WILLPLUS Holdings Corporation
3538・Standard Market・Retail Trade
Business
Wilplus Holdings Corporation is a holding company whose core business is the authorized imported car dealer business across 17 brands including BMW, Volvo, Porsche, Fiat, Jeep, BYD, and Hyundai. Six consolidated subsidiaries have entered into authorized dealer agreements with their respective importers, engaging in new car and used car sales, vehicle maintenance, and non-life insurance agency business. Through ENG Co., Ltd., which was made a subsidiary in May 2024, the company also engages in the export of Japanese used cars to Malaysia and domestic wholesale operations. Consolidated net sales for FY2025 (ending June 2025) increased 85.6% year on year to ¥88,614 million, and the group operates 44 stores (new car showrooms) in total. Main customers are domestic individual consumers seeking to purchase imported cars and used car importers in Malaysia.
Business Model
Centered on vehicle sales revenue (¥79,632 million in FY2025 (ended June 2025)) from new cars and certified used cars purchased from importers, the company builds up stock-type revenue rooted in a continuing customer base, including Vehicle Maintenance (¥8,201 million) and Non-life Insurance Agency Business commissions (¥439 million). In the Used Car Export-related Business, the company exports domestically sourced used cars to Malaysia (¥13,074 million) and also secures revenue emphasizing inventory turnover through Domestic Wholesale (Used Car Wholesale) (¥21,072 million). The structure is such that expanding the number of stores through M&A boosts both sales scale and maintenance/insurance revenue.
Company Strengths
Since commencing operations in 2004, the company has executed 12 M&A deals, including the acquisitions of Volvo, Porsche, Jaguar Land Rover, and Peugeot dealerships. In July 2024, it made Stellantis Japan's sales subsidiary a subsidiary, adding Peugeot, Citroën, and DS Automobiles, and in December of the same year acquired 2 Volvo stores, expanding its brand lineup to 17. As a subsequent event, the business transfer of 9 stores in the Greater Tokyo area, Kansai, and Shikoku has also been decided.
Through store count growth driven by M&A strategy and the accumulation of repeat customers, Vehicle Maintenance sales reached ¥8,201 million (up 29.0% year on year) and insurance commission income reached ¥439 million (up 22.4% year on year) in FY2025 (ended June 2025), with both achieving growth of over 20% year on year. Recurring-type revenue, which is less susceptible to economic fluctuations, is enhancing the stability of the revenue base.
By handling 17 brands including BMW, MINI, Volvo, Porsche, Fiat, Alfa Romeo, Jeep, BYD, and Hyundai, the company has built a structure in which the impact of new model launch cycles and demand fluctuations for a specific brand is offset by other brands. In FY2025 (ended June 2025), new car sales units increased 10.1% year on year, confirming the mutual complementary effect among brands as an actual result.
ENVALITH's Perspective
Performance Trend
Cumulative sales for the first nine months of the fiscal year ending June 2026 (FY2026 (ending June 2026)) expanded to ¥67,820 million (up 2.4% year on year), maintaining growth. Gross profit also improved to ¥9,379 million (up 2.8% year on year); however, SG&A expenses swelled to ¥8,337 million (up 7.5% year on year) due to increases in personnel costs, recruitment costs, rent, and depreciation associated with M&A expansion, causing operating profit to fall to ¥1,042 million (down 23.9% year on year). Furthermore, as an external factor, increased borrowings amid rising interest rates pushed up interest expenses, resulting in recurring profit of ¥1,063 million (down 26.5% year on year). The full-year forecast has already been revised to sales of ¥92,160 million (up 4.0% year on year) and operating profit of ¥1,400 million (down 24.3% year on year). Looking at the operating profit trend over the past five fiscal periods (¥2,290 million in FY2021 → ¥1,850 million in FY2025 → ¥1,042 million cumulative through Q3 of FY2026), the downward trend in profit margins during this phase of expansionary investment continues.
Growth Strategy
Aiming to become the leading company in the imported car dealer business through a three-pronged strategy of multi-brand development, area dominance, and M&A
Completed the business transfer of Peugeot Koriyama, Jeep Oita, and BMW Koshigaya/Ageo/Kasukabe in the cumulative third quarter of FY2026 (ending June 2026). As a subsequent event, acquired 5 Volvo dealerships (Kansai and Shikoku) in April 2026, and plans to make OGUNI Co., Ltd. (Volvo Himeji) and PHA Co., Ltd. (Porsche Himeji) subsidiaries in July 2026, marking initial entry into the Kansai and Shikoku areas.
Opened Hyundai Citystore Fukuoka and BYD AUTO Fukuoka, and established preparatory offices for Hyundai Citystore Tokyo and BYD AUTO Kitakyushu. Integrated the BYD and Hyundai brands into Wilplus Checker Motors to improve operational efficiency. The proportion of low-carbon vehicles in new car sales reached 20.5%.
Installed 23 new EV chargers in the cumulative third quarter, building a total network of 122 units including 40 rapid chargers. Renewable energy has been introduced at 25 of 58 stores. Infrastructure development aims to capture EV customers and after-sales service demand.
With the increase in number of stores and expansion of the service network, Vehicle Maintenance sales grew 15.9% year on year (¥7,021 million), and insurance commission income grew 3.0% year on year (¥337 million), achieving stable growth. The increase in repeat customers strengthens the stock-type revenue base, mitigating the volatility risk of New Car Sales.
Offset the decline in overseas sales (down 26.5% year on year) caused by the regulatory quota issue in Malaysia by strengthening Wholesale to Dealers (up 22.7% year on year, ¥19,269 million). Reduced the SG&A ratio through transfer of administrative functions and consolidation of locations, securing segment profit of ¥278 million (down 5.7% year on year). Continuing flexible shifts in sales channels in response to changes in the regulatory environment.
Last updated: July 17, 2026