Southeast Asia’s largest integrated car e-commerce platform, Carsome, has acquired an equity stake in PT Universal Collection (PT UC). PT UC is an offline car and motorcycle auction service company based in Jakarta which transacted close to 30,000 vehicles in FY2020. Outside of Jakarta, PT UC has branches in South Tangerang, Bandung, Yogyakarta, and Malang. It marks Carsome’s first investment in Southeast Asia in 2021.
Investment into PT UC allows Carsome to double its automotive transaction volumes in Indonesia. It sets Carsome a step closer to deliver on its vision of building a regional, end-to-end integrated online used car ecosystem for dealers and consumers. Carsome’s dealer partners will enjoy more inventory diversity and broader options through PT UC, one of Indonesia’s leading auction houses for automobiles. It also allows Carsome to expand its network coverage and access to financial and leasing providers. This will make Carsome the largest omnichannel integrated car e-commerce platform in the region, offering full-fledged services for both online and offline transactions with wider coverage. PT UC’s suppliers, meanwhile, will have access to a wider demand pool through Carsome.
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 into 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. 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.”
Based on the Carsome Consumer Survey released in early 2021, interest among Indonesian consumers to buy or sell a used car remains high. At least 64 percent of Indonesian consumers are interested in purchasing a used car between April and September 2021 period. Moreover, Indonesian consumers are optimistic that their purchasing power will strengthen on the back of more disposable incomes.
The investment into PT UC proves timely as Carsome continues expanding into new areas within Indonesia to serve more dealers, consumers and ecosystem partners, strengthening its position as the leading used-car platform in Southeast Asia. The company continues to see 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.
Carsome continues to grow from strength to strength – as of April 2021, the company is tracking over 9,000 used car transactions per month, or over 100,000 on an annualized basis. This puts our annualized revenue at around US$800M and we are on track to achieve US$1B revenue for the year.