AUTO SERVER Co.,LTD.
5589・Standard Market・Information & Communication
ASNET Operation Business (Single Segment)
Operates Japan's largest used-car dealer-to-dealer trading platform connected to 146 auction venues
| Period | Current | Previous | Change |
|---|---|---|---|
| Sales (Q1 cumulative) | ¥1,792 million | ¥1,648 million (same period of prior year) | ↑ |
| Operating income (Q1 cumulative) | ¥746 million | ¥641 million (same period of prior year) | ↑ |
| Operating margin (Q1 cumulative) | 41.6% | 38.9% (same period of prior year) | ↑ |
| Ordinary income (Q1 cumulative) | ¥754 million | ¥644 million (same period of prior year) | ↑ |
| Quarterly net income (Q1 cumulative) | ¥481 million | ¥411 million (same period of prior year) | ↑ |
| Adjusted quarterly ordinary income (Q1 cumulative) | ¥813 million | ¥703 million (same period of prior year) | ↑ |
| ASNET transaction volume (Q1 cumulative, total) | 63,952 units | 62,497 units (same period of prior year) | ↑ |
| ASNET membership (end of period) | 84,403 members (end of March 2026) | 83,749 members (end of December 2025) | ↑ |
| Active members (Q1 cumulative) | 18,130 members (end of March 2026) | 17,620 members (end of March 2025) | ↑ |
| Sales (full-year forecast) | ¥6,610 million | ¥6,463 million (prior year actual) | ↑ |
| Operating income (full-year forecast) | ¥2,372 million | ¥2,385 million (prior year actual) | ↓ |
Business Details
Operates "ASNET," a membership-based internet distribution platform for used-car dealers. Its core services are the Auction Proxy Service and AS One Pla Service, and thanks to a low-cost participation model with no enrollment fee or monthly membership fee, it had 84,403 members as of the end of March 2026. Revenue is generated primarily through fees charged each time a customer bids on, lists, or completes a sale of a vehicle, which constitutes the majority of sales.
Recent Overview
Q1 FY2026 saw sales up 8.7% and operating income up 16.4%, with the full-year forecast maintained
In Q1 FY2026 (January–March), performance was strong, with sales of ¥1,792 million (up 8.7% year-on-year), operating income of ¥746 million (up 16.4%), and quarterly net income of ¥481 million (up 17.0%). The AS One Pla Service led growth with transaction volume up 20.8% and sales up 25.6%, while the Auction Proxy Service saw transaction volume decline by 9.0%. Cost of sales decreased by ¥15 million year-on-year, improving the gross margin (from 70.4% in the same period of the prior year to 73.6% in the current period). ASNET membership continued to expand, reaching 84,403 (up 3.8% year-on-year), and active members also grew to 18,130 (up 2.9%). The full-year performance forecast (sales of ¥6,610 million, operating income of ¥2,372 million) remains unchanged.
Key Products
Growth Drivers
- Expansion of AS One Pla Service transaction volume (up 20.8% year-on-year in Q1 FY2026), driving a shift in sales composition and improved profitability
- Continued growth in ASNET membership (84,403 members at end of March 2026, an increase of 3,085 members year-on-year)
- Increase in active members (18,130 members at end of March 2026, up 510 year-on-year), leading to more active trading
- Expansion of sales efforts to automotive-related businesses beyond used-car dealers in acquiring new members
- Promotion of usage among existing members through agency initiatives, enhancement of ASNET functionality, and expansion of existing service offerings
- Improved service convenience through the provision of new financial support services, expanded deployment of proprietary AI functions, and development of a smartphone app
Risks
- Risk of declining transaction volume due to a decrease in used-car registrations (new vehicle sales down 2.5% year-on-year in Q1 FY2026)
- Risk of continued decline in Auction Proxy Service transaction volume (down 9.0% year-on-year in Q1 FY2026)
- Risk of declining profit margins due to an increase in selling, general and administrative expenses (up ¥54 million, or 10.4%, year-on-year in Q1 FY2026)
- Continued pressure on accounting profit from goodwill amortization burden (¥59 million per quarter, approximately ¥236 million annually)
- Risk of spillover effects on the used-car market from deteriorating macroeconomic conditions, including Middle East tensions, U.S. trade policy, and financial and capital market volatility
- Risk of a shrinking dealer-to-dealer market due to major used-car retailers moving away from auctions toward direct purchasing
- Risk of service disruption due to information security incidents or system failures
Last updated: March 24, 2026