Carsome Group acquires WapCar, AutoFun businesses
By Digital News Asia May 11, 2022
- Acquired WapCar and AutoFun from Tang Internet Ltd, owned by Chinese backers
- Operates automotive websites in Malaysia, Indonesia, Thailand, Philippines, Vietnam
Southeast Asian integrated car e-commerce platform, Carsome Group Pte Ltd (Carsome), has formally announced the acquisition of digital automotive content businesses WapCar and AutoFun from Tang Internet Ltd, which it acquired in the second half of 2021.
Carsome subsequently set up WapCar AutoFun Sdn Bhd (WapCar), as a fully-owned subsidiary of the Carsome group in Malaysia, it said in a statement.
Owned by Chinese investors, WapCar established WapCar and AutoFun in 2019. Today, it operates a number of automotive content websites and social media channels across Malaysia, Indonesia, Thailand, Philippines and Vietnam, Carsome said.
WapCar provides a range of content that covers car exploration, transaction, and ownership experiences, using technology to help customers in Southeast Asia find their perfect car and immerse themselves in all things related to automotive, it said.
Carsome co-founder and group chief executive officer, Eric Cheng (pic) believes the partnership will enable Carsome to capture and serve customers from their early stage of car exploration and bring a more engaging experience to the car transaction and ownership journey.
“We believe our collaboration through content, technology and data will augment our ability to bring trust, transparency and choice to customers together,” said Cheng.
“We are excited to work with Carsome to collectively provide a smooth car buying and selling experience to millions of WapCar users on our platform across the region, as well as an end-to-end solution in their car transaction and ownership journey,” said Sting Peng, WapCar general manager.
The acquisition is an important move that further strengthens Carsome’s market leadership in the region, and reinforces its commitment to drive ecosystem expansion, the company said.
It comes after the company’s recent acquisition of a majority stake in CarTimes Automobile, one of the largest auto companies in Singapore, and the completion of its acquisition of iCar Asia, a leading listing and content automotive platform in Southeast Asia.
A 2020 report by a Singapore venture capital firm, Momentum Works, claimed that the used car market in Southeast Asia was valued at US$55 billion (RM241 billion), Carsome said.
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