Singapore-based used-car marketplace Carro said on June 18 that it acquired Australian used-car platform CarPlace to enter Australia.

CarPlace operator Autoleague, an Australian automotive retail group, will remain a shareholder in CarPlace. The company will also become a strategic investor in Carro.

The deal gave it a presence in three of Australia’s four largest markets. Its operations include showrooms in Western Australia and Queensland, and wholesale operations in Victoria.

The company said Australia had about 2.3 million used-car sales a year and that the acquisition expanded its footprint to eight Asia Pacific markets.

Carro operates in seven markets beyond Singapore and has built a used-car loan book of more than S$500 million (US$390 million), backed by a S$75 million (US$58.5 million) HSBC credit facility.

Autoleague said in 2024 that it had more than 40 new-car dealerships across Australia, alongside used-car outlets and service operations.

Carro is entering a market where organized vendors account for 57.2% of the used-car market. Online channels are projected to grow at a 13.1% compound annual growth rate through 2034. Established digital competitors include Carsales, CARS24, and Carma.

Carro expects to grow its wholesale business. The company also sees opportunities in vehicle imports between Japan-Australia.

🔗 Source: Carro

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