FY2
25Consolidated Results of Operations
USS Co., Ltd.
May 2026
FY2025 (FY3/2026) : from April 1, 2025 to March 31, 2026
Contents
Highlights of FY2025
FY2025 Summary of Consolidated Results of Operations
Net Sales and Operating Profit by Business Segment
FY2025 Reasons for Change in Operating Profit (Actual)
Consolidated Balance Sheets and Statements of Cash Flows
Automobile Market
Auto Auction Segment
Used Vehicle Purchasing and Selling Segment
Recycling Segment
P.3
Ⅰ：FY2025 Results of Operations
Used Car Auction Market and USS Market Share
Medium-to Long-Term Management Goal
Cash Allocation Policy
Investment for Growth
Medium-term Business Plan and Raising the ROE
Share Repurchase
Earnings Distributions - Dividend Policy
Earnings Distributions - Total Payout Ratio
Cycle of Rising Corporate Value Driven by Business Growth and Shareholder Distributions
Ⅲ： Market Overview and Strategy for Creating Value Over the Medium-term P.20
FY2026 Consolidated Forecast
FY2026 Reasons for Change in Operating Profit (Forecast)
FY2026 Forecast by Business Segment
P.16
Ⅱ： FY2026 Consolidated Forecast
Business Models for USS
Pricing Power Derived from Solid Positioning
New/Used Car Registrations and Auto Auction Market
Appendix
P.34
Ⅳ：Reference
FY2025
Results of Operations
株主還 元
Highlights of FY2025
FY2025 Results
Net sales ¥113.8billion
（up 9.5% YoY）
Operating profit
¥59.8billion（up 10.4% YoY）
USS Auto Auction result in FY2025: vehicles consigned was 3.50 million (up 9.4%
YoY), contract completions was 2.34 million (up
9.4% YoY), contract completion rate was 67.0%.
In the used vehicle purchasing and selling segment, despite a decrease in the number of vehicles sold, sales declined while earnings increased due to factors such as the robustness of auction prices.
In the recycling business, increased orders for large plant demolition projects led to higher sales and earnings.
FY2026 Forecast
Net sales ¥119.8 billion
(up 5.2% YoY)
Plans for FY2026 is 3.56 million vehicles consigned at auctions, 2.36 million contracted vehicles, and contract completion ratio of 66.3%.
Operating profit
¥61.0 billion (up 1.9% YoY)
Capital expenditures of about
¥40.0 billion
(2-year total for FY2026 - FY2027)
Earnings Distributions
Dividend forecast FY2025 ¥54.7 (plan)
FY2026 ¥55.0*(forecast)
* This will be the 27th consecutive year of dividend increases.
Total payout ratio : at least 100%
(by FY2027)
Dividend payout ratio : at least 60%
ROE target : 20% or higher
FY2025 Summary of Consolidated Results of Operations
Net sales was up 9.5% YoY to ¥113.8 billion, operating profit was up 10.4% to ¥59.8 billion, and profit attributable to owners of parent was up 9.9% to ¥41.3 billion.
Record-high net sales, operating profit, ordinary profit and profit attributable to owners of parent.
FY2024
(per sales)
FY2025
(per sales)
Year on year
Revised plan
(Feb. 10, 2026)
(per sales)
VS. plan
(Million yen)
Net sales | 104,021 | 113,854 | 109.5% | 111,900 | 101.7% | |||
Cost of sales | 39,199 | 37.7% | 42,402 | 37.2% | 108.2% | 42,566 | 38.0% | 99.6% |
Gross profit | 64,821 | 62.3% | 71,451 | 62.8% | 110.2% | 69,333 | 62.0% | 103.1% |
Selling, general and administrative expenses | 10,615 | 10.2% | 11,603 | 10.2% | 109.3% | 11,333 | 10.1% | 102.4% |
Operating profit | 54,206 | 52.1% | 59,847 | 52.6% | 110.4% | 58,000 | 51.8% | 103.2% |
Ordinary profit | 54,883 | 52.8% | 60,590 | 53.2% | 110.4% | 58,700 | 52.5% | 103.2% |
Profit attributable to owners of parent | 37,636 | 36.2% | 41,360 | 36.3% | 109.9% | 40,000 | 35.7% | 103.4% |
（Million yen）
Net sales | FY2023 | FY2024 | FY2025 | Year on year | |||
Auto auction | 75,066 | 81,843 | 89,702 | 109.6% | |||
Used vehicle purchasing and selling | 11,431 | 12,651 | 12,470 | 98.6% | |||
Recycling | 10,526 | 8,407 | 10,292 | 122.4% | |||
Other | 580 | 1,119 | 1,388 | 124.1% | |||
Total | 97,606 | 104,021 | 113,854 | 109.5% | |||
Operating profit (operating margin) | FY2023 | FY2024 | FY2025 | Year on year | |||
Auto auction | 47,414 | (62.9%) | 53,274 | (64.9%) | 58,584 | (65.1%) | 110.0% |
Used vehicle purchasing and selling | 331 | (2.9%) | 276 | (2.2%) | 380 | (3.1%) | 137.7% |
Recycling | 1,164 | (11.1%) | 542 | (6.5%) | 673 | (6.5%) | 124.1% |
Other | -18 | (-) | 23 | (2.1%) | 61 | (4.5%) | 266.5% |
Adjustment | 45 | (-) | 89 | (-) | 147 | (-) | 164.3% |
Total | 48,937 | (50.1%) | 54,206 | (52.1%) | 59,847 | (52.6%) | 110.4% |
* Net sales are sales to external customers and operating profit is based on business segment earnings. Operating margins (shown % in parenthesis) are calculated by dividing segment profit by segment sales.
FY2025 Reasons for Change in Operating Profit (Actual)
Net sales
Increase in vehicles consigned 6.38bn
Increase in recycling 1.88bn
Increase in fee rates 0.71bn
Increase in CIS 0.34bn
Cost of sales
Increase in outsourcing expenses -0.99bn Increase in purchases -0.85bn Increase in cost of materials purchased
-0.54bn
Increase in depreciation -0.40bn
SG&A expenses
Increase in taxes and dues -0.28bn
Increase in employee salaries and bonuses
-0.14bn
Increase in sales promotion expenses
-0.12bn
Increase in communication cost -0.07bn
（Billion yen）
60
9.83
-3.20
-0.98
59.84
54.20
30
0
FY2024 FY2025
Consolidated Balance Sheets and Statements of Cash Flows
The primary use of cash in investing activities was purchase of fixed assets.
