Heaptalk, Jakarta — Used car platform in Southeast Asia Carro acquired Beyond Cars, a used car platform in Hong Kong. By entering Hong Kong, Carro is now present in 7 markets in total, including Singapore, Malaysia, Indonesia, Thailand, Japan, and Taiwan.
“We see huge potential in Hong Kong in the next few years. Beyond Cars is one of the rare and leading players in leveraging e-commerce channels and technology in the Hong Kong used car market – we already see a common strategy and alignment of business objectives,” stated Carro co-founder and Group CEO Aaron Tan.
The Hong Kong market has strong demand and hype for electric vehicles (EVs). This is largely driven by the government aid program and a pledge targeting that registration of petrol cars, including hybrids, will no longer be accepted starting in 2035. With high EV penetration in Hong Kong, Tan is confident that his party will be able to improve the pricing algorithm and provide end-to-end services suitable for EVs.
To achieve 50% CAGR in the next 3 years
Established in 2016, Beyond Cars provides comprehensive services for buying and selling cars, equipped with consignment services, dealer financing, hire purchase financing, and insurance services. Beyond Cars has been profitable for 3 years of operation. Carro is looking to accelerate Beyond Cars’ growth with a compound annual growth rate (CAGR) expected to reach more than 50% in the next 3 years.
Carro will also seek to expand Beyond Cars’ partnership network, and further develop additional services in the areas of insurance, financing, and after-sales in Hong Kong. “We already have a vision to do big things in Hong Kong – more than just buying and selling cars. With Carro’s strong expertise in automotive technology and Beyond Cars’ extensive network and trusted reputation in Hong Kong, I am confident we can scale up business operations and take the brand to greater heights,” Tan explained.
Further, Beyond Cars Co-founder and CEO Garry Yu and COO Luke Yip will continue to lead business operations with their team in Hong Kong. They will integrate Carro’s data-driven platform and a full suite of technologies, including proprietary technologies and AI capabilities in pricing, inventory management, and inspection processes. Garry will report directly to the CEO of International Marketplace Carro Fong Hon Sum.
“Since launching in 2016, our mission has always been to provide a smooth and transparent car buying and selling experience to our customers. By joining Carro, I am confident that we will be able to change the used car market in Hong Kong and become customers’ number 1 choice in their used car ownership journey,” concluded Garry Yu.
