May 15, 2026, 09:13 in Sydney (AEST)
- Late Thursday, CAR issued a notice called “Ceasing to be a substantial holder from MUFG,” landing just hours after a different filing from First Sentier.
- First Sentier’s latest filing lists 19.09 million CAR voting shares, translating to 5.04% voting power.
- By Thursday afternoon, CAR shares were changing hands at A$26.17, marking a 2.75% drop.
The shareholder roster at CAR Group Ltd shifted yet again late Thursday. A hefty, 62-page notice—“Ceasing to be a substantial holder from MUFG”—hit the carsales owner’s site, while another filing tied to First Sentier showed the fund manager had climbed back over Australia’s 5% threshold. Shares finished at A$26.17, falling 2.75% on May 14. Market Index
The timing is notable, coming on the heels of a string of substantial-holder filings involving First Sentier Group and Mitsubishi UFJ Financial Group—stirring up more chatter about ownership in one of Australia’s bigger online marketplace players. Australian law requires any investor hitting the 5% voting power threshold in an ASX-listed company to disclose the stake, and to update the market if their holding later drops below 5%.
First Sentier Group became a substantial holder on May 12, according to its May 14 Form 603. The group reported 19,093,108 votes, representing 5.04% voting power. Of those securities, 15,518,521 shares carried voting power for First Sentier Group and its subsidiaries. The remaining 3,574,587 securities reflected voting power that ultimate parent MUFG reported to First Sentier Group, according to the filing.
MUFG’s prior Form 603 showed the bank hit substantial holder status on May 7, but only picked up on the position by May 11. The filing detailed 19,462,309 votes in CAR, giving MUFG 5.14% of the voting power.
This isn’t a straightforward “buy” or “sell” move. According to a First Sentier ceasing notice dated May 13, the holder fell below the substantial threshold on May 11, after a mix of minor buys and reduced borrowing of shares.
Some of this gets down to disclosure mechanics. “Relevant interest”—that’s the Australian label for holding influence over share voting or disposal, not just actual ownership. In its latest notice, First Sentier pointed out that portions of its interest stem from investment manager mandates, and also mentioned shares it borrowed from Citigroup Global Markets through a prime brokerage and securities-lending deal.
CAR held off on issuing a trading update alongside the notices. The last big operational snapshot came in February, with the half-year numbers: H1 FY26 revenue landed at A$626 million, adjusted EBITDA showed A$339 million, and net profit after tax was reported at A$143 million.
Managing Director and CEO William Elliott, in the release, called “customer experience” the company’s main priority and said CAR is putting money into artificial intelligence to upgrade how vehicles are bought and sold. The company stuck with its FY26 guidance, projecting pro forma revenue growth between 12% and 14% in constant currency—removing the effects of exchange-rate changes.
CAR runs vehicle marketplaces in Australia, South Korea, North America, Brazil, and Chile, grouping it with REA Group for property and SEEK for jobs among ASX digital classifieds. This time, though, the spotlight’s on the share register—not any new competitive play.
There’s a real chance investors read too much into these filings. Crossing the 5% threshold might simply come down to things like trading activity, securities lending, fund flows, or how positions are grouped internally—none of that actually signals a shift in CAR’s earnings prospects. Still, if the disclosures indicate a big holder is actually cutting back, not just ticking boxes, the stock may remain weighed down until there’s more clarity on the shareholder list.
At this point, it’s a register play with a price tag. CAR’s sticking to that February guidance. Recent filings have investors scrutinizing which hands hold the votes hovering near Australia’s crucial disclosure line—right over, or just under.
