{"id":15096,"date":"2023-03-07T17:54:47","date_gmt":"2023-03-07T09:54:47","guid":{"rendered":"https:\/\/carro.sg\/blog\/?p=15096"},"modified":"2025-11-06T10:27:09","modified_gmt":"2025-11-06T02:27:09","slug":"carro-expands-into-hong-kong-acquires-beyond-cars","status":"publish","type":"post","link":"https:\/\/carro.co\/sg\/blog\/carro-expands-into-hong-kong-acquires-beyond-cars\/","title":{"rendered":"Carro expands into Hong Kong, acquires Beyond Cars to accelerate footprint beyond Southeast Asia"},"content":{"rendered":"<ul>\r\n \t<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Founded in 2016, <a href=\"https:\/\/beyondcars.com\/\" rel=\"nofollow noopener\" target=\"_blank\">Beyond Cars<\/a> is one of Hong Kong\u2019s leading used car platforms<\/span><\/i><\/li>\r\n<\/ul>\r\n<ul>\r\n \t<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Beyond Cars\u2019 co-founder and CEO Garry Yu and COO Luke Yip will continue to helm the business in Hong Kong in line with Carro\u2019s overall strategy\u00a0<\/span><\/i><\/li>\r\n<\/ul>\r\n<ul>\r\n \t<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Carro\u2019s entry into Hong Kong makes this its third Asia-Pacific market, on top of a strong presence in 4 Southeast Asia countries\u00a0<\/span><\/i><\/li>\r\n<\/ul>\r\n<i><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-15098\" src=\"https:\/\/carro.sg\/blog\/wp-content\/uploads\/2024\/03\/Partnership_BeyondCars.png\" alt=\"beyond cars\" width=\"5000\" height=\"2617\" title=\"\"><\/i>\r\n\r\n<b>Singapore, 7 March 2024<\/b><span style=\"font-weight: 400;\"> \u2013 <\/span><span style=\"font-weight: 400;\">Carro, Southeast Asia\u2019s largest and most profitable online used car platform, has announced its acquisition of <a href=\"https:\/\/beyondcars.com\" rel=\"nofollow noopener\" target=\"_blank\">Beyond Cars<\/a>, one of the leading used car platforms in Hong Kong.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">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 3 years, and Carro is looking to accelerate its growth, with an expected &gt;50% Compound Annual Growth Rate (CAGR), in the next 3 years.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">With Hong Kong under its belt, Carro is now present in a total of 7 markets, including Singapore, Malaysia, Indonesia, Thailand, Japan, and Taiwan.\u00a0\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">\u201cWe see huge potential in Hong Kong in the coming years,\u201d says <\/span><b>Carro Co-Founder and Group CEO Aaron Tan<\/b><span style=\"font-weight: 400;\">.\u00a0 \u201cBeyond Cars is one of the rare and leading players leveraging e-commerce channels and technology in Hong Kong\u2019s used car market \u2013 already we're definitely seeing a shared strategy and alignment in business goals.\u201d\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Hong Kong is also seeing a strong demand and hype in electric vehicles (EVs), partially driven by the government waivers and its pledge that the registration of petrol cars, including hybrids, will not be accepted from 2035.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">\u201cThe 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,\u201d says Tan. \u201cWith 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.\u201d\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Beyond Cars\u2019 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\u2019s data-driven platform and its full-suite tech, including proprietary technologies and AI capabilities across pricing, inventory management, and inspection process. Garry will report directly to <\/span><b>Fong Hon Sum, Carro CEO of International Marketplace<\/b><span style=\"font-weight: 400;\">.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Carro will also work towards expanding Beyond Cars\u2019 network of partnerships, and further develop ancillary services across insurtech, financing and aftersales in Hong Kong.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">\u201cWe have our sights set on big things in Hong Kong - beyond buying and selling cars, \u201csays Tan. \u201cWith Carro\u2019s strong expertise in automotive technology and Beyond Cars\u2019 wide network and trusted reputation in Hong Kong, I have no doubt that we can scale operations and take the brand to new heights\u201d\u00a0\u00a0<\/span>\r\n\r\n<b>Beyond Cars co-founder and CEO Garry Yu<\/b><span style=\"font-weight: 400;\"> says, \u201cSince 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\u2019ll be able to transform Hong Kong\u2019s used car market and become the number 1 choice for customers in their used car ownership journey. \u201d<\/span>","protected":false},"excerpt":{"rendered":"<p>Founded in 2016, Beyond Cars is one of Hong Kong\u2019s leading used car platforms Beyond Cars\u2019 co-founder and CEO Garry Yu and COO Luke Yip will continue to helm the business in Hong Kong in line with Carro\u2019s overall strategy\u00a0 Carro\u2019s entry into Hong Kong makes this its third Asia-Pacific market, on top of a &hellip;<\/p>\n","protected":false},"author":77,"featured_media":15098,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[727],"tags":[639],"class_list":["post-15096","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-announcements","tag-press-release"],"_links":{"self":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts\/15096","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/users\/77"}],"replies":[{"embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/comments?post=15096"}],"version-history":[{"count":2,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts\/15096\/revisions"}],"predecessor-version":[{"id":15100,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/posts\/15096\/revisions\/15100"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/media\/15098"}],"wp:attachment":[{"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/media?parent=15096"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/categories?post=15096"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carro.co\/sg\/blog\/wp-json\/wp\/v2\/tags?post=15096"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}