The primary use of cash in financing activities was dividends paid and purchase of treasury shares.
Equity ratio : 76.7%
FY2024
FY2025
Current assets
144,641
141,741
Cash and deposits
113,219
110,433
Other
31,421
31,308
Non-current
assets
122,706
128,389
Property, plant and equipment
98,333
101,880
Other
24,373
26,508
Total assets
267,348
270,130
FY2024
FY2025
Current liabilities
51,151
52,169
Payables due to member dealers at auction
30,005
27,992
Other
21,145
24,177
Non-current
liabilities
8,842
6,993
Total liabilities
59,993
59,163
Total net assets
207,354
210,966
Total liabilities and net assets
267,348
270,130
Consolidated balance sheets (summary)
(Million yen)
Consolidated statements of cash flows (summary)
(Million yen)
FY2023
FY2024
FY2025
Changes
Net cash provided by (used in) operating activities
47,150
38,157
43,913
5,755
Net cash provided by (used
in) investing activities
-2,646
-5,995
-21,271
-15,275
Free cash flow
44,504
32,162
22,642
-9,519
Net cash provided by (used
in) financing activities
-28,187
-29,951
-38,428
-8,476
Capital expenditures (Cash payments)
2,666
4,270
11,038
6,768
Depreciation
4,600
4,637
5,070
433
Automobile MarketNew car registrations and YoY changes
(Thousand vehicles) (Thousand vehicles)
Used car registrations and YoY changes
6,000
40%
4,215
4,385
4,528
4,575
4,533
4.0%
3.3%
1.0%
-0.9%
-9.5%
20%
8,000
40%
6,566
6,293
6,451
6,467
6,507
2.5%
0.3%
0.6%
-4.9%
-4.2%
20%
3,000
0% 4,000 0%
0
FY2021 FY2022 FY2023 FY2024 FY2025
-20%
-40%
0
FY2021 FY2022 FY2023 FY2024 FY2025
-20%
-40%
Used car exports and YoY changes AA market: vehicles consigned and contracted and YoY changes
(Thousand vehicles) (Thousand vehicles)
Vehicles consigned Vehicles contracted YoY(consigned) YoY(contracted)
2,000
50%
1,738
1,603
1,579
1,222
1,290
17.3%
5.6%
-1.5%
24.3%
10.1%
25%
10,000
6,892
7,275 7,771 7,623 8,013
40%
20%
1,000
0%
-25%
5,000
1.9%
-2.6%
5.6%
2.2%
8.5%
6.8%
1.3%
-1.9%
5.1%
4.4%
0%
-20%
0
-50%
4,718
0
4,821
5,232
5,301
5,532
-40%
FY2021 FY2022 FY2023 FY2024 FY2025
FY2021 FY2022 FY2023 FY2024 FY2025
* Vehicles consigned and contracted in FY2021 have been revised to reflect revisions to data announced by USEDCAR Co., Ltd.
-30%
FY2025
FY2024
FY2023
FY2022
FY2021
0
-15%
0%
9.6%
9.0%
8.3%
6.9%
6.2%
50,000
15%
75,066
69,304
64,858
81,843
30%
89,702
(Million yen)
100,000
Net sales and YoY changes
Auto Auction Segment (1) OverviewFY2023
FY2024
FY2025
Year on year
Net sales
75,066
81,843
89,702
109.6%
Consignment fees
17,501
18,416
19,877
107.9%
Contract completion fees
17,436
18,675
19,970
106.9%
Successful bid fees
26,501
30,511
34,856
114.2%
Other
13,626
14,239
14,997
105.3%
Operating profit
47,414
53,274
58,584
110.0%
Operating margin
62.9%
64.9%
65.1%
-
Sales and earnings increased mainly because of the larger number of vehicles
consigned and contracted and higher fees resulting from an increase in the
fee for successful bids submitted using the dedicated terminal.
Auto auction segment performance
(Million yen)
Contract completion rate
67.0％
(67.0% in FY2024)
No. of contract completions
2.347million
(up 9.4% YoY)
No. of vehicles consigned
3.504million
(up 9.4% YoY)
5.1%
-60%
FY2025
FY2024
FY2023
FY2022
FY2021
0
-30%
10.0%
Operating profit and YoY changes
(Million yen)
70,000 60%
58,584
53,274
0%
12.4%
12.2%
13.4%
35,000
42,267
40,217
47,414 30%
* Net sales are sales to external customers and operating profit is based on business segment earnings. Operating margins are calculated by dividing segment profit by segment sales.
Auto Auction Segment (2) Average Price of Vehicle Contracted
The average price of vehicles contracted remains high.
In February 2026, recorded the highest average price of vehicles contracted to date, reaching 1,380 thousand yen.
(Thousand yen) Monthly data : Average price of vehicle contracted
1,500
1,300
USS
Industry average (excl. USS)
1,380
1,100
900
700
770
751
492
500
300
1 7 1 7 1 7 1 7 1 7 1 7 1 3
2020 2021 2022 2023 2024 2025 2026
* In auto auctions in Japan, notwithstanding the vehicle contract price, consignment fees, contract completion fees and successful bid fees are fixed for each category. Therefore, commission does not fluctuate with the amount of the contracted price of a vehicle.
Auto Auction Segment (3) No. of Vehicles Consigned and Contracted, etc.No. of vehicles consigned and contracted Contract completion rate
(Thousand vehicles)
3,504
2,731
2,958
3,084
3,202
2,347
1,787
1,863
1,986
2,145
4,000
Vehicles consigned Vehicles contracted80%
USS Industry average (excl. USS)2,000
65%
0
FY2021 FY2022 FY2023 FY2024 FY2025
50%
70.5%
68.5%
69.2%
71.4%
70.6%
65.4%
67.0%
67.0%
63.0%
64.4%
FY2021 FY2022 FY2023 FY2024 FY2025
* The figure for "Industry average (excl. USS)" in FY2021 has been revised to reflect revisions to
data announced by USEDCAR Co., Ltd.
Market share Average price of vehicle contracted
45%
(Thousand yen)
1,400
USS Industry average (excl. USS)40%
900
35%
2022.12 2023.6 2023.12 2024.6 2024.12 2025.6 2025.12
Period ending in December: 12-month data; Period ending in June: 6-month data.
