The boom in motor vehicle sales has boosted turnover and profit to records levels at Wellington's Colonial Motor Company (CMC).
Annual sales are likely to reach nearly $900 million as it approaches 100 years under Gibbons family control, while operating profit in the latest half-year to December 31, 2017, rose 17.3% to $15.2m.
Founded in 1859, it started out as a coach-building company. Hope Gibbons took a cornerstone shareholding in 1918 and his descendants have steered the company ever since. The original company was the first to import Ford vehicles and also assembled them from 1922-36 when Ford set up its own plant in the Hutt Valley.
CMC owns and operates 12 Ford dealerships in addition to some Mazda franchises. A Suzuki franchise was added at New Year to Southern Autos Manukau, which also sells Isuzu utes and Peugeots and Citroen cars. But the most lucrative sales come from Kenworth and DAF heavy trucks. Changing trends have also seen a switch from sedans and hatches to SUVs and light commercial vehicles, categories where Mazda and Ford respectively are strong.
Now into its third generation of Gibbons ownership, the publicly listed CMC’s market capitalisation has risen steadily in the past two and a half years to a record level of nearly $270m based on shares worth $8.30. Jim Gibbons is chairman and Graeme Gibbons is chief executive. The major shareholdings are held by individual members of the wider Gibbons family, whose collective holding of more than 60% is worth about $162m.