Carro Expands into Australia with CarPlace Acquisition

CarPlace is a leading used-car sales platform operated by Autoleague, one of Australia's largest automotive groups. Even after the acquisition, Autoleague will remain a shareholder in CarPlace and has also become a strategic investor in Carro.

Through this acquisition, Carro plans to provide a simpler, more reliable, and hassle-free car buying and selling experience for both car dealers and customers.

The company will also introduce its technology and digital tools to improve areas such as vehicle inspections, inventory management, asset tracking, lead generation, customer service, and dealer network operations.

"We've found an ideal strategic partner in Autoleague to power our ambitions in Australia and we're really excited about the potential to grow into a leading business in Australia," says Aaron Tan, Co-Founder and CEO of Carro. "Australia is one of the largest used car markets in Asia Pacific, with a consistent annual sales volume of 2.3 million used cars[2] and fast-growing EV penetration. We believe the market is ripe for a platform like Carro to transform the used car landscape and deliver a better, convenient, more transparent customer experience that is powered by technology and AI."

"Building and maintaining a strong dealer network has always been key for all the markets we're in," says Tan. "Carro has a track record of partnering with local dealers to support their growth, and we welcome 'win-win' partnerships in Australia. We're confident in our strong Wholesales capabilities, thanks to our presence in Japan which puts us in a very strong position to bring in popular Pre-Owned and Brand New Japanese models that Australians have grown to trust and love."

"It's really a fantastic opportunity to partner and be a strategic shareholder in Carro," says Dan Kawai, Managing Director and CEO of Autoleague. "We've seen Carro's technology infrastructure, streamlined operations and unwavering commitment to transparency within the industry, and we're confident in their goal to become a leading player in Australia and the top choice for customers. We're supportive of Carro's ambitions in Australia and are committed to working closely together to achieve that."

Founded in 2015, Carro is one of the leading online automotive marketplaces in the Asia-Pacific region. The company makes buying and selling cars easier and more transparent by using its own pricing technology, AI-powered tools, and digital solutions.

Carro expanded its offerings to include brand-new cars in Singapore and Malaysia, giving customers more choices when purchasing a vehicle.

Read Also- Pet Care Startup Vetic Raises $40 Mn in Round