Carro, a Singapore-headquartered online automotive marketplace, has completed the acquisition of Australian used-car platform CarPlace, the company announced on Thursday. The deal marks Carro's first direct entry into the Australian market and expands its footprint to a total of eight markets across the Asia Pacific region.
The transaction gives Carro operational coverage in Western Australia, Queensland and Victoria - three of Australia’s four largest car markets. Financial terms of the acquisition were not disclosed.
Strategic partnership with Autoleague
CarPlace is operated by Autoleague, identified as one of the largest automotive groups in Australia. Under the terms announced, Autoleague will retain its role as a strategic shareholder in the CarPlace platform and will also become a strategic investor in Carro.
Technology and operational plans
Carro said it will apply its existing technology stack to improve several aspects of the CarPlace business, including vehicle inspections, inventory tracking, customer lead generation, dealer network engagement and overall customer experience in Australia.
In addition to retail-facing services, Carro intends to expand its wholesale operations in Australia. The company specifically noted plans to include imports from Japan as part of its wholesale activities. Wholesale in this context refers to selling vehicles in bulk or to dealers rather than direct-to-consumer sales.
Market context and scale
Carro’s co-founder and CEO, Aaron Tan, described Australia as among the largest used-car markets in the Asia Pacific region, citing annual sales of 2.3 million used cars and growing demand for electric vehicles.
Founded in 2015, Carro has raised in excess of S$700 million (equivalent to $545.6 million) from investors that include the SoftBank Vision Fund and several sovereign funds. The company employs more than 4,500 people and lists its existing markets as Singapore, Malaysia, Indonesia, Thailand, Japan, Taiwan and Hong Kong, in addition to the newly entered Australian market.
Exchange rate
The company provided the following rate for reference: $1 = 1.2829 Singapore dollars.
Implications
This acquisition extends Carro’s distribution and operational reach, bringing its marketplace and wholesale model into three major Australian states while establishing a strategic investor relationship with a large local automotive group.