The figures in this slide exclude JBA data.
400
1,206
1,255
1,048
1,055
909
687
499
551
566
629
42.8%
43.2%
40.8%
41.1%
41.4%
39.6% 39.6%
FY2021 FY2022 FY2023 FY2024 FY2025
* The figure for "Industry average (excl. USS)" in FY2021 has been revised to reflect revisions to
data announced by USEDCAR Co., Ltd.
Auto Auction Segment (4) Fees, etc.
Total consignment fees and consignment fee per vehicle Total contract completion fees and contract completion fee per vehicle
(Million yen)
24,000
Consignment fees
Fee per vehicle (yen)(Yen)
18,416
19,877
15,198
16,570
17,501
5,593
5,629
5,702
5,782
5,696
7,000
(Million yen)
24,000
Contract completion fees
Fee per vehicle (yen)(Yen)
18,675
19,970
15,088
15,721
17,436
8,830
8,760
8,491
8,483
8,549
10,000
12,000
6,000
12,000
9,000
0
FY2021 FY2022 FY2023 FY2024 FY2025
5,000
0
FY2021 FY2022 FY2023 FY2024 FY2025
8,000
Total successful bid fees and successful bid fee per vehicle No. of members and off-site ratio
Successful bid fees Fee per vehicle (yen)(Million yen) (Yen)
(Companies)
On-site auction members CIS members USS JAPAN members Off-site ratio40,000
20,000
16,000
34,856
30,511
23,076
23,985
26,501
12,880
12,924
13,350
14,232
14,855
14,000
80,000
60,000
40,000
60%
52.8%
51.4%
52.5%
53.1%
51.6%
48,362
48,123
33,359
48,490
33,934
34,367
48,160
35,148
49,176
36,279
2,081
1,981
1,774
1,964
1,946
50%
40%
30%
0
FY2021 FY2022 FY2023 FY2024 FY2025
12,000
20,000
0
FY2021 FY2022 FY2023 FY2024 FY2025
20%
10%
0%
Fee per vehicle is calculated before eliminations for consolidation.
The figures in this slide exclude JBA data.
Used Vehicle Purchasing and Selling Segment
-50%
FY2025
FY2024
FY2023
FY2022
FY2021
0
-25%
-1.4%
0%
10.7%
10.0%
11.7%
7.6%
7,000
25%
9,300
10,391
11,431
50%
12,470
12,651
(Million yen)
14,000
Net sales and YoY changes
In the Rabbit used vehicle purchasing and selling business, despite the high level of auction prices, sales increased while earnings decreased due to factors such as a decrease in the number of vehicles sold.
Net sales ¥ 7,432 million
(up 1.7% YoY)
Operating profit ¥ 120 million
(down 37.2% YoY)
In the accident-damaged vehicle purchasing and selling business, despite a decrease in the number of vehicles sold, sales declined while earnings increased due to factors such as an increase gross profit per vehicle sold.
Net sales ¥ 5,038million
(down 5.7% YoY)
Operating profit ¥ 260 million
(up 206.1% YoY)
Used vehicle purchasing and selling segment performance
(Million yen)
FY2023 | FY2024 | FY2025 | Year on year | |
Net sales | 11,431 | 12,651 | 12,470 | 98.6% |
Operating profit | 331 | 276 | 380 | 137.7% |
Operating margin | 2.9% | 2.2% | 3.1% | - |
-200%
FY2025
FY2024
FY2023
FY2022
FY2021
0
-100%
130
136
276
0%
380
-49.8%
300
-16.6%
331
-4.6%
37.7%
100%
200%
154.9%
(Million yen)
600
Operating profit and YoY changes
* Net sales are sales to external customers and operating profit is based on business segment earnings. Operating margins are calculated by dividing segment profit by segment sales.
Recycling Segment
-60%
FY2025
FY2024
FY2023
FY2022
FY2021
0
-30%
0%
-20.1%
17.2%
6,000
22.4%
8,982
7,238
30%
8,407
24.1%
49.9%
Net sales and YoY changes
(Million yen)
12,000 60%
10,526 10,292
-500%
FY2025
FY2024
FY2023
FY2022
FY2021
0
-250%
542
673
-12.7%
16.7%
0%
24.1%
-53.4%
750
203.6%
250%
1,164
1,142
500%
1,333
(Million yen)
1,500
Operating profit and YoY changes
FY2023 | FY2024 | FY2025 | Year on year | |
Net sales | 10,526 | 8,407 | 10,292 | 122.4% |
Operating profit | 1,164 | 542 | 673 | 124.1% |
Operating margin | 11.1% | 6.5% | 6.5% | - |
In the resource recycling business, nonferrous metal prices trended upward, but increased depreciation expenses led to higher sales and lower earnings.
In the industrial plant recycling business, increased orders for large plant demolition projects led to higher sales and earnings.
Recycling segment performance
(Million yen)
Operating profit ¥ 372 million
(up 436.0% YoY)
Net sales ¥ 4,334 million
(up 42.3% YoY)
Operating profit ¥ 301 million
(down 36.3% YoY)
Net sales ¥ 5,957 million
(up 11.1% YoY)
* Net sales are sales to external customers and operating profit is based on business segment earnings. Operating margins are calculated by dividing segment profit by segment sales.
FY2026
Consolidated Forecast
FY2026 Consolidated Forecast
The forecast is based on the outlook for a recovery in sales of new cars and a larger number of vehicles consigned at auctions.
The goal is a larger market share by making substantial capital expenditures at major auction sites and other locations.
