PETALING JAYA: Carro, myTukar’s parent company and Southeast Asia’s largest and most profitable online used car platform, has acquired Beyond Cars, one of the leading used car platforms in Hong Kong.
Founded in 2016, Beyond Cars has grown to become an ecosystem providing an end-to-end journey for those looking to buy or sell their cars, complete with consignment services, dealer financing, hire-purchase financing and insurance services. The company has been profitable for three years, and Carro is looking to accelerate its growth, with an expected compound annual growth rate of more than 50% in the next three years.
With Hong Kong under its belt, Carro is now present in a total of seven markets, including Singapore, Malaysia, Indonesia, Thailand, Japan and Taiwan.
“We see huge potential in Hong Kong in the coming years,” says Carro co-founder and group CEO Aaron Tan. “Beyond Cars is one of the rare and leading players leveraging e-commerce channels and technology in Hong Kong’s used car market – already we're definitely seeing a shared strategy and alignment in business goals.”
Hong Kong is also seeing strong demand and hype in electric vehicles, partially driven by the government’s waivers and its pledge that the registration of petrol cars, including hybrids, will not be accepted from 2035.
“The high penetration of EVs in Hong Kong will enable us to further enhance our pricing algorithms and provide end-to-end solutions tailored to EVs,” says Tan. “With an already strong relationship with multiple global EV manufacturers and the capabilities to inspect, service and maintain vehicles, we also want to take our expertise to Hong Kong and become a trusted choice for consumers who are looking for pre-owned EVs that are ‘As Good As New’.”
Beyond Cars’ co-founder and CEO Garry Yu and COO Luke Yip will continue to helm the business with the team in Hong Kong, and integrate Carro’s data-driven platform and its full suite of technologies, including proprietary technologies and artificial intelligence capabilities across pricing, inventory management, and inspection process. Yu will report directly to Fong Hon Sum, Carro’s CEO of International Marketplace.
Carro will also work towards expanding Beyond Cars’ network of partnerships, and further develop ancillary services across insurtech, financing and aftersales in Hong Kong.
“We have our sights set on big things in Hong Kong – beyond buying and selling cars,” says Tan. “With Carro’s strong expertise in automotive technology and Beyond Cars’ wide network and trusted reputation in Hong Kong, I have no doubt that we can scale operations and take the brand to new heights”
Yu said, “Since our launch in 2016, our mission has always been to give our customers a seamless and transparent car-buying and selling experience. With Carro in the mix, I am sure we’ll be able to transform Hong Kong’s used car market and become the number 1 choice for customers in their used car ownership journey. ”
