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AAA Auto holds off on re-entry in Hungary

Prague-based used car seller AAA Auto's board decided at a meeting to wait for the retail car segment in Hungary to stabilize before it considers re-entering the market, the company said.

The AAA Auto board decided in March 2009 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.

The board also decided at the meeting on Monday to open new branches in the Czech Republic and Slovakia, and it approved a plan to enter the Russian market in 2011.