Listed vehicle trader and finance company Turners Automotive Group has launched a programme to raise $25 million for its expansion.
The money will go towards growing its finance book and further dealership and property purchases. It is being raised through the placement, or sale, of new shares.
“Turners continues to go from strength to strength through leveraging its automotive network and product portfolio, as well as executing acquisitions to grow our network and capabilities,” chief executive Todd Hunter says.
The company has been on a buying spree over the last two years, acquiring Autosure, Oxford Finance and Buy Right Cars.
“Our recent acquisitions of Buy Right Cars and Autosure Insurance are both performing ahead of expectations,” Hunter says.
“The equity raising will enable Turners to fund its rapidly growing finance receivables, as well as provide capital for further strategic property and dealership acquisitions.”
