News has emerged that Singapore-based automotive subscription operation Carro has gained the top automotive investment banker for HSBC in Asia as the company’s new Chief Financial Officer. “Ernest Chew, who heads the British lender’s capital goods and automotive investment banking team in the region, will join Carro as its chief financial officer in February,” the news service said, citing unnamed sources.
Automotive sales are increasing going digital — and more consumers are buying more used products of all types online. Those two retail trends have recently collided in Southeast Asia, where Carro, an automotive marketplace and financing provider, reportedly has bought Jualo, an online marketplace for used goods from some 300 product categories.
According to the report, the deal comes as Carro raised some $30 million in fresh capital. “Jualo has amassed 4 million monthly active users and facilitated transactions worth $1 billion last year,” the report stated. “Carro, which operates in Singapore, Thailand and Indonesia, said more than $500 million worth of vehicles were sold last year on its platform, up from $250 million in 2017 and $120 million the year before.”
The new Carro hiring also comes amid more growth for automotive subscription services.
Indeed, the anticipated compound annual growth rate (CAGR) of the global automotive subscription services market through 2022 is 71 percent. In an effort to reach drivers who want the convenience and variety of a subscription, Mercedes-Benz is rolling out a pilot service called the Mercedes-Benz Collection. Drivers will be able to access Mercedes-Benz vehicles in Philadelphia and Nashville with the launch, the company said in an announcement. With the pilot, Mercedes-Benz is launching three tiers: Signature, Reserve and Premier. Drivers can select from any vehicle body style offered within their selected level. Vehicles offered include SUVs, sedans, coupes, cabriolets, wagon models and even roadsters.
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