Singapore-based used car online platform Carro has opened a regional office in Hong Kong.

Carro Co-founder and Group Chief Executive Officer Aaron Tan said in a statement that the company expanded into Hong Kong through the acquisition of Beyond Cars, a leading used car retailer in the city.

He said it transforms the traditional way of buying and selling cars through proprietary pricing algorithms, artificial intelligence (AI)-enabled capabilities, and innovative technological solutions.

He also noted there is strong potential in the used car market in Hong Kong, coupled with a strong demand and hype for electric vehicles (EVs), which is already the largest new car segment,

He also said the firm is supportive of the government’s EV agenda and want to be a strong sustainability partner.

“We also want to support Hong Kong’s digital economy. We want to bring peace of mind, hassle-free and digitalized experience to the used car market by leveraging our proprietary technology and AI-enabled solutions,

“We are also looking to participate in the fintech space to serve the underserved, including the fragmented small and medium-sized enterprise (SME) used car dealers,” he added.

Meanwhile, the Associate Director-General of Investment Promotion Dr Jimmy Chiang said it is an ideal location for Carro to expand in the region.

According to him, Hong Kong has sophisticated high-tech infrastructure and professionals, with effective intellectual property and data protection enforcement.

Founded in 2015 and headquartered in Singapore, Carro focuses on the automotive ecosystem, with business operations in retail, insurance, aftersales, and financing.

It is currently present in seven markets including Singapore, Malaysia, Indonesia, Thailand, Japan, Taiwan and Hong Kong.

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