Tan (left) and Foo.
SINGAPORE: Jardine Cycle & Carriage (JC&C) and Carro announced today a strategic partnership that aims to improve the used car and aftersales segments of automotive retailing.
The partnership teams up the capabilities of regional automotive player and a leading tech used car platform – JC&C and Carro – and will combine the best of the analogue and digital ecosystems of the used car and aftersales space.
Valued at over US$60 million, the partnership will see JC&C taking an interest in Carro. Carro will also acquire an interest of equivalent value in JC&C’s used car subsidiary, Republic Auto, one of the largest used car dealers here.
Both companies would also set up an aftersales joint venture to roll out a multi-brand aftermarket workshop business with an initial focus on Singapore and Malaysia.
Present at the partnership announcement were JC&C’s managing director Wilfrid Foo and Carro’s chief executive officer Aaron Tan.
