myTukar parent company Carro has announced its acquisition of Hong Kong-based used car platform Beyond Cars, and thus Carro has expanded its reach to a total of seven markets, comprised of Singapore, Malaysia, Indonesia, Thailand, Japan, Taiwan and now, Hong Kong.
Beyond Cars was founded in 2016, and has grown to become an end-to-end ecosystem for a customer base looking to buy or sell their cars, one that is complete with consignment services, dealer financing, hire purchase financing and insurance services.
The Hong Kong-based used car platform has been profitable for three years, and with this acquisition Carro is looking to spur its growth onwards with an expected compound annual growth rate (CAGR) of more than 50% over the next three years, Carro said in a statement.
“We see huge potential in Hong Kong in the coming years. 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,” said Carro co-founder and group CEO Aaron 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,” Tan continued.
Following the acquisition, Beyond Cars will continue to be helmed in Hong Kong by Beyond Cars co-founder and CEO Garry Yu, and COO Luke Yip, and the business will integrate Carro’s data-driven platform and full-suite tech including proprietary technologies and AI capabilities across pricing, inventory management, and inspection process.
“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 one choice for customers in their used car ownership journey,” said Beyond Cars co-founder and CEO Garry Yu.
Carro will also be working towards expanding the Beyond Cars network of partnerships, and to further develop ancillary services across the insurance technology, financing and aftersales fields in Hong Kong.
Looking to sell your car? Sell it with Carro.
