NZAI to change name to 2 Cheap Cars Group

NZ Automotive Investments Limited (NZAI), the parent company of 2 Cheap Cars, has announced that it will change the company name to fit more in line with its well-known affordable car sales brand.

The company’s name will be changed to 2 Cheap Cars Group Limited, with the new name coming into effect on 26 June 2023.

Its NZX ticker code will also change from NZA to 2CC on the same date as the name change.

“2 Cheap Cars is the market leader in affordable cars, we have 135k+ followers on social media and we’re focussed about what we do,” says Paul Millward, CEO of NZAI.

“Our brand is about giving New Zealanders a better deal every day on quality, affordable cars – that’s what we should be shouting from the rooftops from every single touchpoint.”

Michael Stiassny, Chair of NZAI’s board, added that the name change marks a new beginning for the company which operates two subsidiaries in automotive retail and vehicle finance, saying a reset was needed.

“The new board and CEO are well established now and working exceptionally well together. We’ve made tremendous progress in the recent months with the appointment of new Auditor UHY Haines Norton Sydney, successfully changed over trade finance providers to strengthen our access to funds,” says Stiassny.

“There is almost an entirely new leadership team in place and their progress on results over the last quarter in particular is a great start.

“We’ve done a reset, the past is past and we want to be judged on our performance from this point forward.”