Vincent Tan is stepping down from SGCarMart, one of the main auto verticals in Singapore, 18 years after co-founding the company. He leaves the car portal in the hands of Vinod Cherumadathil, who took over as CEO in March.

The news came in an email from the former chief, who informed recipients that September would be his last month at SGCarMart, without specifying his next move.

Tan, whose background is in mechanical engineering, founded the Singapore-based auto vertical in 2004 with JL Tan and Henry Seah, while they were at university. The firm went on to reach over 30,000 listings, making up 70% of all second-hand car transactions in Singapore, with more than 4 million monthly users.

Its business has been booming over the past few years, and it was the first local business to adopt blockchain technology to increase safety and efficiency around used-vehicle purchases. At the beginning of the year, Singapore Press Holdings (SPH), which acquired the classified company in 2013, announced the sale of SGCarMart to a Toyota consortium in an all-cash deal worth $111 million.

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