(Million yen)
FY2024 (Actual) | FY2025 (Actual) | FY2026 (Forecast) | VS. previous year | ||||
Net sales | 104,021 | 113,854 | 119,800 | 105.2% | |||
Gross profit (per sales) | 64,821 | (62.3%) | 71,451 | (62.8%) | 73,172 | (61.1%) | 102.4% |
Operating profit (per sales) | 54,206 | (52.1%) | 59,847 | (52.6%) | 61,000 | (50.9%) | 101.9% |
Ordinary profit (per sales) | 54,883 | (52.8%) | 60,590 | (53.2%) | 61,800 | (51.6%) | 102.0% |
Profit attributable to owners of parent (per sales) | 37,636 | (36.2%) | 41,360 | (36.3%) | 41,600 | (34.7%) | 100.6% |
EPS (yen) | 78.65 | 88.78 | 91.35 | 102.9% | |||
Capital expenditures (cash payments) | 4,270 | 11,038 | 7,400 | 67.0% |
Depreciation | 4,637 | 5,070 | 5,600 | 110.4% |
Auto Auction Business (excl. JBA) | FY2024 (Actual) | FY2025 (Actual) | FY2026 (Forecast) | VS. previous year |
No. of vehicles consigned (thousands) | 3,202 | 3,504 | 3,560 | 101.6% |
No. of vehicles contracted (thousands) | 2,145 | 2,347 | 2,362 | 100.6% |
Contract completion rate | 67.0% | 67.0% | 66.3% | - |
FY2026 Reasons for Change in Operating Profit (Forecast)
Cost of sales
Increase in purchases -1.24bn
Increase in employee salaries and bonuses
-0.53bn
Increase in cost of goods sold -0.53bn Increase in outsourcing expenses -0.53bn Increase in depreciation -0.49bn
SG&A expenses
Increase in sales promotion expenses
-0.23bn
Increase in employee salaries and bonuses
-0.17bn
Increase in commission expenses -0.09bn
(Billion yen)
60
5.94 -4.22 -0.56
59.84
30 61.0
0
FY2025 (Actual) FY2026 (Forecast)
Net sales
Increase in CIS Increase in recycling
Increase in vehicles consigned
1.95bn
1.71bn 1.18bn
Increase in used vehicle purchasing and selling
0.60bn
FY2026 Forecast by Business Segment
(Million yen)
FY2024 (Actual) | FY2025 (Actual) | FY2026 (Forecast) | VS. previous year | |
Net sales | ||||
Auto auction | 81,843 | 89,702 | 93,010 | 103.7% |
Used vehicle purchasing and selling | 12,651 | 12,470 | 13,077 | 104.9% |
Recycling | 8,407 | 10,292 | 12,008 | 116.7% |
Other | 1,119 | 1,388 | 1,703 | 122.7% |
Total | 104,021 | 113,854 | 119,800 | 105.2% |
Operating profit (per sales) | 54,206 (52.1%) | 59,847 (52.6%) | 61,000 (50.9%) | 101.9% |
Market Overview and Strategy for Creating Value Over the Medium-term
Used Car Auction Market and USS Market Share
Maintained higher market shares and profit in the period of sluggish markets following the financial crisis of 2008-2009.
The medium/long-term goal is a market share of 50%.
AA market: vehicles consigned (left axis, thousands)
USS vehicles consigned (left axis, thousands) USS Market share
43.2%
39.4%
39.6%
Operating profit
(right axis, million yen)
34.7%
31.8%
26.8%
21.2%
(Thousands) (Million yen)
2025 (CY) market share
Other
24.3%
USS
43.2%
Top 6
32.5%
12,000 60,000
9,000
6,000 30,000
3,000
0 0
1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025
* Market share in 2021 has been revised to reflect revisions to data announced by USEDCAR Co., Ltd.
Medium-to Long-Term Management GoalFocus resources on market share growth in the core auto auction business for higher profitability of the entire USS Group.
Resource
concentration for
overall growth
Auto Auction
Business
Stable profitability
Recycling
Business
Growth
Recycling Business sales in FY2028
¥20.0 billion
Market share 50%
Profitability
Raised the ROE goal from 15% or higher to 20% or higher and the dividend payout ratio goal from at least 55% to at least 60%.
Positioning of USS Group businesses
Goals for individual businesses
Consolidated financial goals
ROE 20% or higher |
Payout ratio at least 60% |
Total payout ratio at least 100% |
Cash Allocation Policy
Make investments needed for medium to long-term growth while keeping the shareholder distribution payout ratio 100%.
Investments for growth of approximately ¥50 billion during the three-year period ending with FY2027.
Cash and other sources
of liquidity
About ¥30 billion
Operating cash flow
About ¥140 billion
Total for FY2025 -2027
Operating cash flow
Earnings distributions
About ¥120 billion
FY2025 (Actual) : ¥45.5 billion （※）
Thanks to the strong performance of the auto auction business, we are on track as planned.
Earnings distributions
FY2025 (Actual) : ¥41.3 billion
Investments for
growth
About ¥50 billion
By the consolidated dividend payout ratio of at least 60% and flexible stock repurchase, we achieved total payout ratio of at least 100%.
Investments for growth
FY2025 (Actual) : ¥10.8 billion
In January 2026, the Yokohama auction site was newly constructed.
※To eliminate fluctuations due to the day of the week on the closing date, the figures displayed exclude the
impact of increases and decreases in receivables and payables with member dealers at auction transactions.
Investment for Growth
Main growth investment plans for improving corporate value in the medium to long term Auto Auction Business
Tokyo Site (After FY2027) About ¥20 billion
To further expand the processing capacity of Japan's largest auction site, which handles approximately 17,800 vehicles per auction, we plan to rebuild the existing facility that has been in operation for 20 years, after securing the vehicle storage space in advance.
HAA Kobe Site (After FY2027) About ¥15 billion
As the largest auction site in Western Japan, we are planning to construct a new building and expand the multi-story parking facility. After its acquisition in 2017, the HAA Kobe site overcame a reduction in the number of vehicles due to the optimization of membership criteria and fee structures, and is now experiencing a clear expansion trend. By expanding capacity, we aim to effectively capture the recovering demand and further strengthen the revenue base in the Western Japan area.
Fukuoka Site (After FY2027) About ¥2 billion
As part of strengthening our operational base in the Kyushu area, we are planning to construct a new building at the Fukuoka site. Enhancing our competitive advantage in the Kyushu area by centering on collaboration with the Kyushu site.
Auto auction operations IT system ( ~ FY2027) About ¥5 billion
Recycling Business
Resource recycling business (ARBIZ) ¥3 billion
ARBIZ is promoting the commercialization of various resource recycling operations, including a direct aluminum recycling business, and aims to promptly commercialize the recycling of solar panels, which are expected to be discarded in large quantities in the future, thereby fostering a new revenue stream.
Medium-term Business Plan and Raising the ROE
In FY2025, raised the goal for the ROE, an indicator of efficient capital use, from 15% or higher to 20% or higher.
Plan to accomplish this goal by repurchasing stock to reduce equity while expanding business operations for higher earnings.
