Carro, the leading online platform for used cars in Southeast Asia, announced that it has acquired Beyond Cars, a prominent used car platform in Hong Kong.
Carro said in a statement that the company is now active in seven markets, including Singapore, Malaysia, Indonesia, Thailand, Japan, and Taiwan, after gaining experience in Hong Kong.
Established in 2016, Beyond Cars has expanded to become an ecosystem that offers a comprehensive journey for individuals seeking to purchase or sell their vehicles, including dealer financing, insurance services, consignment services, and hire-purchase financing.
After a three-year period of profitability, Carro is looking to expedite its growth, projecting a compound annual growth rate (CAGR) of more than fifty percent during the final 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.
The announcement claims that Hong Kong is also witnessing a significant surge in interest in electric vehicles (EVs), in part because of government exemptions and its promise to ban the registration of gasoline-powered vehicles—including hybrids—beginning in 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.
Co-founder and CEO of Beyond Cars Garry Yu and COO Luke Yip, along with the team in Hong Kong, will reportedly continue to lead the company and integrate Carro’s data-driven platform and full suite of technologies, including artificial intelligence (Al) capabilities for inventory management, pricing, and inspection processes.
The Chief Executive Officer of International Marketplace, Fong Hon Sum, will receive direct reports from Yu.
In addition, Carro stated that it will further develop ancillary services related to insurtech, financing, and aftersales in Hong Kong, as well as endeavor to broaden Beyond Cars’ network of partnerships.
“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.
