Carsome Group Pte Ltd has begun their first foray into the international market with the acquisition of 51% stake in Singapore-based integrated automotive firm, CarTimes Automobile Pte Ltd (CarTimes). In a statement, Carsome expressed the importance of this acquisition in further strengthening its market leadership in the region and commitment to drive ecosystem expansion.
Co-founder and Group Chief Executive Officer Eric Cheng commented on CarTimes strong brand presence in Singapore through its seamless car transaction process supported through a broad range of ancillary services such as financing and insurance, becoming a trusted choice for customers and partners alike since 2001. “This partnership will enable us to deepen our footprint in the Singapore auto market, and augment our ability in bringing trust, choice and transparency to customers together.”
This move also comes short of the e-commerce automobile platform’s recent completion of acquisition of iCar Asia, a listing and content automotive platform in Southeast Asia, last July.
Additionally, CarTimes’ Founder and Managing Director Eddie Loo stated that the partnership between the two was crucial in assisting them to better serve their customers and provide the automobile company with the resources to digitise and improve its two-decade-old relationship with its customers.
"We are extremely excited to be able to find a partner who is fully aligned with our core values and is bringing innovation, technology, and regional experience to our team. Having built an automotive ecosystem of services for our customers here in Singapore, we believe that we have managed to convey our vision of providing a peace-of-mind buying experience to our customers.”
In other news, Carsome’s acquisition of iCar Asia also allowed it to become the first Malaysian tech unicorn.