A Christchurch used car dealership has been placed into receivership owing more than $4.1 million to creditors.

Good Cars Limited, which operates as a vehicle importer and dealership in Waltham, was placed into receivership on 4 December 2025, with BDO Christchurch partners Colin Gower and Diana Matchett appointed as receivers.

The company, which imports and sells used vehicles from Japan through online channels and a physical yard, had been facing difficult trading conditions prior to its collapse.

In their first report, the receivers said the business had experienced reduced margins on vehicle sales, leading to loan defaults and the eventual appointment of receivers by secured lender AutoBridge Limited.

The receivers said they had taken control of the company’s operations and were continuing to trade the business while selling down remaining stock.

They said this approach offered the best chance of maximising returns for creditors.

At the time of appointment, secured debts totalled about $3.2 million, with major lenders including AutoBridge Limited and Westpac.

Inland Revenue is owed about $614,000 as a preferential creditor, largely relating to GST and PAYE.

Employee claims totalled about $23,000.

Unsecured creditors are owed about $322,000, although it is not yet clear whether any funds will be available for repayment.

The receivers said it was too early to determine the outcome for unsecured creditors while asset realisations were still underway.

They have carried out a stocktake of inventory, reviewed supplier claims, and continued to manage day to day operations of the business.

The company’s directors have cooperated with the receivers during the process.

The receivers said further work would focus on selling remaining assets and investigating the company’s financial position to determine whether any additional recoveries could be made for creditors.