NEXTAGE Co., Ltd.
3186・Prime Market・Retail Trade
Business
Nexstage Co., Ltd. is a comprehensive automotive distribution group that integrates used car sales as its core business with new car dealership operations, maintenance and vehicle inspection, insurance agency services, car purchasing (including on-site purchase visits), and car coating. As of the end of FY2025 (ending November 2025), the company operates 353 stores across 242 locations nationwide, running general stores for domestic used cars, the SUV-specialty "SUV LAND" chain, the imported-car specialty "UNIVERSE" chain, and authorized dealerships for multiple imported car brands including VOLVO, JAGUAR, LAND ROVER, BMW, AUDI, MINI, FERRARI, VOLKSWAGEN, and BYD. In April 2025, the company achieved a presence in all prefectures with the opening of a store in Tokushima Prefecture. Its main customers are individual automobile users in Japan, and its business is fundamentally built around customer retention through lifetime transactions spanning sales, maintenance, purchasing, and repeat purchases.
Business Model
At the time of vehicle sales, the company simultaneously provides maintenance, insurance, and car accessories, and maintains customer touchpoints after the sale through periodic inspections, vehicle inspections (shaken), oil changes, and the like. In the buyback business, it curbs procurement costs by raising the direct-purchase ratio and reducing dependence on auctions. The structure is such that expanding managed customers (users who have transacted within the past three years) leads to a stable buildup of ancillary revenue from maintenance, insurance, and similar services. The company pursues both expansion of trading areas through new store openings and improved profitability at existing stores as twin drivers, while managing inventory efficiency through visualization and optimization of inventory turnover days.
Company Strengths
As of the end of FY2025 (ending November 2025), the company operated 353 stores across 242 locations nationwide. With the opening of a store in Tokushima Prefecture in April 2025, it achieved coverage of all 47 prefectures. In FY2025 (ending November 2025), the number of locations and stores increased by 11 each compared to the previous period, and unit sales reached 445,862 vehicles (109.4% year-on-year). The Tokai-Hokuriku and Kanto-Koshinetsu regions are the mainstay areas, accounting for approximately 58% of net sales.
In FY2025 (ending November 2025), net sales were ¥652,072 million (up 18.0% year-on-year), operating profit was ¥19,597 million (up 51.4% year-on-year), and net income attributable to owners of parent was ¥12,811 million (up 60.0% year-on-year). Over the four years from FY2021 to FY2025, net sales expanded more than 2.2-fold, from ¥291,263 million to ¥652,072 million. Profitability, which declined in FY2024 (ending November 2024), recovered significantly in FY2025 (ending November 2025).
The company operates 55 stores across 52 locations as authorized dealers for numerous imported vehicle brands, including VOLVO, JAGUAR, LAND ROVER, BMW, AUDI, MINI, FERRARI, HARLEY-DAVIDSON, VOLKSWAGEN, BYD, and MASERATI. It has continued to acquire locations through business transfers and subsidiary acquisitions, such as making ALC Co., Ltd. a subsidiary in February 2024 and establishing ONE Motoren Co., Ltd. in January 2025.
ENVALITH's Perspective
Performance Trend
Revenue increased for five consecutive periods, from ¥291,263 million in FY2021 to ¥652,072 million in FY2025. In the first half (6 months) of FY2026 (ending November 2026), revenue accelerated to ¥391,212 million (up 26.6% year on year). Operating profit declined in FY2023 and FY2024, then recovered sharply to ¥19,597 million in FY2025 (up 51% from the prior period), and doubled in H1 FY2026 to ¥14,088 million (up 99.3% year on year). The full-year forecast has been revised upward to revenue of ¥746,000 million (up 14.4% year on year) and operating profit of ¥27,600 million (up 40.8% year on year). As an external factor, domestic used car registration volume was roughly flat year on year at 100.2%, indicating that the company's revenue growth is driven mainly by store expansion and market share gains. Gross profit margin declined to 16.1% from 17.2% in the same period a year earlier, indicating that cost management amid the scale expansion remains an ongoing challenge.
Growth Strategy
Expanding lifetime transactions through 4 pillars: achieving regional top store status, improving store profitability, human resource development, and strengthening inventory management
During the interim period, the company newly opened 5 general stores, 1 SUVLAND store, and 5 buying stores, achieving 248 locations and 364 stores as of the end of May 2026. The company will continue opening stores in growth regions such as Kanto-Koshinetsu and Kyushu-Okinawa, further expanding its nationwide sales network.
The company continues to open new standalone buying stores (Ueda store, Adachi store) and to co-locate buying stores with newly opened stores. By raising the direct procurement ratio, the company brings procurement costs under its own control, aiming to improve gross margin and optimize inventory turnover.
During the interim period, the company newly established ett Co., Ltd., Shin Co., Ltd., Fiorente Co., Ltd., and ism Co., Ltd., adding them to the scope of consolidation. Through expansion into new areas such as authorized import car dealership business, the company aims to diversify revenue sources and expand customer touchpoints.
The company guides post-sale customers toward repeat transactions in maintenance, vehicle inspection, insurance, and buying, aiming to maximize customer lifetime value. The structure is such that increases in the number of managed customers accompanying store network expansion naturally lead to growth in ancillary revenue, making the deepening of existing stores key to improving profitability.
Last updated: July 17, 2026