VT HOLDINGS CO.,LTD.
7593・Prime Market・Retail Trade
Business
VT Holdings is a holding company headquartered in Nagoya City, Aichi Prefecture, with 59 subsidiaries and 3 equity-method affiliates. In its core Automobile Sales-Related Business, it operates Honda-, Nissan-, and BMW-affiliated domestic dealers, overseas dealers in the UK, Spain, and South Africa, a rental car business under the J-net Rent-a-Car brand, and a used car export business. In its second segment, the Housing-Related Business, it handles Condominiums for Sale, Detached Housing for Sale, and Custom-Built Homes. Consolidated revenue for FY2026 (ending March 2026) was ¥388,733 million, with the Automobile Sales-Related Business accounting for approximately 91.8% of revenue. The company's primary strategy is to expand business scale through aggressive M&A, and since its founding in 1983 it has continuously carried out acquisitions and subsidiary formations both domestically and internationally.
Business Model
In the automobile dealer business, the company is layering revenue across four segments—New Car Sales (revenue of ¥186,740 million), Used Car Sales (¥89,372 million), Service (Inspection, Vehicle Inspection, Repair, ¥59,007 million), and Rental Cars (¥21,095 million)—aiming for a business structure less susceptible to fluctuations in new car sales trends. In the Housing-Related Business, the company is building up revenue from the handover of condominiums for sale and custom-built homes. The company employs a model that incorporates the revenue of subsidiaries acquired through M&A into the group, pursuing scale expansion and profit growth simultaneously.
Company Strengths
Domestically, the company operates Honda-affiliated, Nissan-affiliated, and BMW-affiliated dealerships across multiple prefectures, while overseas it has bases in the UK (Wessex Garages), Spain (under Master Automocion), and South Africa (Trust Absolut Auto). Overseas new car sales in FY2026 (ending March 2026) were strong at 26,039 units (108.1% year-on-year), with this geographic diversification helping to offset the decline in domestic sales.
Revenue from the Service (Inspection, Vehicle Inspection, Repair) segment reached ¥59,007 million (up 114.0% year-on-year), while the Rental Car Business segment reached ¥21,095 million (up 110.8% year-on-year), expanding recurring revenue sources that are not dependent on new car sales trends. The expansion of rental car outlets through both directly-operated and franchise stores has further strengthened the depth of base earnings.
Since 1999, the company has continuously pursued M&A both domestically and overseas, and as of the end of FY2026 (ending March 2026) has 59 consolidated subsidiaries and 3 equity-method affiliates. Recent acquisitions include making Motoren Sapporo Co., Ltd. a subsidiary (April 2025), making Trust Co., Ltd. a wholly-owned subsidiary (August 2025), and making Nissan Prince Yamanashi Sales a subsidiary (April 2026), reflecting an accumulated capability to execute business expansion through M&A.
ENVALITH's Perspective
Performance Trend
Revenue for FY2026 (ending March 2026) was ¥388,733 million (up 10.6% year on year), maintaining a revenue growth trend. This was driven by an increase in overseas new car sales (26,039 units, 108.1% year on year) supported by strong performance in the Spain region, and a recovery in used car sales (49,109 units, 103.8% year on year). On the other hand, operating profit rose only slightly to ¥11,003 million (up 1.3% year on year), while profit attributable to owners of parent fell to ¥4,898 million (down 7.6% year on year), marking the fourth consecutive period of profit decline. Profit was squeezed by one-time expenses of ¥2,693 million related to impairment of unprofitable stores and goodwill impairment, a sharp increase in selling, general and administrative expenses (up 15.2% year on year), and higher financial expenses (from ¥1,760 million to ¥2,073 million). The operating margin remained at a low 2.8%. As external factors, the domestic new car market saw a slight decline to 99.1% year on year, while used car exports were sluggish at 70.3% year on year.
Growth Strategy
Pursuing business expansion through M&A while strengthening the base earnings from used cars, service, and rental car operations as twin growth drivers
Under the holding company structure, M&A in Japan and overseas is positioned as the core pillar of growth. In FY2026 (ending March 2026), the company made Motoren Sapporo Co., Ltd. (BMW/MINI dealer, ¥794 million) a consolidated subsidiary, expanding the scope of consolidation. The company has clearly stated its policy of continuing to actively pursue business expansion through M&A.
Domestic sales volume of Nissan vehicles remained sluggish at 12,479 units (86.2% year on year), but sales volume is expected to increase in FY2027 (ending March 2026) due to a series of new model launches. The company will also pursue improvement in gross profit per unit and expansion of ancillary revenue (service, insurance, etc.).
The company continues to expand orders for Service (Inspection, Vehicle Inspection, Repair) by leveraging its managed customer base (Service segment: ¥59,007 million, up 13.9% year on year), and to expand directly-operated and franchise rental car outlets (¥21,095 million, up 10.8% year on year). These are being strengthened as stable revenue sources that complement the volatility risk of new and used car sales.
The company is promoting business process transformation through group-wide sharing of indirect resources and DX promotion as a company-wide theme. With a sharp increase in selling, general and administrative expenses (¥48,714 million) squeezing profits, improving profitability through operational efficiency and cost reduction has become an urgent priority.
Last updated: July 19, 2026