Singapore-based online car marketplace Carro is entering Australia through the acquisition of used-car platform CarPlace, extending its footprint to eight markets. The deal gives Carro operations in Western Australia, Queensland and Victoria, covering three of Australia's four largest car markets.
Highlights
- Carro acquires CarPlace from Autoleague to enter the Australia used-car market, with undisclosed terms and plans for regional expansion.
- Carro aims to leverage its technology in Australia for enhanced vehicle checks, stock tracking, lead generation and improved dealer and customer experiences.
- Australia's used-car market sees annual sales of 2.3 million vehicles, and Carro plans to expand wholesale operations including imports from Japan.
Acquisition expands Carro's regional platform
As reported by Reuters, Carro says the purchase of CarPlace supports its push into Australia as the company expands across Asia Pacific. Financial terms are not disclosed, and Carro had told Reuters in September that it was considering mergers and acquisitions to enter Australia ahead of a potential dual listing.CarPlace is operated by Autoleague, one of Australia's largest automotive groups. Autoleague will remain a strategic shareholder in the platform and will also become a strategic investor in Carro.
Carro says it plans to apply its technology in Australia to improve vehicle checks, stock tracking, customer leads, dealer networks and customer experience.
Australia growth plans and market significance
Chief Executive Aaron Tan says Australia is one of the largest used-car markets in Asia Pacific, citing annual sales of 2.3 million used cars and rising demand for electric vehicles. Carro also plans to expand wholesale operations in Australia, including imports from Japan, as it builds out sales to dealers alongside its retail offering.Founded in 2015, Carro has raised more than S$700 million, or about $545.6 million, from investors including SoftBank Vision Fund and several sovereign funds, and employs more than 4,500 people. In addition to Australia, the company is present in Singapore, Malaysia, Indonesia, Thailand, Japan, Taiwan and Hong Kong.
Our earlier analysis of the AUD/USD exchange rate highlighted persistent near-term selling pressure, with the pair trading below key moving averages while still holding above longer-term support near the 200-day MA. We also noted that the outlook hinged on whether AUD/USD could reclaim resistance around $0.7090 or risk slipping toward the $0.69 area if support fails.
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