Optimus Group has abandoned a quiet exit from its Australian used-car affiliate in favour of a formal insolvency process. Its board resolved on 7 October 2026 to move OzCar Pty Ltd into voluntary administration under Australia's Corporations Act 2001, according to a company notice dated 8 October.
From alliance exit to administration
Optimus Group Australia Pty Ltd, a consolidated subsidiary, holds 30% of OzCar, which sells used cars in Australia. The two groups formed their capital and business alliance in 2019. Optimus Group said OzCar's weak results and governance concerns became apparent, and in May 2026 it decided to dissolve the alliance.
The company then reversed that plan. Citing an interim report from external experts investigating OzCar and its current financial and business position, it said administration was the appropriate route to limit further cash outflows, preserve assets and maximise recovery of its investments and loans.
The notice says an administrator is to be appointed after the required steps, and administration is then to begin. The board has decided on the move, and the notice does not say it has started. Optimus Group describes the process as one in which an administrator takes over management of the business and assets, then weighs options that include a business sale or liquidation.
What Optimus has at stake
Optimus Group lists its exposure as an investment balance, operating receivables, and loans and debt guarantees, with other dealings still being checked. It gives no amounts. One Optimus director also sits on OzCar's board. The largest shareholder is Autofin Holdings Pty Ltd, at 52%.
The effect on consolidated results for the fiscal year ending March 2027 is under review, including whether investments and receivables can be recovered and how they will be accounted for. Optimus Group said it will promptly disclose any forecast revision, uncollectible or delayed receivables, or other required items.