SINGAPORE: Carro has acquired CarPlace, a leading Australian used car platform, and aims to bring a better, transparent car buying and selling experience to Australians.
Carro, Asia Pacific’s leading online automotive marketplace, said it wants to deliver a hassle-free, trustworthy experience and end-to-end ecosystem benefits to both dealers and end retail customers.
This deal will give Carro a physical presence in three out of the four largest markets in Australia in one swoop.
CarPlace is a leading used car sales player operated by Autoleague, one of Australia’s largest automotive groups.
Autoleague remains a strategic shareholder of CarPlace and joins Carro as a strategic investor.
Carro is scaling up digital capabilities by deploying proprietary technologies and workflows in areas such as vehicle inspections, inventory tracking, asset management, leads management, customer experience and lifecycle management, dealer networks and more.
“We’ve found an ideal strategic partner in Autoleague to power our ambitions in Australia and we’re really excited about the potential to grow into a leading business in Australia,” says Carro co-founder and CEO Aaron Tan.
“Australia is one of the largest used car markets in Asia Pacific, with a consistent annual sales volume of 2.3 million used cars and fast-growing EV (electric vehicle) penetration. We believe the market is ripe for a platform like Carro to transform the used car landscape and deliver a better, convenient, more transparent customer experience that is powered by technology and AI.”
On top of strengthening the pre-owned retail business in Australia, Carro expects to grow wholesale operations, as it now becomes one of the few Asia Pacific players capable of serving the Japan-Australia import corridor.
“Building and maintaining a strong dealer network has always been key for all the markets we’re in,” says Tan.
“Carro has a track record of partnering with local dealers to support their growth, and we welcome ‘win-win’ partnerships in Australia. We’re confident in our strong wholesales capabilities, thanks to our presence in Japan which puts us in a very strong position to bring in popular pre-Owned and brand new Japanese models that Australians have grown to trust and love.”
“It’s really a fantastic opportunity to partner and be a strategic shareholder in Carro,” says Autoleague managing director and CEO Dan Kawai.
“We’ve seen Carro’s technology infrastructure, streamlined operations and unwavering commitment to transparency within the industry, and we’re confident in their goal to become a leading player in Australia and the top choice for customers."
