Singapore-based used car market platform Carro announced its acquisition of Australia’s CarPlace.
Across the ocean
Last 18 June, Carro announced that it had acquired Australian online car market, CarPlace. Carro’s existing markets include; Singapore, Malaysia, Indonesia, Thailand, Taiwan, and Hong Kong. Australia is now its eighth market in the region, solidifying the platform’s presence in the APAC region. This acquisition allows Carro to expand its reach in several of Australia’s territories, including; Western Australia, Queensland, and Victoria and acquire its eighth overall market.
CarPlace was previously operated by one of Australia’s leading automotive groups, Autoleague. While Carro is now the platform’s owner, Autoleague will maintain its position as CarPlace’s strategic shareholder and become one of Carro’s strategic investors.
“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,” Carro Co-Founder and CEO, Aaron Tan said.
“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,” he explained.
Carro’s tech
According to an article by PaulTan, Carro will integrate its technology and workflows with CarPlace’s current platform. These technologies are:
- Vehicle inspection
- Inventory tracking
- Asset management
- Leads management
- Customer experience and lifecycle management
- Dealer network tools
The same article noted that Carro can leverage its presence in Japan to strengthen wholesale operations in Australia. The Japan-Australia vehicle import corridor is significant to the wholesale pipeline in the country.
Furthermore, the Singapore-based platform is looking to strengthen CarPlace’s existing dealer network in Australia, noting that it is integral to Carro’s operations. Tan said that Carro is seeking to create “win-win” partnerships with Australia’s dealers.
Dan Kawai, Autoleague managing director and CEO, expressed confidence in Carro’s system integration with CarPlace. “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,” he said.
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