A Waihi St John spokesman said the impact was so severe that they could not even tell the direction that each of the vehicles had been travelling.
The Waikato Police Serious Crash Unit was investigating the collision, with no further comment until today. Police were unable to say where the men lived.
Waihi people who spoke to the Bay of Plenty Times said there had been a number of crashes at the intersection, with the last serious one involving a Waihi motorcyclist dying from a crash involving a car driven by a friend.
Dave Dodd, whose drainage business is on the corner of Kenny St and Baber St, heard the helicopters overhead while he was dining at a restaurant.
Mr Dodd said there had been a number of accidents at the intersection caused by people going too fast along the 50km/h bypass, with drivers pulling out of Baber St not appreciating the speed of approaching traffic.
Motorists sped along Kenny St to beat vehicles that had been holding them up on the highway, in order to get ahead of them at the other end, he said.
Mr Dodd said a speed camera recently clocked one motorist going 92km/h down Kenny St.