The Turners name could stretch beyond truck and machinery auctions – with Dorchester Pacific to consider using it for its whole company now it has succeeded in its takeover bid for the country’s biggest auction house and vehicle retailer.
Turners is also considering a move into finance for plant and equipment as well. “The ability to fund the sale of trucks, plant and equipment can enhance the price achieved,”
says Dorchester Pacific chief executive Paul Byrnes.
Byrnes says the renaming is on the table, once the company has completed the purchase. That is expected for early December – with shareholders having until November 24 to complete sales before their shares are compulsorily acquired.
With the 90% mark required to do that already passed, Byrnes says he has been pleased acceptances are still coming in – and many are still taking the option of bonds or shares in Dorchester over cash.
“We are delighted with getting to the 90%, and especially even having got the the acceptances that are still coming in and including, both shares and bonds as part of the consideration – we assumed most would come into cash,” Byrnes says.
Byrnes says the company still has no plans to significantly change how Turners operates.
“We have been very supportive of the changes that chief executive Todd Hunter has put in place,” he says. “We are looking forward to growing Turners multichannel strategy, and seeing how, as a specialist finance and insurance company, we can improve its offerings.”
Byrnes says additional finance and insurance offerings will not only be good for the end buyer, but also for the vendor.
He also says Turners current Motor Trade Finance arrangements will be kept alongside anything new that comes in from Dorchester.
“We do like the idea of having different origination channels,” he notes.
Byrnes says Todd Hunter will remain in place, and he hopes he will be able to make a contribution to the wider group. Turners director Michael Dossor is expected to join the Dorchester board as a representative of shareholder Bartel Holdings.
As for the name, Byrnes says a final decision is yet to be made.
“We are certainly drawn to the value of the Turners brand,” he says. “We surveyed the public and discovered it has brand attributes of reliability and trust, all positive attributes that would take years to build.”
