Jardine Matheson’s Investment Arm To Partner With Southeast Asian Car Marketplace Carro

  • 📰 Forbes
  • ⏱ Reading Time:
  • 51 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 24%
  • Publisher: 53%

Business News News

Business Business Latest News,Business Business Headlines

Jardine Cycle & Carriage (JC&C), the investment arm of Hong Kong-based conglomerate Jardine Matheson, has teamed up with Singapore’s online automotive marketplace Carro in a deal worth more than $60 million to step up used car sales amid new vehicle shortages.

The partnership, announced on Friday, will see JC&C pick up an undisclosed interest in Carro. Carro will in turn receive a stake of equivalent value in Republic Auto, a Singapore-headquartered second-hand car dealer controlled by JC&C. The companies said in a statement that the collaboration will grant Carro access to an expanded supply of high-quality used cars, while allowing Carro to enhance Republic Auto’s digital offerings.

Meanwhile, the companies will form a joint venture to launch an automotive aftermarket business, which will initially focus on Singapore and neighboring Malaysia. “JC&C chose to partner with Carro because we look beyond used car wholesaling and retailing, setting our sights on the larger ecosystem that facilitates deeper cooperation in financing, insurance and aftersales,” Wilfrid Foo, managing director of regional direct motor interests at JC&C, said in the statement. “The partnership will enable us to scale up our operations and capabilities faster by leveraging our combined areas of expertise.

JC&C’s partnership with Carro comes as a prolonged global chip shortage has kept vehicle production low and worries about a potential economic recession drove up used car demand. Carro said it had nearly doubled its revenue to more than $800 million in the financial year ended March, and had a positive Ebitda of $4 million during the same period. Founded in 2015, Carro

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 394. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

MND Scotland makes 'historic' £2m investment in huge drug trialMND Scotland says the money will help drive the next phase of the pioneering trial.
Source: bbchealth - 🏆 143. / 63 Read more »

Crypto Investment Products Witness 9th Straight Week of Outflows: CoinSharesDigital asset investment products witnessed its 9th consecutive week of outflows last week, pushing the total to $423 million, according to a report by CoinSharesCo. By LedesmaLyllah.
Source: CoinDesk - 🏆 291. / 63 Read more »

Investment Firm Republic Buys Stake in Crypto Broker-Dealer INX at $50M ValuationRepublic will acquire around a 9.5% stake in INX following the initial investment, with a commitment to acquire of 100% of equity at a valuation of $120 million as early as Q3 this year
Source: CoinDesk - 🏆 291. / 63 Read more »

This investment manager is looking to bridge the racial wealth gapEconomic freedom has been more elusive for Black people. Veteran portfolio manager Jim Casselberry is trying to do something about that.
Source: CNBC - 🏆 12. / 72 Read more »

Animoca Brands snags strategic investment from Japan's MitsuiAnimoca Brands, known for its investments in the metaverse and gaming, announced a strategic partnership with Mitsui & Co.
Source: TheBlock__ - 🏆 464. / 53 Read more »

Crypto investment products experience outflows for 9th consecutive weekCryptocurrency investment products witnessed outflows amounting to $5.1 million last week, contributing to a cumulative total of $423 million in outflows over nine weeks.
Source: Cointelegraph - 🏆 562. / 51 Read more »