Japan-based used-car company Big Motor Co. Ltd. has reduced its stake in Idom Inc., Reuters report.
Tokyo-listed Idom was founded in 1994 and has hundreds of physical sales outlets in Japan. It also operates auto marketplaces Gulliver and GulliverFrima, c-to-c car-sharing app Go2Go.jp and car-subscription service Norel.jp. It has a U.S.-based subsidiary called Gulliver USA.
Big Motor acquired a 5.7% stake in Idom in 2018, and has reportedly now sold some of its shares for JPY900 million ($6.0 million U.S.), reducing its holding to 4.2%. Big Motor is the fourth-largest shareholder in Idom.
Last week, Idom declined to comment on Big Motor’s rumored share sale but noted that “There is no capital or business alliance between Big Motor and our company.”
