Carro, Southeast Asia’s largest and most profitable online used car platform, has announced its acquisition of Beyond Cars, one of the leading used car platforms in Hong Kong. With Hong Kong under its belt, Carro is now present in a total of 7 markets, including Singapore, Malaysia, Indonesia, Thailand, Japan, and Taiwan.
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It will also work towards expanding Beyond Cars’ network of partnerships, and further develop ancillary services across insurtech, financing and aftersales in Hong Kong.
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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 3 years, and Carro is looking to accelerate its growth, with an expected >50% Compound Annual Growth Rate (CAGR), in the next 3 years.
“We see huge potential in Hong Kong in the coming years,” says Carro Co-Founder and Group CEO Aaron Tan. “Beyond Cars is one of the rare and leading players leveraging e-commerce channels and technology in Hong Kong’s used car market – already we’re definitely seeing a shared strategy and alignment in business goals.”
Beyond Cars co-founder and CEO Garry Yu says, “Since our launch in 2016, our mission has always been to give our 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 1 choice for customers in their used car ownership journey.”
About Carro
Founded in 2015, Carro is Southeast Asia’s largest online used car marketplace. By offering a trustworthy and transparent experience, it transforms the traditional way of buying and selling cars through proprietary pricing algorithms, AI-enabled capabilities, and innovative technological solutions.
