ITOCHU Announces Collaboration with Isuzu Motors for Auto Lease Business in Japan
April 1, 2013
ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Masahiro Okafuji, President & CEO; hereinafter “ITOCHU”) has agreed to collaborate with Isuzu Motors Limited (headquartered in Shinagawa-ku, Tokyo; Susumu Hosoi, President and Representative Director; hereinafter “Isuzu”) in respect of domestic commercial auto lease business.
Based on this agreement, Isuzu Motors Sales Ltd., the group management company for Isuzu Motors’ domestic business established in 2007 by Isuzu and ITOCHU (Isuzu 75%, ITOCHU 25%), established the wholly-owned domestic auto lease company Isuzu Leasing Services Limited (hereinafter “ILS”) on April 1, 2013.
The establishment of ILS will add financial services to the Isuzu Group’s “Life Cycle Business,”* creating a system that is able to cater even more broadly to the needs of customers.
The collaborative venture aims to create value added services by providing ITOCHU’s overseas automobile finance business know-how and the auto lease business know-how of Century Tokyo Leasing Corporation (headquartered in Chiyoda-ku, Tokyo), an equity method affiliate of ITOCHU. By adding ITOCHU’s know-how in respect of financial services to the domestic sales business know-how cultivated by Isuzu, ILS aims to establish early on its business base.
*Life Cycle Business: Services that respond to customer needs throughout the vehicle’s life cycle, from purchase and operation to replacement and disposal.
Overview of New Company
|Company name||Isuzu Leasing Services Limited (ILS)|
|Established||April 1, 2013|
|Business launch date||May 2013 (planned)|
|Address||6-22-7 Minami-Oi, Shinagawa-ku, Tokyo|
|Capital||3 billion yen (planned)|
|Shareholders||Wholly owned by Isuzu Motors Sales Ltd.|
|Business||Commercial vehicle leasing, commercial vehicle maintenance contract services|