The integrated car e-commerce platform, Carsome Group Pte Ltd (Carsome) today announced the acquisition of 51% stake in CarTimes Automobile Pte Ltd (CarTimes).
“We are thrilled to announce the partnership with CarTimes, the team of which has over twenty years of experience in the auto industry. This partnership will enable us to deepen our footprint in the Singapore auto market, and augment our ability in bringing trust, choice and transparency to customers together,” Carsome Co-founder and Group CEO Eric Cheng said.
He was also quoted as saying that CarTimes has built a strong brand in Singapore, trusted by local customers and partners since 2001, through a seamless car transaction process supported through a broad range of ancillary services such as financing and insurance.
Meanwhile, CarTimes Founder and Managing Director Eddie Loo applauded the partnership. With Carsome in assisting them to better serve customers and to provide them with the resources to digitize and improve the two-decade-old relationship that they have with their customers.
“We are extremely excited to be able to find a partner who is fully aligned with our core values and is bringing innovation, technology, and regional experience to our team. Having built an automotive ecosystem of services for our customers here in Singapore, we believe that we have managed to convey our vision of providing a peace-of-mind buying experience to our customers,” Loo added.
The acquisition is an important move that further strengthens Carsome’s market leadership in the region, and reinforces Carsome’s commitment to drive ecosystem expansion.
This announcement comes after the company’s recent announcement of completing its acquisition of iCar Asia, a leading listing and content automotive platform in Southeast Asia, and the appointment of Digbijoy Shukla as Head of Merger and Acquisition and Ecosystem Strategy.
To recap, CarTimes was established in 2001 which offers a full suite of auto solutions ranging from new and used car retail, rental, financing, insurance to repair, maintenance and workshops.