Singapore-based auto marketplace Carro has acquired Hong Kong-based BeyondCars for an undisclosed amount, according to a news announcement.

As a result, Carro is now active in seven markets, adding Hong Kong to Singapore, Malaysia, Indonesia, Thailand, Japan and Taiwan.

BeyondCars buys and sells cars, as well as providing dealer financing, consignment and insurance services.

It has been profitable for more than three years, and Carro expects it to achieve compound annual growth of more than 50% in the next three years by expanding its dealer network and further developing its insurtech, financing and after-sales services in Hong Kong.

“We see huge potential in Hong Kong in the coming years. BeyondCars 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.

“The 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.”

The acquisition hasn’t resulted in any change in the leadership of BeyondCars, with co-founders CEO Garry Yu and COO Luke Yip continuing to lead the team.

“Since our launch in 2016, our mission has always been to give our customers a seamless and transparent car-buying and selling experience,” said Yu. “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.”

By traffic, BeyondCars.com is the third largest auto site in Hong Kong with 11,938 monthly visits in January, behind AutoMall.com.hk (12,289) and HKCarTrader.com (19,403), according to SimilarWeb.

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