Carbar plans to use the capital raised to expand its vehicle subscription model while supporting the growth of its online car trading platform. Going forward, the company plans to expand its services to new cities across Australia.
The Car Subscription Solution service from these two companies will allow dealerships to have a new revenue stream and provide their consumers to search through cars already within the dealer's inventory.
Genesis is now growing into the Australian marketplace. This takes the MotoCommerce from Motoinsight into a new market and the company says they are now operating within Australia, Canada, and the United States.
Carsales.com booked an 82% drop in first-half profit in February following a $48 million impairment against its stake in Stratton as vehicle finance, insurance and new car sales faced industry-wide pressure.