Wheels and Nowlake: Cars in North AmericaNarrow moat

Marubeni (8002) — moat facet

Marubeni's American car business is a minority stake in the country's largest nonbank used-car lender and a fifth of a fleet manager.

Marubeni's mobility platform in North America earned adjusted net profit of ¥39.0 billion in the year to March 2026, up from ¥35.0 billion, at a 10% return on invested capital1. It rests on two associates. Nowlake, formerly Westlake, is in Marubeni's words the number one nonbank lender for used-car finance in the United States2; Marubeni holds 21.6% and its share of profit rose from ¥27.9 billion to ¥31.5 billion3. Wheels, a fleet-management company in which Marubeni holds 20.0%, contributed ¥4.3 billion, up from ¥2.1 billion4, and manages about 900,000 vehicles for about 2,000 corporate customers5.

Mobility in North America, share of profit (¥ bn)27.9Nowlake 202531.5Nowlake 20262.1Wheels 20254.3Wheels 2026Years to March; Marubeni IR presentation, May 2026
Used-car lending is most of it; fleet management doubled from a small base.

Marubeni first invested in the used-car finance business in 20116. It is another minority stake in a business someone else runs, chosen because the operator is the leader in its niche.

The platform is forecast to grow to ¥47.0 billion of adjusted profit in the year to March 20277, the largest forecast increase among the platforms. Marubeni also holds 50% of PLM Fleet and 50% of Marubeni Fuyo Auto in Canada8, which extend the fleet and vehicle-finance exposure.

The measure is Nowlake's share of profit, which fell to ¥17.9 billion for the whole Finance, Leasing & Real Estate segment in April-June 2026 after the company reported Nowlake down9.

Moat trajectory: Holding steady

Platform profit rose to ¥39.0 billion, but the segment's April-June quarter fell with Nowlake lower and the company names delinquency trends as a risk.

The number that tests this moat
Reported
Nowlake share of profit
¥31.5bn against ¥27.9bn, year to March 2026

The largest piece of the mobility platform; watch it against U.S. used-car loan delinquencies.

Source: Marubeni full-year IR presentation, May 2026 ↗
⚠ Threats to the moat
⚠ THREAT 01
Delinquencies
Marubeni's largest American car profit comes from lending to buyers with weaker credit, and the company itself flags delinquencies.
References
  1. ReportedMarubeni's mobility platform in North America earned adjusted net profit of ¥39.0 billion in the year to March 2026, up from ¥35.0 billion, at a 10% return on invested capital.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - Core Strategic Platform Businesses: adjusted net profit, ROIC, forecasts and growth rates of each platform, and the portfolio ROIC by resources and non-resources. — FY to March 2026 · publ. 1 May 2026 · source ↗
  2. ReportedNowlake, formerly Westlake, is in Marubeni's words the number one nonbank lender for used-car finance in the United States; Marubeni holds 21.6% and its share of profit rose from ¥27.9 billion to ¥31.5 billion.
    Marubeni Integrated Report 2026, introduction and At a Glance - the company history from 1858 and the market positions the company states for its businesses. — 2026 · publ. 2026 · source ↗
  3. ReportedNowlake, formerly Westlake, is in Marubeni's words the number one nonbank lender for used-car finance in the United States; Marubeni holds 21.6% and its share of profit rose from ¥27.9 billion to ¥31.5 billion.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - net profit of major group companies by segment, with ownership and business descriptions. — FY to March 2026 · publ. 1 May 2026 · source ↗
  4. ReportedWheels, a fleet-management company in which Marubeni holds 20.0%, contributed ¥4.3 billion, up from ¥2.1 billion, and manages about 900,000 vehicles for about 2,000 corporate customers.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - net profit of major group companies by segment, with ownership and business descriptions. — FY to March 2026 · publ. 1 May 2026 · source ↗
  5. ReportedWheels, a fleet-management company in which Marubeni holds 20.0%, contributed ¥4.3 billion, up from ¥2.1 billion, and manages about 900,000 vehicles for about 2,000 corporate customers.
    Marubeni Corporation, Mid-Term Management Strategy GC2027 (5 February 2025) - the review of GC2024 against its targets and the GC2027 targets for net profit, core operating cash flow, ROE, payout and capital allocation. — FY to March 2026 - FY to March 2028 · publ. 5 February 2025 · source ↗
  6. ReportedMarubeni first invested in the used-car finance business in 2011.
    Marubeni Integrated Report 2026, introduction and At a Glance - the company history from 1858 and the market positions the company states for its businesses. — 2026 · publ. 2026 · source ↗
  7. ReportedThe platform is forecast to grow to ¥47.0 billion of adjusted profit in the year to March 2027, the largest forecast increase among the platforms.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - Core Strategic Platform Businesses: adjusted net profit, ROIC, forecasts and growth rates of each platform, and the portfolio ROIC by resources and non-resources. — FY to March 2026 · publ. 1 May 2026 · source ↗
  8. ReportedMarubeni also holds 50% of PLM Fleet and 50% of Marubeni Fuyo Auto in Canada, which extend the fleet and vehicle-finance exposure.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - resource asset table (stakes, capacities, partners and exposures), equity volumes, sensitivities to commodity prices and currencies, and the Middle East risk scenarios and risk-management framework. — FY to March 2026 · publ. 1 May 2026 · source ↗
  9. ReportedThe measure is Nowlake's share of profit, which fell to ¥17.9 billion for the whole Finance, Leasing & Real Estate segment in April-June 2026 after the company reported Nowlake down.
    Marubeni Corporation, Summary of Consolidated Financial Results for the three months ended June 30, 2026 (IFRS) - revenue, operating profit and net profit, segment results, progress against the full-year forecast, the balance sheet at 30 June 2026, and the revised GC2027 capital allocation and new share buyback. — April-June 2026 · publ. 3 August 2026 · source ↗
Sources
Generated September 24, 2026