It turns out that Big Motor has sold part of its stake in the operating company of the same used car sales giant, Gulliver. Amid deterioration in business conditions due to problems such as fraudulent claims of insurance claims, it seems that the company is aiming to secure funds on hand through the sale of its shareholdings.
According to the change report on the large shareholding submitted by Big Motor to the Kanto Local Finance Bureau on the 27th, a part of the shares of "IDOM", which operates Gulliver, was sold on the market from the 14th to the 20th of this month.
This reduced Big Motor's stake in IDOM from 5.33% to 4.15%.
The sale amount is estimated to be about 9 million yen based on the stock price at the time, and it seems that the company aims to secure cash reserves through the sale of its shares while business is deteriorating due to problems such as fraudulent claims of insurance claims.
On the other hand, IDOM claims that the shares held by Big Motor were purchased in the market in 2018 and that there is no capital or business alliance with Big Motor.
In response to a series of problems, Big Motor is aiming to drastically rebuild its management with external support by the end of this year, but it is unclear whether it will proceed as planned.