External auditor quits role with franchise’s embattled parent company but promises ‘smooth transition’.

fresh blow for 2 cheap cars

NZ Automotive Investments (NZAI) has been dealt another setback after announcing its external auditor has resigned with immediate effect.

The owner of the 2 Cheap Cars franchise released a statement to the NZX on August 17 revealing Grant Thornton is walking away from its role with NZAI and other entities controlled by the company.

David Page, chief executive of NZAI, says: “Grant Thornton will co-operate with the incoming auditors as appropriate to ensure a smooth transition.

“The board of directors, which will be reconstituted on August 21 with the resignation of four current directors and the appointment of two new independent directors will work through the process of appointing a new external auditor in due course.”

The loss of its external auditor is the latest development in a turbulent few weeks for the business.

NZAI’s commercial bank announced this month it is unable to provide any assurance of support for the company’s trade finance and motor finance facilities beyond their current expiry dates.

The advice is understood to relate to boardroom upheaval at the business rather than NZAI’s financial position.

All three non-executive directors and executive director Eugene Williams announced they were resigning en masse in July after citing a breakdown of trust with major shareholder David Sena.

Two potential replacements put forward by Sena then withdrew their consent to be nominated as directors, while the market regulator questioned the planned appointments of Michael Stiassny and Gordon Shaw.

NZ RegCo has now approved the independence of the pair under NZX listing rules and they will stand for election at NZAI’s annual shareholders’ meeting on September 2.

Other changes at the company will see Page leave at the end of September after his resignation was announced on July 1, and former chairman Karl Smith and independent director Michele Kernahan quit the board in April this year.

TECH NEWS RELATED

Everything You Get In a Fully Loaded 2023 Toyota Camry Hybrid

Despite the onslaught of electric vehicles (EVs), hybrid cars, like the 2023 Toyota Camry Hybrid, continue providing fuel-sipping performance without the range anxiety of a battery-powered vehicle. While a fully loaded Toyota Camry Hybrid is more expensive than the comparable non-hybrid Camry XSE, the increased fuel economy could pay you ...

View more: Everything You Get In a Fully Loaded 2023 Toyota Camry Hybrid

Only 1 American Manufacturer Still Doesn’t Offer a Pickup Truck with a Supercharged V8

The supertruck is here. Automakers are now giving a level of attention previously reserved for flagship supercars to a new class of off-road trucks. Examples include the Ford F-150 Raptor R and the Hellcat-powered Ram 1500 TRX. While General Motors builds several capable off-road pickup trucks, it has not bothered ...

View more: Only 1 American Manufacturer Still Doesn’t Offer a Pickup Truck with a Supercharged V8

F1 2022 Singapore Grand Prix: Race Result

Sergio Perez (MEX) Red Bull Racing RB18 leads at the start of the race. 02.10.2022. Formula 1 World Championship, Rd 17, Singapore Grand Prix, Marina Bay Street Circuit, Singapore, Race Day. – www.xpbimages.com, EMail: requests@xpbimages.com © Copyright: Batchelor / XPB Images Sergio Perez claimed victory in the Singapore Grand ...

View more: F1 2022 Singapore Grand Prix: Race Result

Perez fends off Leclerc for Singapore GP victory

Sergio Perez has taken his second grand prix win of the 2022 Formula 1 season, fending off an attack from Charles Leclerc en route to victory. The pair battled for position in the final stages of the race, after the drivers had switched from Intermediate tyres to slick compounds. ...

View more: Perez fends off Leclerc for Singapore GP victory

Tesla output forecast shows jump in Q4, growth through 2023

Tesla plans to push global production of its top-selling Model Y and Model 3 electric vehicles sharply higher in the fourth quarter and build on that growth in 2023 as newer factories in Austin and Berlin ramp production, internal plans reviewed by Reuters show. Tesla’s production forecast, if achieved, ...

View more: Tesla output forecast shows jump in Q4, growth through 2023

Do I Need to Replace My Car’s Fuel Filter?

Your car has many components to keep the engine running efficiently. Parts like the fuel pump deliver dinosaur juice to the engine, and the injectors spray the stuff into it. However, that liquid gold has contaminants and dirt in it, which can eventually clog up the engine’s injectors. In that ...

View more: Do I Need to Replace My Car’s Fuel Filter?

Latifi handed five-place penalty for Japanese Grand Prix

Nicholas Latifi (CDN) Williams Racing FW44 – © Copyright: Moy / XPB Images Nicholas Latifi has been given a five-place grid penalty for his involvement in an incident with Zhou Guanyu in the Singapore Grand Prix. The incident happened on the seventh lap of the race, with Latifi squeezing ...

View more: Latifi handed five-place penalty for Japanese Grand Prix

Ezra Dyer: Legend Race Cars May Look Goofy But They're Serious Fun

From the October 2022 issue of Car and Driver. Ignore the goofy body. The Legend car looks the way it does—like a nitromethane Shriner fever dream—because that’s the basic shape of a human sitting upright behind a motorcycle engine. Thus the bodywork takes the form of a 1930s Ford or ...

View more: Ezra Dyer: Legend Race Cars May Look Goofy But They're Serious Fun

What is Cost of setting up an electric car charging station in india?

4 Things Consumer Reports Hates About the 2023 Jeep Wrangler

The Arai SZ-R VAS Jet Helmet Gets A Sena Kit

Fully Electric Citroën C3 Due In 2023

Hight Focuses On The Big Picture At Midwest Nationals

Mercedes says trade deal could make India an export hub

Tesla Could Produce As Many Cars As BMW In 2023

Back From The Dead? Faraday Future Raises $100 Million, Hopes To Finally Launch FF91

Tesla Autopilot Likely Saved This Woman's Life

The Best Used SUVs Under $30,000 and 1 Worth Skipping Over

Oliveira “quickly understood” Thailand GP victory was on

Drawbacks to Using Iridium Spark Plugs

OTHER TECH NEWS

Top Car News Car News