Petaling Jaya: Carro, the parent company of myTukar and Southeast Asia’s largest and most profitable online used car platform, has acquired Beyond Cars, one of Hong Kong’s leading used car platforms.
Founded in 2016, Beyond Cars has grown into an ecosystem that provides those looking to buy or sell a car with an end-to-end journey complete with consignment services, dealer financing, premium purchase financing and insurance services. Did. The company has been profitable for his three years, and Carro wants to accelerate growth, with compound annual growth over the next three years he expects to be more than 50%.
Carro currently has a presence in seven markets including Hong Kong, Singapore, Malaysia, Indonesia, Thailand, Japan and Taiwan.
“We see huge potential in Hong Kong over the next few years,” said Aaron Tan, co-founder and group CEO of Carro. “Beyond Cars is one of the rare leading companies in Hong Kong’s used car market leveraging e-commerce channels and technology. We are already seeing a strong alignment of common strategies and business objectives.”
Hong Kong is also seeing strong demand and hype for electric cars, driven in part by government exemptions and a pledge not to allow petrol-powered cars, including hybrids, to be registered from 2035.
“Due to the high penetration rate of EVs in Hong Kong, we will be able to further enhance our pricing algorithms and provide end-to-end solutions tailored for EVs,” said Tan. “With already strong relationships with multiple global EV manufacturers and vehicle inspection, service and maintenance capabilities, we are bringing that expertise to Hong Kong and are looking for used EVs such as: We want to be the trusted choice for consumers. “Like New.”
Beyond Cars co-founder and CEO Garry Yu and COO Luke Yip will continue to lead the business alongside their team in Hong Kong, bringing Carro’s complete technology suite, including its data-driven platform and proprietary technology and artificial intelligence capabilities, to a price point. Integrate throughout the configuration. , inventory management, inspection process. Yu will report directly to his Fong Hon Sum, CEO of Carro’s International Marketplace.
Mr Caro will also work on expanding Beyond Cars’ partnership network and further develop ancillary services across insurtech, finance and after-sales in Hong Kong.
“We aim to do something bigger than buying and selling cars in Hong Kong,” says Mr Tan. “With Carro’s strong expertise in automotive technology and Beyond Cars’ extensive network and trusted reputation in Hong Kong, we are confident that we will be able to expand our business and take the brand to new heights. ”
Yu said: “Since our establishment in 2016, our mission has always been to provide our customers with a seamless and transparent car buying and selling experience. With the addition of Carro, we are transforming the used car market in Hong Kong and We are confident that we can become the number one choice for car owners.”