KPI for raising the ROE and actions ROE formula/improvement measures
Auction site renovations
and enlargements
Acquisition of treasury stock
Dividend policy
Capitalization strategies
Total payout ratio
target
at least 100％
Business alliances and M&A
Business expansion
Market share target
50％
System investment
(digital transformation)
ROE target: 20% or higher
Business growth for
higher earnings
Profit
＝
Equity
Stock repurchases and other measures for lower equity
ROE
(%)
Share Repurchase (1)
In order to further reinforce its commitment to shareholder returns, USS implemented a facility share repurchase by SMBC Nikko(Japanese ASR)
On May 13, 2026, USS plans to implement the share repurchase and will complete the repurchase of the anticipated number of shares, 10,332,900 shares (approx. JPY 18.0 billion)
USS believes that the demand and supply of its shares are expected to increase as a result of the market purchase transaction executed by SMBC
Nikko to return the number of shares it has borrowed
USS announces a share repurchase through ToSTNeT-3
USS allocates the warrant to SMBC Nikko
SMBC Nikko places a sell order of 10,332,900 shares (borrowed shares)
USS completes the repurchase of 10,332,900 shares through ToSTNeT-3 (completion of the share repurchase)
Transaction through ToSTNeT-3
Cash
USS
SMBC
Nikko
Divestiture
Allocate the warrant
and enter into the allocation agreement
USS's shares
are borrowed
Stock Lending Market
(1) Initial Transaction
(2) Market Purchase by SMBC Nikko
Shares
Stock Market
SMBC
Nikko
*This picture is for illustration purposes only and does not predict or guarantee the actual changes in USS's share price
Cash
SMBC Nikko repurchases USS's shares in the stock market within a certain period in order to return the number of shares it has borrowed
The supply and demand of USS's shares are expected to
increase as a result of the market purchase
Market Purchase Transaction Period by SMBC Nikko*
* Increase the supply and demand
SMBC
Nikko
gratuitous transfer occurs）
USS
When the share price Falls(carry out the gratuitous transfer)
Shares
（fixed at the time
Shares (fixed at the time of the exercise)
SMBC
Nikko
Cash (JPY 1)
USS
When the share price Rises(exercise of the warrant)
Exercise of the warrant
SMBC Nikko exercises either of warrant or the gratuitous transfer based on the share price movement during the exercise period (from September 11 to December 24, 2026)
(3) Adjustment Transaction (Exercise of Warrant by SMBC Nikko)
*For details of the share repurchase, please refer to the USS's IR information entitled "Notice regarding Share Repurchase through the Off-Auction Own Share Repurchase Trading (ToSTNeT-3)
System (Share Repurchase through a Facility Share Repurchase (Japanese ASR)) " dated May 12, 2026.
*The Market Purchase Transaction Period refers to the period from May 14, 2026 to the trading day prior to the exercise date of the warrant.
Share Repurchase (2)
Strong message to the market
Immediate improvement in earnings per share (EPS)
Need to implement capital policies that maximize shareholder value
Background to Adoption of the Scheme
USS has considered various schemes regarding enhancing shareholder returns
based on its strong business performance
An immediate decrease in the number of outstanding shares
excluding own shares will increase earnings per share (EPS) at once
Strong statement from the management to the effect that the share price is not valued properly
The Scheme is the best option
Reference Information for Share Repurchase (1)
The adjustment transaction using the warrant and gratuitous transfer will generate the economic effects
similar to those when repurchasing shares at the average VWAP during the post-adjustment period.
share price Movement before Adjustment (Image)
Adjustment Transaction (Exercise of Warrant)
When the share price Rises
VWAP
140%
130%
120%
110%
100%
Average VWAP:
quivalent 0%
12
to
e
Stock Loan Transaction
Transaction through ToSTNeT-3
1 2 3 4 5 6 7 8 9 10
￥
Period
Cash (JPY 1)
USS
SMBC
Nikko
1,722,100
shares
Exercise of the warrant whose exercise price
is fixed
Stock Loan Market
Borrowed shares
USS
Stock Market
Market purchase
Cash
8,610,800
Shares
shares
JPY 18.0 bn
10,332,900
shares
Repurchase of USS's shares
Shares Cash
of USS's shares
SMBC
Nikko
Shares
Market purchase (8,610,800 shares)
through the exercise of the warrant
Shares
(Difference: 1,722,100 shares)
When the share price Falls
10,332,900 shares
SMBC Nikko
10,332,900
share price Movement before Adjustment (Image)
Average VWAP: equivalent to 80
%
SMBC Nikko
Adjustment Transaction (Gratuitous Transfer)
100%
shares
JPY 18.0bn
VWAP
90%
80%
70%
2,583,300
shares
USS
Carry out
the gratuitous transfer
￥
Shares
Shares
JPY 1,742 / share
60%
1 2 3 4 5 6 7 8 9 10
Period
SMBC
Nikko
Market purchase
of USS's shares
Stock Market
Cash
Shares
SMBC
Shares
12,916,200
shares
￥
JPY 18.0bn
ToSTNeT-3
Transaction
12,916,200
shares
Gratuitous transfer
Shares
（Difference：2,583,300 shares）
Nikko
*The above is for the purpose of understanding the scheme and does not guarantee the actual changes in USS's share price and the details of the adjustment transaction.
（10,332,900 shares）
*The average VWAP is calculated by multiplying the arithmetic average of the VWAP during the period by 99.80%, but the multiplication is not taken into account in the above case for simplicity.
Reference Information for Share Repurchase (2)
When the share price Rises
The following shows the adjustment table depending on the share price movement.
