ITOCHU Corporation, Yulon to battle for used car market share
E020823X5 Sep. 2002（E37）
Sinjian Enterprise, a subsidiary of Yulon Group, announced on August 22 a cooperation project with ITOCHU Corporation in respect to used car business. ITOCHU Corporation will spend NT$49.25bn to acquire 20% of Sinjian's total shares, as well as two director seats and one supervisor.
According to the agreement reached by the two parties, ITOCHU Corporation will cooperate with the Yulon Group to enter and battle for the used car market in Mainland China through the vehicle, East Wind Yulon Used Car Replacement Co., a company invested by Yulon Motor Co., Ltd.
Two years ago Sinjian Enterprise joined in the business of used car sales with the technical support from ITOCHU Corporation and its subsidiary, Aucnet Inc., and introduced into Taiwan the Vehicle Inspection & Evaluation System that has been practiced in Japan for 20-more years. Now, with ITOCHU Corporation being one of its investors, Sinjian Enterprise is expected to be the leader in used car sales in Taiwan.
Source: Economic Daily News 08/23/2002
China Times 08/23/2002
