Carro, Southeast Asia’s online used car platform, has on Thursday announced its acquisition of Beyond Cars, one of the leading used car platforms in Hong Kong.
Carro said in a statement that with Hong Kong under its belt, the firm is now present in a total of seven markets, including Singapore, Malaysia, Indonesia, Thailand, Japan, and Taiwan.
Founded in 2016, Beyond Cars has grown to become an ecosystem providing an end-to-end journey for those looking to buy or sell their cars, complete with consignment services, dealer financing, hire-purchase financing and insurance services.
The company has been profitable for three years, and Carro looking to accelerate its growth, with an expected more than 50 percent compound annual growth Rate (CAGR), in the next three years.
“We see huge potential in Hong Kong in the coming years,
“Beyond Cars is one of the rare and leading players leveraging e-commerce channels an technology in Hong Kong’s used car market – already we’re definitely seeing a shared strategy and alignment in business goals,” said Carro Co-Founder and Group Chief Executive Officer Aaron Tan.
According to the statement, Hong Kong is also seeing a strong demand and hype in electric vehicles (EVs), partially driven by the government waivers and its pledge that the registration of petrol cars, including hybrids, will not be accepted from 2035.
“The high penetration of EVs in Hong Kong will enable us to further enhance our pricing agorithms and provide end-to-end solutions tailored to EVs,
“With an already strong relationship with multiple global EV manufacturers and the capabilities to inspect, service and maintain vehicles, we also want to take our expertise to Hong Kong and become a trusted choice for consumers who are looking for pre-owned EVs that are As Good As New,” said Tan.
According to the statement, Beyond Cars’ Co-founder and Chief Executive Officer Garry Yu and Chief Operating Officer Luke Yip will continue to helm the business with the team in Hong Kong, and integrate Carro’s data-driven platform and its full-suite tech, including proprietary technologies and artificial intelligence (Al) capabilities across pricing, inventory management, and inspection process.
Yu will report directly to Fong Hon Sum, Carro Chief Executive Officer of International Marketplace.
Carro said it will also work towards expanding Beyond Cars’ network of partnerships, and further develop ancillary services across insurtech, financing and aftersales in Hong Kong.
“We have our sights set on big things in Hong Kong- beyond buying and selling cars,” said Tan.
“With Carro’s strong expertise in automotive technology and Beyond Cars wide network and trusted reputation in Hong Kong,
“I have no doubt that we can scale operations and take the brand to new heights,” he added.
Meanwhile, Beyond Cars Co-founder and Chief Executive Officer Garry Yu said that since the firm’s launch in 2016, its mission has always been to give its customers a seamless and transparent car-buying and selling experience.
“With Carro in the mix, I am sure we’ll be able to transform Hong Kong’s used car market and become the number l choice for customers in their used car ownership journey,” he added.