Carro recently finalized the acquisition of Beyond Cars, a prominent player in Hong Kong’s used car market. Founded in 2016, Beyond Cars has established itself as an all-encompassing solution for individuals seeking to buy or sell vehicles, offering services such as consignment, dealer financing, hire-purchase financing, and insurance.
The acquisition comes at a strategic time as Carro aims to fuel its growth trajectory, targeting a Compound Annual Growth Rate (CAGR) of over 50% in the next three years. With this move, Carro extends its footprint to encompass seven markets, including Singapore, Malaysia, Indonesia, Thailand, Japan, Taiwan, and now, Hong Kong.
Aaron Tan, Co-Founder and Group CEO of Carro, expresses optimism about the potential of the Hong Kong market, citing Beyond Cars’ innovative approach to leveraging e-commerce channels and technology. He highlights a shared strategic vision between the two companies, emphasizing the alignment of business goals.
The burgeoning demand for electric vehicles (EVs) in Hong Kong further motivates Carro’s expansion efforts. Tan recognizes the opportunity presented by the EV market, aiming to refine pricing algorithms and offer specialized solutions tailored to EVs. Leveraging Carro’s existing relationships with global EV manufacturers and expertise in vehicle inspection and maintenance, the company seeks to position itself as a trusted source for pre-owned EVs.
Garry Yu and Luke Yip, co-founders of Beyond Cars, will continue to lead the business in Hong Kong, supported by Carro’s data-driven platform and technological capabilities. The integration will involve implementing Carro’s proprietary technologies and AI across pricing, inventory management, and inspection processes.
Carro’s plans extend beyond the acquisition itself, as they intend to expand Beyond Cars’ network of partnerships and enhance ancillary services in Hong Kong, particularly in areas such as insurtech, financing, and aftersales support.
Tan envisions a broader scope for Carro’s operations in Hong Kong, transcending the traditional buying and selling of cars. With Carro’s technological prowess complementing Beyond Cars’ established reputation, he is confident in their ability to elevate the brand to unprecedented heights.
