Japan's Mitsui & Co said on Wednesday it would liquidate its U.S. auto finance subsidiary, AFC HoldCo LLC, citing a downturn in the sector.
The Japanese trading house bought the U.S. firm in 2007 on expectations the country's auto market would expand, but it shrank in the wake of the financial crisis.
"We cannot not foresee a recovery in auto finance business," Mitsui said in a statement.
Mitsui, which did not disclose how much it spent on the acquisition, said the liquidation would have little impact on its financial statements for the financial year ending in March.
When Mitsui acquired the firm, AFC was providing auto loans to customers through more than 4,000 dealerships in 40 states.
