Singapore, 8 March 2024 – One of the top used automobile marketplaces in Hong Kong, Beyond Cars, has been acquired by Carro, the biggest and most lucrative online used car marketplace in Southeast Asia.
Established in 2016, Beyond Cars has expanded to become an ecosystem that offers a comprehensive journey for those seeking to purchase or sell their vehicles, including dealer finance, insurance services, consignment services, and hire-purchase financing. After three years of profitability, Carro is trying to boost growth, aiming for a >50% Compound Annual Growth Rate (CAGR) during the following three years.
Carro presently operates in seven markets—Singapore, Malaysia, Indonesia, Thailand, Japan, and Taiwan—after gaining experience in Hong Kong.
“We see huge potential in Hong Kong in the coming years,” says Carro Co-Founder and Group CEO Aaron Tan. “Beyond Cars is one of the rare and leading players leveraging e-commerce channels and technology in Hong Kong’s used car market – already we’re definitely seeing a shared strategy and alignment in business goals.”
Hong Kong is also seeing a strong demand and hype in electric vehicles (EVs), partially driven by the government waivers and its pledge that the registration of petrol cars, including hybrids, will not be accepted from 2035.
“The high penetration of EVs in Hong Kong will enable us to further enhance our pricing algorithms and provide end-to-end solutions tailored to EVs,” says Tan. “With an already strong relationship with multiple global EV manufacturers and the capabilities to inspect, service and maintain vehicles, we also want to take our expertise to Hong Kong and become a trusted choice for consumers who are looking for pre-owned EVs that are As Good As New.”
Beyond Cars’ co-founder and CEO Garry Yu and COO Luke Yip will continue to helm the business with the team in Hong Kong, and integrate Carro’s data-driven platform and its full-suite tech, including proprietary technologies and AI capabilities across pricing, inventory management, and inspection process. Garry will report directly to Fong Hon Sum, Carro CEO of International Marketplace.
Carro will also work towards expanding Beyond Cars’ network of partnerships, and further develop ancillary services across insurtech, financing and aftersales in Hong Kong. “We have our sights set on big things in Hong Kong – beyond buying and selling cars,” says Tan. “With Carro’s strong expertise in automotive technology and Beyond Cars’ wide network and trusted reputation in Hong Kong, I have no doubt that we can scale operations and take the brand to new heights”
Beyond Cars co-founder and CEO Garry Yu says, “Since our launch in 2016, our mission has always been to give our customers a seamless and transparent car-buying and selling experience. With Carro in the mix, I am sure we’ll be able to transform Hong Kong’s used car market and become the number 1 choice for customers in their used car ownership journey.”