Singapore-based online car marketplace Carro has bought Australian used-car platform CarPlace, marking its entry into Australia and expanding its reach to eight markets.

Carro told Reuters in September it was eyeing mergers and acquisitions to enter Australia ahead of a potential dual listing. The deal gives Carro operations in Western Australia, Queensland, and Victoria, covering three of Australia’s four largest car markets.

CarPlace is operated by Autoleague, one of Australia’s largest automotive groups, which will remain a strategic shareholder in the platform and become a strategic investor in Carro. Carro said it plans to use its technology to improve vehicle checks, stock tracking, customer leads, dealer networks, and customer experience in Australia.

Expansion Plans

Carro also plans to grow wholesale operations in Australia, including imports from Japan. Wholesale refers to selling vehicles in bulk or to dealers, rather than directly to individual buyers.

Founded in 2015, Carro has raised more than S$700 million from investors including SoftBank Vision Fund and several sovereign funds, and employs more than 4,500 people. Besides Australia, it has presence in Singapore, Malaysia, Indonesia, Thailand, Japan, Taiwan, and Hong Kong.

Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.