WILLPLUS Holdings Corporation

Business Details

An authorized dealer business handling numerous brands including Fiat, Alfa Romeo, Jeep, Peugeot, Citroën, DS Automobiles, BMW, MINI, Volvo, Porsche, RANGE ROVER, JAGUAR, BYD, and Hyundai. The business operates new car and used car sales, vehicle maintenance, and non-life insurance agency operations, running 58 stores domestically (as of the end of Q3 FY2026 (ending March 2026)). With multi-brand strategy, area-dominant strategy, and M&A strategy as its three pillars, this is the core segment accounting for approximately 60% of the group's total revenue.

Recent Overview

Revenue increased through M&A-driven store expansion, but segment profit declined 6.9% year on year due to rising costs

In cumulative Q3 FY2026 (ending March 2026), the company completed the business transfer/acquisition of Peugeot Koriyama, Jeep Oita, BMW Koshigaya, BMW Ageo, and BPS Kasukabe, and newly opened Hyundai Citystore Fukuoka and BYD AUTO Fukuoka. Segment revenue rose to ¥40,877 million (up 2.6% year on year) due to the increase in store count through M&A, higher demand for used cars, and expansion of the service network. On the other hand, segment profit was limited to ¥1,732 million (down 6.9% year on year) due to a decline in new car sales revenue (down 8.0% year on year), lower profit margins on used car sales, and increased costs such as personnel expenses and rent associated with business expansion. As a subsequent event, on April 1, 2026, the company acquired five stores including Volvo Nishinomiya (from Sojitz Auto Group Japan), marking its first entry into the Kansai and Shikoku areas. Furthermore, as of July 1, 2026, the company resolved and executed contracts to acquire 100% of the shares of OGUNI Co., Ltd. (Volvo Himeji) and PHA Co., Ltd. (Porsche Center Himeji).

Key Products

Growth Drivers

• Expansion of brand lineup and store count through M&A strategy (strengthened rollout of Peugeot, Jeep, BMW, Volvo, Porsche, etc. into the Greater Tokyo, Tohoku, Kyushu, Kansai, and Shikoku areas)
• Focus on used car sales (complementing brands where new car sales have slowed, up 10.9% year on year in cumulative Q3 FY2026, ending March 2026)
• Expansion of stock-type businesses such as vehicle maintenance and insurance agency operations (vehicle maintenance up 15.9% year on year, insurance commissions up 3.0% year on year)
• Acquisition of new customer segments through the new handling of low-carbon vehicle brands (BYD and Hyundai) (low-carbon vehicles account for 20.5% of new car sales)
• Improved operational efficiency and enhanced proposal capability to existing customers through integration of the BYD and Hyundai brands into Willplus Checker Motors Co., Ltd.
• Progress in EV charging infrastructure development (a total of 122 units including 40 rapid chargers, with 23 newly installed in cumulative Q3)

Risks

• Sluggish new car unit sales due to delayed market recovery for brands mainly featuring high-priced imported vehicles (new car sales revenue down 8.0% year on year in cumulative Q3 FY2026, ending March 2026)
• Rising SG&A ratio due to increased personnel and recruitment costs associated with post-M&A integration and staff expansion (group-wide headcount up 9.0% year on year)
• Risk of declining profit margins in used car sales (impact on gross margin from sales promotion emphasizing inventory turnover)
• Risk of increased interest expense due to rising borrowings from M&A and higher interest rates (short-term borrowings increased by ¥3,900 million from the end of the prior period)
• Risk of sales volume fluctuation due to new model launch cycles for each brand (reversal of new model effects, etc.)
• Risk of reduced consumer purchasing appetite due to price increases and declining real wages
• Risk of recognizing impairment losses on fixed assets due to declining profitability at some stores