Prague-based used car seller AAA Auto, listed on the Budapest Stock Exchange, on Monday said it signed contracts to rent a business site near Moscow, part of earlier announced plans to enter the Russian market.
The contracts are for more than 500sqm of office space and an option to rent up to 40,000sqm of “operational area” within 15 months. AAA plans to open its first branch in Russia in Q4 2011. Future plans are to open new sites in other major regional cities in the next few years, the company said.
At present, AAA Auto only does business in the Czech Republic and Slovakia.
AAA Auto’s board decided in March to wait for the retail car segment in Hungary to stabilize before it considers re-entering the market. The board decided a year earlier to temporarily shut down the company’s operations in Hungary because of the worsening economic situation and low demand. AAA Auto said at the time it did not intend to delist its shares from the Budapest Stock Exchange and planned to come back to the Hungarian market in two to three years when the economy recovers.
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