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On June 11, the Nippon Auto Auction Association (Kyogikai), or NAK for short, held its 2009 General Meeting and decided that the national association will be transformed as an aggregate corporation (shadanhoujin) in October this year.

NAK has so far served as a voluntary organization in the auto auction industry, while seeking to become an aggregate corporation. NAK currently consists of 68 memberships which cover a total of 120 auto auction sites across the country. Its is engaged in the management of its odometer monitoring system, and standardization of the rating rules for used vehicles.

”Once NAK becomes an aggregate corporation, it will be a much more reliable organization that is worthy of expectations even from overseas markers,” said Chief Executive Officer Fujisaki.

Meanwhile, NAK selected a new management team for fiscal 2009, CEO Fujisaki, President of Aucnet Inc., was named the CEO again. Newly appointed directors are USS Co. President Ando, Toyota Usec Co. President Kasai, and Ju Chairman Sawada. Former director Ogawa became director and advisor, while former director Betsui steps down to an advisor.

From October, the new NAK will be led by Chairman Fujisaki, and the three Vice Chairmen (Ando, Kasai and Sawada).

The auto auction industry has been facing hard times since last fall as the number of auctioned vehicles has been decreasing. Amid the difficult conditions, ”NAK must play a big role for the industry. NAK, which started as a voluntary organization, will see further development when it becomes an aggregate corporation.”