Deviation rate of average VWAP from per-share purchase price
Average VWAP(JPY)
Amount of share repurchase from SMBC Nikko
(JPY million)
Number of share repurchase from SMBC Nikko
When the share price Rises
When the share price Falls
Number of shares purchased at average VWAP
Number of shares
delivered
Number of shares purchased at average VWAP
Number of shares transferred in gratuitous transfer
20%
2,090.4
18,000
10,332,900
8,610,800
1,722,100
18%
2,055.6
18,000
10,332,900
8,756,700
1,576,200
16%
2,020.7
18,000
10,332,900
8,907,700
1,425,200
14%
1,985.9
18,000
10,332,900
9,064,000
1,268,900
12%
1,951.0
18,000
10,332,900
9,225,900
1,107,000
10%
1,916.2
18,000
10,332,900
9,393,600
939,300
8%
1,881.4
18,000
10,332,900
9,567,500
765,400
6%
1,846.5
18,000
10,332,900
9,748,100
584,800
4%
1,811.7
18,000
10,332,900
9,935,500
397,400
2%
1,776.8
18,000
10,332,900
10,130,300
202,600
0%
1,742.0
18,000
10,332,900
No exercise of warrants
No gratuitous transfer
-2%
1,707.2
18,000
10,332,900
10,543,800
210,900
-4%
1,672.3
18,000
10,332,900
10,763,500
430,600
-6%
1,637.5
18,000
10,332,900
10,992,500
659,600
-8%
1,602.6
18,000
10,332,900
11,231,500
898,600
-10%
1,567.8
18,000
10,332,900
11,481,000
1,148,100
-12%
1,533.0
18,000
10,332,900
11,742,000
1,409,100
-14%
1,498.1
18,000
10,332,900
12,015,000
1,682,100
-16%
1,463.3
18,000
10,332,900
12,301,100
1,968,200
-18%
1,428.4
18,000
10,332,900
12,601,100
2,268,200
-20%
1,393.6
18,000
10,332,900
12,916,200
2,583,300
When the share price Falls
*The above is just an example of adjustment transaction and does not guarantee that the actual changes in USS's share price and the details of the adjustment transaction will fall within the above range.
*The average VWAP is calculated by multiplying the arithmetic average of the VWAP during the period by 99.80%.
*The amount of contribution at the time of the exercise of the warrant whose exercise amount is fixed (1 yen) is not taken into account.
Earnings Distributions - Dividend Policy
Plan to pay 54.7 yen dividend per share for FY2025 (consolidated payout ratio at least 60%).
Plan to pay 55.0 yen dividend per share for FY2026 (consolidated payout ratio at least 60%).
Forecasting 27 consecutive years of dividend growth since listing.
（Yen）
60
DPS
344.5%
54.7 55.0
160%
300%
Consolidated payout ratio
33.1 33.75
37.7
43.4
120%
30
23.2 23.9
25.2
27.7 27.75
61.4% 60.0%
80%
22.4%
30.5%
43.1%
12.2 15.375
17.35
45.1%
20.4
18.85
51.5% 50.1%
67.0%
55.0%
55.0% 55.1% 55.0%
40%
2.4% 11.9%
0.25 1.0 1.5 2.0 2.5 3.25 4.0 5.0
0
8.4 9.6
8.25
7.25
0%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 （FY）
（Forecast）
Earnings Distributions - Total Payout Ratio
Policy for shareholder distributions: Total shareholder distributions of at least 100% (from FY2025 to FY2027).
(Million yen)
Dividend paid Stock repurchased Total payout ratio240%
344.5%
40,000
300%
200%
30,000
160%
20,000
117.6%
111.4%
103.5%
84.2%
104.0%
91.0%
103.3%
100.0%
120%
80%
10,000
0
3.6%
33.0%
11.9% 14.6% 14.4% 16.7% 17.2%
53.8%
30.5%
76.8% 75.6%
45.1% 45.1%
52.1%
50.1%
59.3%
81.8%
60.5%
81.6%
40%
0%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
（FY）
（Forecast）
Cycle of Rising Corporate Value Driven by Business Growth and Shareholder DistributionsAim at increasing shareholder value by a two-pronged strategy of solid
investments in growth and active shareholder distributions.
27 years in a row after going public
Consecutive Dividend Hikes
Rising Stock Price
No.1 Market Share in No. of Vehicles Consigned
Further Increase in No. of Vehicles Consigned
No. of Vehicles Consigned
3.50 (Million Units)
Diversification of Vehicles Consigned
No. of Auction Members
49,176 (Companies)
Increase in No. of
Total payout Ratio at least 100%
Rising Corporate ValueIncrease in No. of Vehicles
Contracted
Auction Members
Invigorate Auction
Contract Completion Rate
67.0%
Increasing Investment for Growth
Higher Avg. Price of Vehicle Contracted
/Higer Contract Completion Rate
Avg. Price of Vehicles Contracted
¥1.25 million
No. of vehicles consigned, Avg. price of vehicles contracted, and contract completion rate are as of FY2025. No. of auction members is as of the end of FY2025.
Industry's Avg. is the Avg. excluding USS.
（Industry's Avg. ¥0.68 million）
Contact Information
Finance Department, Supervisory Office, USS Co., Ltd.
TEL ：+81-52-689-1109
E-mail ：irinfo@ussnet.co.jp
Notes
This document has been translated from the original Japanese as a guide for non-Japanese investors.
Forward-looking statements in this material are based on information available to management at the time this material was prepared and assumptions that management believes are reasonable. These statements are not promises by the Company regarding future performance. Actual results may differ significantly from these statements for a number of reasons.
The information provided in this material may include unaudited figures.
The amounts less than the units shown are discarded.
Percentages are rounded to the hundredths place.
Reference materials
Japan Automobile Dealers Association, Japan Light Motor Vehicle and Motorcycle Association, USEDCAR Co., Ltd., Trade Statistics of Japan Ministry of Finance
Reference
Business Models for USS
Vehicles consigned
3.50 million
(FY2025)
End users
Payment for vehicles
Ferrous scrap
Steel makers
ARBIZ
(Recycling)
Rabbit
(Used vehicle purchases)
Payment for vehicles
Members submitting successful bids
(buyer)
» Used car dealers
» Used car exporting
companies
» New car dealers
Auto Auction
USS's fee per unit
Approx. 28,000yen
Payment for vehicles
Payment for vehicles
Contract completion rate
67.0％
(FY2025)
Members consigning vehicles
(seller)
» Used car dealers
» Used car purchasing
companies
» New car dealers
Payment for vehicles
Payment for vehicles
Consignment fee
Approx. 8,000yen
Contract completion fee
Approx. 10,000yen
Successful bid fee
Approx. 10,000yen
Pricing Power Derived from Solid Positioning
Revising auction fee flexibly without interrupting a tendency to increase No. of vehicles consigned and contracted.
