Carsome Group, a Malaysia-based integrated automobile e-commerce startup, has purchased a 51% share in Singapore-based auto solutions business CarTimes Automobile.
The specifics of the deal are being kept under wraps.
This comes on the heels of Carsome’s announcement that it has completed its acquisition of iCar Asia.
Commenting on the new deal, Carsome Co-Founder and Group CEO Eric Cheng said: “This partnership will enable us to deepen our footprint in the Singapore auto market and augment our ability to bring trust, choice, and transparency together to customers.”
This alliance, according to CarTimes Founder and Managing Director Eddie Loo, is critical in supporting it in better servicing consumers and giving them with the tools to digitise and strengthen their two-decade-old connection.
CarTimes, which was founded in 2001, provides a variety of vehicle services, including new and used car sales, rental, finance, and insurance, as well as repair, maintenance, and workshops. In Singapore, it offers retail showrooms and after-sales service centres.
Carsome is one of Southeast Asia’s most comprehensive automotive e-commerce platforms. From automotive inspection to ownership transfer to finance, it offers consumers and used car dealers’ end-to-end options.
The firm presently employs over 3,000 people and operates in Malaysia, Indonesia, Thailand, and Singapore.
Universal Collection, a Jakarta-based automobile and motorbike auction business, bought an all-equity share in Carsome in 2020. This happened just a few months after it raised $290 million in a Series E investment round, valuing the company at over $1.7 billion.
According to Reuters, Carsome’s operational profitability is expected to be realised in 2022, according to a September 2021 report.
According to the Momentum Works Southeast Asia Used Cars Report 2020, the yearly value of Southeast Asia automotive trading reached an estimated $55 billion.
