The ToolShed in Hamilton has been ram raided for the second time in a month.

Police are now hunting for a brown and red, "fairly new model" Holden Rodeo, which was spotted at the store at 5.45am.

It's the second blow for the tool shop, which thieves ram raided on December 14 using a stolen Nissan Navara. The offenders are yet to be caught and police aren't ruling out that the two break-ins are connected.

ToolShed franchise manager Brent Giles said a person on a cyclist saw the Holden at the shop this morning.

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It had reversed through the temporary plywood door in place after the December raid. The same De Walt and Milwaukee-branded tools were taken.

"Once again they've put a ute through the door and grabbed a bunch of stuff and ran away.

"There was a guy that was cycling past and saw a red-brown Holden Rodeo ute, it had lost a wing mirror. It must have smashed something as well because there's bits of plastic everywhere."

It's believed four or five men were involved again, he said, but not a lot can been seen on CCTV footage as it was a lot darker than the first ram raid.

Giles said more security measures, including bollards, were yet to be installed.

"We're looking at getting it all sorted."

Police were at the ToolShed this morning combing through debris, including plywood, which was strewn across the car park.

Waikato police Senior Sergeant Rupert Friend said police were going over CCTV footage.

Although they believe a Holden Rodeo was involved, they do not have any registration details.

It was also unclear which direction the vehicle fled.

No Rodeos matching the description have been reported stolen during the past seven days in Waikato, so it might have been stolen overnight and hasn't yet been reported missing.

"Keep an eye out for this car, looks like it lost a wing mirror so if you see one driving around with a mirror broken off please ring 111 and keep an eye on it until police can respond. Help us catch these thieves."

Anyone with information is asked to phone Hamilton police on (07) 858-6200.