Cases of Auction Fee Increases Since 2023
2026.4
Increasing CIS monthly fee
1
YoY
changes of No. of vehicles off-site contracted
2025.4～ Increasing JAPAN successful bid fee
30%
20%
10.3%
13.6%
10%
8.4%
7.5%
0.4%
0%
(24/10-25/9) (10%)
-0.8%
24/10 24/11 24/12 25/1 25/2 25/3 25/4 25/5 25/6 25/7 25/8 25/9
Impact on No. of Vehicles Consigned and Contracted when Auction Fee Increases
Monthly fee：11,800 yen 16,800 yen
2025.4
2024.4
Increasing JAPAN successful bid fee（①1 ）
Dedicated terminal：12,000 yen 15,000 yen
Increasing CIS successful bid fee
Bid with setting limits：14,000 yen 17,000 yen
Internet Live：17,000 yen 20,000 yen
One-click bidding：15,000 yen 20,000 yen
30%
2
YoY
changes of No. of vehicles consigned (22/10-23/9)
20%
10%
2023.4～ Increasing contract completion fee
2023.4
2023.1
Increasing contract completion fee at 9 sites（②2 ）
＋500 yen ～ 2,000 yen in multiple corners
Increasing successful bid fee at all sites except Tokyo and Nagoya sites （③3 ）
＋500 yen ～ 3,000 yen in all corners
Increasing successful bid fee and
contract completion fee at Tokyo and Nagoya sites
＋500 yen ～ 2,000 yen in the majority of corners
0%
3
YoY
changes of No. of vehicles contacted (22/10-23/9)
15%
10%
5%
0%
(5%)
21.8%
14.5%
15.2%
6.7%
12.2%
11.7%
22/10 22/11 22/12 23/1 23/2 23/3 23/4 23/5 23/6 23/7 23/8 23/9
2023.4～ Increasing successful bid fee
8.1% 6.6%
9.6%
-0.6%
4.2%
1.6%
22/10 22/11 22/12 23/1 23/2 23/3 23/4 23/5 23/6 23/7 23/8 23/9
New/Used Car Registrations and Auto Auction Market
The auction market continued to expand till 2000 as the share of used vehicles sold through the auction market increased as a share of the total used vehicle market.
Starting in the mid-2000s, older vehicles and vehicles with high mileage which would normally have been scrapped started flowing
into auto auction sites and steadily drove up the number of vehicles consigned.
After the financial crisis of late 2008 the auto auction market was largely correlated to new car registrations (supply) and exports (demand).
New/Used car registrations, used car exports, vehicles consigned and vehicles contracted (CY)
(Thousand vehicles)
8,000
Vehicles consigned (AA market)
Used car registrations
6,000
4,000
2,000
New car registrations
USS vehicles consigned
USS vehicles contracted Used car exports
0
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Appendix - Auto Auction Results at USS Sites (from April to March)(Number of auctions held, Vehicles)
Number of auctions | Number of consigned vehicles | Number of contract completions | Contract completion rate | |||||||
FY2025 | FY2024 | FY2025 | FY2024 | YoY change | FY2025 | FY2024 | YoY change | FY2025 | FY2024 | |
Tokyo | 49 | 49 | 876,049 | 803,806 | 109.0% | 599,259 | 550,137 | 108.9% | 68.4% | 68.4% |
Nagoya | 49 | 49 | 528,010 | 491,523 | 107.4% | 334,458 | 302,256 | 110.7% | 63.3% | 61.5% |
HAA Kobe | 49 | 49 | 365,480 | 324,164 | 112.7% | 243,578 | 214,609 | 113.5% | 66.6% | 66.2% |
Kyushu | 49 | 49 | 271,130 | 237,459 | 114.2% | 204,595 | 175,893 | 116.3% | 75.5% | 74.1% |
Yokohama | 49 | 49 | 254,136 | 240,017 | 105.9% | 164,845 | 158,631 | 103.9% | 64.9% | 66.1% |
Osaka | 49 | 49 | 224,199 | 210,062 | 106.7% | 129,544 | 124,789 | 103.8% | 57.8% | 59.4% |
Sapporo | 49 | 49 | 169,362 | 159,589 | 106.1% | 119,179 | 113,921 | 104.6% | 70.4% | 71.4% |
Kobe | 49 | 49 | 106,771 | 95,977 | 111.2% | 71,050 | 62,321 | 114.0% | 66.5% | 64.9% |
R-Nagoya | 49 | 49 | 101,630 | 90,463 | 112.3% | 83,937 | 76,693 | 109.4% | 82.6% | 84.8% |
Shizuoka | 49 | 49 | 100,976 | 98,044 | 103.0% | 64,825 | 64,280 | 100.8% | 64.2% | 65.6% |
Tohoku | 49 | 49 | 83,877 | 72,354 | 115.9% | 63,946 | 56,528 | 113.1% | 76.2% | 78.1% |
JAA | 49 | 49 | 82,020 | 76,771 | 106.8% | 33,755 | 33,127 | 101.9% | 41.2% | 43.2% |
Okayama | 49 | 49 | 80,633 | 75,298 | 107.1% | 65,373 | 61,049 | 107.1% | 81.1% | 81.1% |
Gunma | 49 | 49 | 72,696 | 67,269 | 108.1% | 48,098 | 45,565 | 105.6% | 66.2% | 67.7% |
Saitama | 49 | 49 | 65,144 | 57,436 | 113.4% | 44,994 | 39,231 | 114.7% | 69.1% | 68.3% |
Niigata | 49 | 49 | 59,052 | 49,261 | 119.9% | 35,594 | 30,303 | 117.5% | 60.3% | 61.5% |
