchester launched a successful takeover offer for Turners Auctions and consolidated its interests into a single entity that carried the Turners name. The decision to continue the Turners brand recognised the rich history and consumer recognition attached to it. In 2017, Turners Limited changed its name to Turners Automotive Group to enable a Foreign Exempt Listing on the ASX and to reflect the focus of the group on the automotive sector. The Turners Automotive Group has 3 core operating divisions. 1. The Automotive Retail Division where we control the buying and selling of second hand cars, trucks and machinery to earn a transactional margin and deliver cross-sell opportunities for our Finance and Insurance products. Turners is the largest second hand vehicle retailer in New Zealand. 2. The Finance and Insurance Division where we help customers with simple and attractive finance and insurance products, and through this build annuity revenue streams. Turners has a portfolio of reputable businesses offering finance and insurance products to customers across New Zealand, including personal, motor vehicle loans and insurance. 3. The Debt Management and Credit Collection Division where we help businesses of any size in New Zealand and Australia with collecting debt from customers who are not paying. Turners has a growing presence in the debt management sector in both New Zealand and Australia through its EC Credit Control business.

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