ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Keita Ishii, President & COO; hereinafter “ITOCHU”), announced today that it has acquired shares of CARMONEY Ltd. (headquartered in Scotland, U.K.; Alastair Grier, CEO; hereinafter “CARMONEY”), which operates an auto loan broker business in the U.K. together with Fund Corporation for the Overseas Development of Japan’s ICT and Postal Services Inc. (headquartered in Chiyoda-ku, Tokyo; Amane Oshima, President & CEO; hereinafter “JICT”), and this has made CARMONEY a consolidated subsidiary of ITOCHU.

In the U.K. auto loan market, consumer protection regulations are being strengthened, accountability to customers and the transparency of product comparisons are being increasingly emphasized, and demand is increasing for auto loans provided through brokers (intermediaries). Against this backdrop, and with the progress of the digitalization of automobile sales in particular, the channels through which consumers apply directly for loans online without going through automobile dealers are rapidly expanding. The online auto loan broker market is expected to grow at a compound annual growth rate (CAGR) of 7.7% from 2025 to 2030.* The competition to acquire customers by using digital technology is also increasing.

CARMONEY was established in Scotland in 2016 by Peter Vardy Holdings, a leading mobility group whose origins trace back to one of the U.K.’s major automobile dealership groups, which was founded in 1923. It operates an auto loan broker business. In addition to its broad partnerships with used car comparison websites and financial institutions, CARMONEY’s strengths include its evaluation and matching features using AI and other digital technologies.

Since establishing First Response Finance Ltd. (hereinafter “FRF”) in the U.K. in 1999, ITOCHU has provided used car loans through automobile dealers and built a strong business foundation throughout the U.K. By entering the auto loan broker business via CARMONEY, ITOCHU will combine CARMONEY’s online consumer touchpoints with FRF’s strong business foundation through automobile dealers, which will expand ITOCHU’s finance-related businesses in the U.K.

FRF and CARMONEY will thoroughly comply with the Consumer Duty guidelines for consumer protection established by the U.K. Financial Conduct Authority (FCA) and will ensure they provide fair and highly transparent financial services. The combination of digital technology and sincere customer service will enable the two companies to provide convenient and reliable services to customers and contribute to the sound development of the market.

This transaction will be implemented as a joint investment with JICT. While utilizing JICT’s framework for supporting the overseas expansion of Japanese companies, ITOCHU will increase its global competitiveness.

Under its management policy, “The Brand-new Deal: Profit opportunities are shifting downstream,” ITOCHU is accelerating growth investments originating from downstream areas and expanding its business domains. By using digital technology to expand the value chain of its auto loan business in the U.K. and enhance financial services, ITOCHU will contribute to the improvement of customer convenience and the development of a sustainable society.