Malaysia’s Carsome buys SG car marketplace

Carsome, the Malaysian used-car marketplace, has bought a majority stake in CarTimes Group, a Singapore-based automotive platform, for an undisclosed sum, The Business Times reported, citing sources.

The deal is valued at US$60 million in a mix of cash and equity. Currently, Carsome owns a 51% stake in CarTimes, and the rest is owned by CarTimes’ MD Eddie Loo.

Established in 2001, CarTimes Group provides auto solutions, including retail, rental, insurance, and workshop servicing. Carsome, which raised US$290 million in January, is evaluating a potential listing in the US in the later part of 2022.

The acquisition comes amid heated competition in the auto marketplace space as Carsome’s presence in Singapore – competitor Carro’s home market – has so far been limited.

See also: Inside Carsome’s and Carro’s all-out war in Malaysia