Toyota-led consortium acquires sgCarMart from SPH

share on

twitter /
facebook /
linkedin /
- email
- telegram
- whatsapp
- wechat
- pinterest
- line
- snapchat
- reddit

A consortium led by Toyota Financial Services Singapore has acquired a 100% stake in sgCarMart from Singapore Press Holdings (SPH) for SG$150m. Toyota Financial Services Singapore is the lead and majority shareholder (76%) in the consortium, and is supported by minority partners Toyota Tsusho APAC and Phillip Binter.

According to SPH CEO Ng Yat Chung, the divestment is part of SPH's ongoing capital recycling initiatives. "Working with the solid sgCarMart team to build and grow the business has been a very positive experience for SPH. We will continue to identify and seize new opportunities that add value to our shareholders," he said. The acquisition will be an all-cash deal that also includes sgCarMart's intellectual property and its subsidiaries, Quotz, a consumer-to-business online car auction platform, and Quotz (Taiwan).

Vinod Cherumadathil, managing director and CEO, Toyota Financial Services Singapore said that it is committed to utilising its know how and resources to further strengthen sgCarMart in and beyond Singapore. “We respect and recognise SGCM’s achievements within the automotive online space. With the combined strengths and resources of our partners, we look forward to new opportunities to enable accelerated growth for SGCM and elevation to the next level," he added.

SPH first acquired sgCarMart in 2013, building on the listing business and launching new products such as auctions, roadshows, warranty and insurance. In 2019, Torque, a motoring magazine published by SPH Magazines, went fully digital after 29 years and was operated by sgCarMart since 30 November 2019. The move aimed to complement sgCarMart’s digital presence in new and used car listings and provide "greater one-stop convenience as well as value proposition" to both car buyers as well as car dealers, the company said then.

The site currently has over 30,000 car listings and more than four million users monthly. It also contributed to about 70% of all second-hand transactions in Singapore , according to a joint statement by SPH and Toyota Financials Services Singapore.

share on