Southeast Asian car trading platform Carsome has acquired an equity stake in Indonesian offline car and motorcycle auction service company, PT Universal Collection (PT UC).
The details of the deal undisclosed.
Through this investment, Carsome intends to accelerate its automotive transaction volumes in Indonesia and expand its network coverage and access to financial and leasing providers.
The company’s dealer partners will also enjoy more inventory diversity and broader options through PT UC.
On the other hand, PT UC’s suppliers will be able to make use of Carsome’s wide demand pool to improve its customer base.
Additionally, Delly Nugraha, Country Head of Carsome Indonesia, has also been appointed as President Director of PT Universal Collection.
Commenting on the deal, he said, “We are really excited to invest in PT Universal Collection. This investment serves as a strategic move for Carsome to open up more opportunities and networks, and to significantly expand our operations in Indonesia, a key Southeast Asia market for Carsome.”
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“Through PT UC’s access to used car supplies in the market, Carsome’s dealer partners will enjoy more inventory diversity and broader options. PT UC’s suppliers, on the other hand, will be opened to a wider demand pool, broadening their accessibility in the used car market,” he added.
Founded in 2015, Carsome provides end-to-end solutions to consumers and used car dealers — from car inspection to ownership transfer to financing.
Every car that transacts on the platform goes through a comprehensive 175-point inspection, and every car purchase is backed up with an extended warranty and a money-back guarantee, it said in a statement.
The company continues to grow fast claiming to have an annualized revenue of US$800 million with plans to achieve US$1 billion this year.
Carsome is seeing dynamic growth across its Southeast Asian markets, particularly with rising demand for used cars as more consumers opt for private car ownership amid the COVID-19 pandemic.
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Image Credit: Carsome
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