Carro CEO Aaron Tan / Photo credit: Carro
After a productive start to its 2024 financial year, Singapore-headquartered Carro has acquired Hong Kong-based Beyond Cars, a used-car platform.
This marks Carro’s latest market entry, adding to its presence in Singapore, Malaysia, Indonesia, Thailand, Japan, and Taiwan.
Following the acquisition, Beyond Cars CEO Garry Yu and COO Luke Yip will maintain their leadership roles within the Hong Kong business. Carro also looks to develop insurtech, financing, and aftersales services for its operations in the city.
Founded in 2016, Beyond Cars offers end-to-end vehicle transaction services such as consignment, financing, and insurance. The company has been profitable for three years and is projected to see a compound annual growth rate of over 50% in the next three years.
Recently, Carro’s Malaysian unit MyTukar confirmed it was eyeing a license that would allow it to conduct commercial vehicle inspection and transfer of vehicle ownership services in the country.
Carsome, one of Carro’s biggest competitors in the used car space, is also reportedly looking to acquire the same license.
See also: Carsome, Carro are lobbying for a ‘golden goose’ but winning it is tricky
Editing by Miguel Cordon and Lorenzo Kyle Subido
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