SoftBank-backed Carro, Southeast Asia’s online used car platform, has acquired Beyond Cars, one of the leading used car platforms in Hong Kong, marking its expansion into the Hong Kong market.
- Market Presence: With this acquisition, Carro now operates in seven markets, including Singapore, Malaysia, Indonesia, Thailand, Japan, Taiwan, and Hong Kong. It aims to accelerate its growth, targeting a compound annual growth rate (CAGR) of over 50% in the next three years.
- Beyond Cars Ecosystem: Beyond Cars, founded in 2016, offers an end-to-end journey for car buyers and sellers, providing consignment services, dealer financing, hire-purchase financing, and insurance services. Carro intends to expand Beyond Cars’ network of partnerships and develop ancillary services in Hong Kong, focusing on insurtech, financing, and aftersales services.
- Integration and Leadership: Beyond Cars’ Co-founders and leadership team, including CEO Garry Yu and COO Luke Yip, will continue to lead the business in Hong Kong. They will integrate Carro’s data-driven platform and technological capabilities, including proprietary technologies and AI, across pricing, inventory management, and inspection processes.
- Strategic Alignment: Carro’s Co-Founder and Group Chief Executive Officer, Aaron Tan, sees significant potential in Hong Kong’s used car market. The alignment in business goals between Carro and Beyond Cars is evident, indicating a shared strategy.
“Beyond Cars is one of the rare and leading players leveraging eCommerce channels and technology in Hong Kong’s used car market – already we’re definitely seeing a shared strategy and alignment in business goals.” – Carro’s Co-Founder and Group Chief Executive Officer, Aaron Tan
“With Carro in the mix, I am sure we’ll be able to transform Hong Kong’s used car market and become the number l choice for customers in their used car ownership journey,” – Beyond Cars Co-founder and Chief Executive Officer, Garry Yu
