Vehicle Direct operated as a used car dealership on Auckland’s Great South Rd.
According to the liquidator’s report, Vehicle Direct experienced significant financial difficulties in the period leading up to liquidation.
“The contributing factors included an inability to adequately recover costs, liabilities arising from guarantees, and challenging economic conditions,” the report said.
“External influences, increased competition, and rising operating costs further eroded profitability.”
The report said the company faced a lack of sales, excessive overheads – including interest payments – and insufficient working capital to sustain ongoing operations.
“These combined pressures placed unsustainable strain on the company’s…