Fukuoka | 49 | 49 | 44,102 | 36,209 | 121.8% | 25,037 | 22,427 | 111.6% | 56.8% | 61.9% |
Hokuriku | 49 | 49 | 19,170 | 16,300 | 117.6% | 15,499 | 13,398 | 115.7% | 80.9% | 82.2% |
Total | 882 | 882 | 3,504,437 | 3,202,002 | 109.4% | 2,347,566 | 2,145,158 | 109.4% | 67.0% | 67.0% |
(Vehicles, %)
Apr. | May | Jun. | Jul. | Aug. | Sep. | 1H | Oct. | Nov. | Dec. | Jan. | Feb. | Mar. | 2H | FY | ||
No. of Vehicles Consigned | FY2023 | 293,022 | 227,077 | 274,839 | 250,981 | 210,876 | 276,840 | 1,533,635 | 252,343 | 277,041 | 235,504 | 212,848 | 266,985 | 306,173 | 1,550,894 | 3,084,529 |
YoY | 6.7 | 14.5 | 15.2 | 12.2 | 21.8 | 11.7 | 13.1 | 1.1 | 4.1 | 2.8 | -5.5 | -5.6 | -12.5 | -3.2 | 4.3 | |
FY2024 | 259,384 | 238,380 | 255,968 | 248,875 | 227,094 | 258,112 | 1,487,813 | 291,463 | 300,874 | 246,285 | 255,828 | 285,371 | 334,368 | 1,714,189 | 3,202,002 | |
YoY | -11.5 | 5.0 | -6.9 | -0.8 | 7.7 | -6.8 | -3.0 | 15.5 | 8.6 | 4.6 | 20.2 | 6.9 | 9.2 | 10.5 | 3.8 | |
FY2025 | 327,914 | 290,251 | 289,533 | 306,955 | 233,141 | 276,888 | 1,724,682 | 314,395 | 292,696 | 256,699 | 272,007 | 294,698 | 349,260 | 1,779,755 | 3,504,437 | |
YoY | 26.4 | 21.8 | 13.1 | 23.3 | 2.7 | 7.3 | 15.9 | 7.9 | -2.7 | 4.2 | 6.3 | 3.3 | 4.5 | 3.8 | 9.4 | |
No. of Vehicles Contracted | FY2023 | 162,121 | 141,727 | 171,557 | 158,822 | 136,832 | 179,444 | 950,503 | 162,691 | 176,359 | 145,068 | 144,694 | 188,604 | 218,724 | 1,036,140 | 1,986,643 |
YoY | -0.6 | 8.1 | 6.6 | 1.6 | 9.6 | 4.2 | 4.6 | 0.9 | 7.5 | 11.0 | 7.8 | 14.1 | 9.4 | 8.5 | 6.6 | |
FY2024 | 176,964 | 171,292 | 181,720 | 175,922 | 156,107 | 176,284 | 1,038,289 | 194,290 | 190,922 | 147,754 | 165,560 | 188,436 | 219,907 | 1,106,869 | 2,145,158 | |
YoY | 9.2 | 20.9 | 5.9 | 10.8 | 14.1 | -1.8 | 9.2 | 19.4 | 8.3 | 1.9 | 14.4 | -0.1 | 0.5 | 6.8 | 8.0 | |
FY2025 | 200,476 | 187,194 | 183,429 | 203,188 | 162,263 | 194,631 | 1,131,181 | 216,185 | 199,242 | 169,328 | 189,320 | 205,104 | 237,206 | 1,216,385 | 2,347,566 | |
YoY | 13.3 | 9.3 | 0.9 | 15.5 | 3.9 | 10.4 | 8.9 | 11.3 | 4.4 | 14.6 | 14.4 | 8.8 | 7.9 | 9.9 | 9.4 | |
Contract Completion Rate | FY2023 | 55.3 | 62.4 | 62.4 | 63.3 | 64.9 | 64.8 | 62.0 | 64.5 | 63.7 | 61.6 | 68.0 | 70.6 | 71.4 | 66.8 | 64.4 |
FY2024 | 68.2 | 71.9 | 71.0 | 70.7 | 68.7 | 68.3 | 69.8 | 66.7 | 63.5 | 60.0 | 64.7 | 66.0 | 65.8 | 64.6 | 67.0 | |
FY2025 | 61.1 | 64.5 | 63.4 | 66.2 | 69.6 | 70.3 | 65.6 | 68.8 | 68.1 | 66.0 | 69.6 | 69.6 | 67.9 | 68.3 | 67.0 | |
Appendix - Trends in the Used Car Auction Industry
FY2022 | FY2023 | FY2024 | FY2025 | |||||||||||||
1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | |
New car registrations | 888 | 1,034 | 1,080 | 1,381 | 1,069 | 1,156 | 1,171 | 1,131 | 996 | 1,172 | 1,121 | 1,285 | 1,060 | 1,119 | 1,100 | 1,253 |
YoY change | -14.1% | 1.9% | 11.6% | 15.4% | 20.3% | 11.8% | 8.4% | -18.1% | -6.8% | 1.3% | -4.3% | 13.6% | 6.4% | -4.5% | -1.9% | -2.5% |
Used car registrations | 1,543 | 1,488 | 1,485 | 1,775 | 1,563 | 1,524 | 1,571 | 1,792 | 1,572 | 1,543 | 1,589 | 1,761 | 1,585 | 1,579 | 1,560 | 1,782 |
YoY change | -6.7% | -5.0% | -4.8% | -0.5% | 1.3% | 2.4% | 5.8% | 0.9% | 0.6% | 1.2% | 1.2% | -1.7% | 0.8% | 2.3% | -1.8% | 1.1% |
Used car exports | 325 | 291 | 353 | 320 | 407 | 395 | 419 | 381 | 393 | 366 | 431 | 388 | 436 | 436 | 451 | 413 |
YoY change | -3.0% | -7.6% | 16.2% | 19.8% | 25.3% | 35.6% | 18.7% | 19.1% | -3.5% | -7.2% | 2.7% | 1.7% | 11.1% | 19.1％ | 4.6％ | 6.5% |
Industry trends
Auto auction market
(Thousand vehicles)
(Thousand vehicles)
FY2022 | FY2023 | FY2024 | FY2025 | |||||||||||||
1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | |
Vehicles consigned | 1,773 | 1,572 | 1,824 | 2,105 | 2,068 | 1,871 | 1,917 | 1,913 | 1,835 | 1,765 | 1,995 | 2,026 | 2,139 | 1,907 | 1,942 | 2,023 |
YoY change | -4.7% | -5.2% | 14.5% | 18.4% | 16.7% | 19.0% | 5.1% | -9.1% | -11.3% | -5.6% | 4.0% | 5.9% | 16.6% | 8.0% | -2.6% | -0.2% |
Vehicles contracted | 1,200 | 1,124 | 1,177 | 1,318 | 1,323 | 1,259 | 1,277 | 1,371 | 1,321 | 1,251 | 1,337 | 1,390 | 1,414 | 1,341 | 1,350 | 1,425 |
YoY change | -3.7% | -1.3% | 6.0% | 7.8% | 10.2% | 12.1% | 8.5% | 4.0% | -0.1% | -0.7% | 4.7% | 1.4% | 7.0% | 7.2% | 1.0% | 2.5% |