AAA Auto might sell off 49% of the struggling Romanian subsidiary to a local car company

AAA Auto group might sell off 49% stake in Romanian subsidiary that reels from losses, to a local player in the car industry, magazin.ceskenoviny.cz informs.

The board of the company considers that in this way it will put up for sale cars with secure origin. “Lack of this kind of cars was a major problem for Romania” Czech-based AAA Auto representatives said at a media briefing.

Due to poor sales of the Romanian subsidiary, the company framed a profit restore plan. The company managers will make a decision on the future strategy for AAA Auto Romania until June next year.

In first half, the Romanian subsidiary’s sales slid 34% down to 840 cars. AAA Auto had a merely 2% share of the group’s sales in the aforementioned interval.

AAA Auto closed unit from Poland this year on mounting losses. The company is operational at the moment in Czech Republic, Slovakia and Hungary.

Group’s sales in January-June interval dropped 9% down to 35,400 cars.

As future plans, the company aims at tapping the Russian car industry. AAA Auto has recently appointed an advisor to lead the proceedings, and now is in talks with a potential partner.

Moreover, the company’s management decided to sale Brno-based office within one year, and also to relocate the unit. The company seeks location to lease near a commercial center or at the outskirts to a highway.

AAA Auto shares are listed at Prague and Budapest trading as of last fall.

Translated and adapted by Camelia Oancea.

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