AUTO SERVER Co.,LTD.
5589・Standard Market・Information & Communication
Business
AutoServer Inc. is an operating company that runs "ASNET," an internet-based used-car distribution site targeting domestic used-car dealers. It launched its service in 1998 and listed on the Standard Market of the Tokyo Stock Exchange and the Main Market of the Nagoya Stock Exchange in 2023. Its main services are built on two pillars—Auction Proxy Service and AS One Pla Service—which together account for 93.1% of sales. It connects to 146 auto auction venues nationwide, providing an environment that allows cross-searching and bidding on vehicles representing 94% of all domestic auction listings. Membership had reached 83,749 (as of the end of December 2025), and the platform is used by a wide range of dealers, from small and mid-sized used-car businesses to major operators. The company has a development subsidiary in Vietnam, which strengthens its system development capabilities.
Business Model
The majority of revenue consists of fees received each time a member wins a bid, lists, or completes a transaction on a vehicle (generally a fixed amount regardless of the vehicle's transaction price). The business policy of eliminating membership fees, security deposits, and monthly dues sets a low barrier to entry, aiming to maximize the number of members. This creates a virtuous cycle in which growth in membership leads to growth in transaction volume, which in turn expands fee income. The operating margin for FY2025 (ending December 2025) remains at a high level of 36.9%.
Company Strengths
According to "Auction Guide 2025" (Nikkan Jidosha Shimbun), ASNET is connected to 146 domestic auto auction venues (including satellites) and covered 7,619,101 units out of the 8,122,770 units listed at domestic auctions in 2024. This industry-leading number of connections, exceeding that of competitors, is the core of its differentiation.
As of the end of December 2025, the number of members stood at 83,749 (an increase of approximately 32% versus 2019). The annual number of listed vehicle information units handled was approximately 12.12 million (an increase of approximately 1.14 million units year on year). The average number of units listed via AS One Pla Service was 213,000. The scale generates a network effect that attracts both sellers and buyers.
For FY2025 (ending December 2025), against net sales of ¥6,463 million, operating profit was ¥2,385 million, representing an operating margin of 36.9%. The volume-based fee revenue model combined with a low fixed-cost structure has enabled this high profitability. Operating cash flow was ¥2,733 million (up 17.1% year on year), demonstrating cash-generating capability that exceeds profit.
ENVALITH's Perspective
Performance Trend
Revenue over the past three fiscal years trended upward, from ¥5,847 million in FY2023 to ¥6,287 million in FY2024 and ¥6,463 million in FY2025. Meanwhile, operating profit peaked at ¥2,494 million in FY2024 before declining to ¥2,385 million in FY2025, with the operating margin also falling from 39.7% in FY2024 to 36.9% in FY2025. For the cumulative first quarter of FY2026, sales reached ¥1,791 million (up 8.7% year on year) and operating profit reached ¥745 million (up 16.4% year on year), indicating accelerating growth in both revenue and profit. Cost of sales decreased by ¥15 million year on year, while selling, general and administrative expenses increased by ¥54 million, but the increase in sales absorbed this cost rise. As for the external environment, a slight increase in the number of used vehicles in circulation has provided a tailwind, though the impact of the slight decline in new vehicle sales on medium-term circulation volume warrants continued monitoring. The full-year earnings forecast (sales of ¥6,610 million, operating profit of ¥2,372 million) remains unchanged, with cost control in the second half being the key focus.
Growth Strategy
Strengthening the earnings base through a three-pronged approach: expanding membership, increasing AS One Pla transaction volume, and enhancing system functionality
Sales activities are being conducted targeting a broad range of businesses, including automobile-related businesses in addition to used car dealers. Membership as of the end of March 2026 reached 84,403 (up 3,085, +3.8% year on year), showing steady growth, with agency-based initiatives also supporting member acquisition.
Transaction volume in 1Q FY2026 reached 28,691 units (up 20.8% year on year), continuing its high growth trajectory. Sales also reached ¥873 million, surpassing the Auction Proxy Service and growing into a core service. Utilization promotion measures for existing members and enhanced functionality have been effective.
Efforts are underway to provide new financial support services, expand the introduction of in-house developed AI functions, and improve service convenience through a smartphone app. These are expected to contribute both to increasing the utilization rate of existing members and to acquiring new members.
The number of active members as of the end of March 2026 increased to 18,130 (up 510, +2.9% year on year). Through regular sales activities and agency-based initiatives, the company aims to promote usage among existing members and boost transaction volume. Overcoming the flattening trend in active member numbers remains a challenge.
Last updated: July 17, 2026