Carro enters Australia with CarPlace buy, expanding to eighth market

By Yantoultra Ngui

SINGAPORE, June 18 (Reuters) – Singapore-based online car marketplace Carro has bought Australian used-car platform CarPlace, marking its entry into Australia and expanding its reach to eight markets, the company said on Thursday.

Carro told Reuters in September it was eyeing mergers and acquisitions to enter Australia ahead of a potential dual listing.

The deal gives Carro operations in Western Australia, Queensland and Victoria, covering three of Australia’s four largest car markets. Financial terms were not disclosed.

• CarPlace is operated by Autoleague, one of Australia’s largest automotive groups, which will remain a strategic shareholder in the platform and become a strategic investor in Carro.

• Carro said it plans to use its technology to improve vehicle checks, stock tracking, customer leads, dealer networks and customer experience in Australia.

• “Australia is one of the largest used-car markets in Asia Pacific,” Carro co-founder and CEO Aaron Tan said, citing annual sales of 2.3 million used cars and rising electric vehicle demand.

• Carro also plans to grow wholesale operations in Australia, including imports from Japan. Wholesale refers to selling vehicles in bulk or to dealers, rather than directly to individual buyers.

• Founded in 2015, Carro has raised more than S$700 million ($545.6 million) from investors including SoftBank Vision Fund and several sovereign funds, and employs more than 4,500 people.

• Besides Australia, it has presence in Singapore, Malaysia, Indonesia, Thailand, Japan, Taiwan and Hong Kong. ($1 = 1.2829 Singapore dollars)

(Reporting by Yantoultra Ngui; Editing by Jan Harvey)