According to the announcement, the company and its subsidiary energy trading company Itochu Enex and J-Will Partners have signed a basic agreement with Big Motor. An Itochu spokesperson said that no investments or acquisitions have been decided at this time, but that the company will continue to consider synergies in the group’s fields of used car sales, maintenance, insurance, and loans.
Big Motor has continued to grow rapidly by expanding its store network through the active use of TV commercials, but has found itself in a predicament due to the discovery of fraudulent insurance claims. On the 14th of this month, Finance Minister Shunichi Suzuki announced that the company’s registration as a non-life insurance agent would be canceled as of the 30th.
Finance Minister Suzuki announces intention to cancel Big Motor’s non-life insurance agency registration
Prior to the announcement, the Nihon Keizai Shimbun reported on the 17th that Itochu and other companies were considering acquiring Big Motor. In signing the contract, Itochu and the JWP alliance said they had generally agreed that the founding family would not be involved in management.