Despite help from MITSUI & CO., LTD. and another company, Japanese auctioneer AUCNET INC. has not been able to make a profit from its U.S. business. Therefore, it is liquidating its Smyrna, Georgia subsidiary. Since 1994, it has sold used vehicles via a satellite-based communications system developed in-house. Participants in the weekly auctions bid from terminals at automotive dealerships. However, Aucnet had trouble lining up enough dealers to make a go of it.
An exchange rate of ¥140=$1.00 was used in this report.