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Jardine Cycle & Carriage in $80m tie-up with used car marketplace Carro

Mainboard-listed Jardine Cycle & Carriage (C&C) has entered into a strategic partnership with used car marketplace Carro to jointly explore opportunities in the used car and after-sales businesses, the companies announced jointly on Friday.

Under the tie-up, which they value at more than US$60 million (S$80.2 million), Jardine C&C will take a stake in Singapore-based Carro, while Carro will acquire a stake of equal value in Jardine C&C subsidiary Republic Auto, one of the largest used car dealers in Singapore.

Jardine C&C will appoint Mr Wilfrid Foo, its managing director for direct motor interests, as its representative to Carro’s board, while Carro chief executive Aaron Tan (SCIS alumnus, featured left in photo) will get a seat on the board of Republic Auto, The Business Times reported.

Jardine C&C and Carro will also form an after-sales joint venture to roll out a multi-brand after-market workshop business with an initial focus on Singapore and Malaysia.

The new business “will leverage Carro’s tech capabilities to mirror and integrate the value chain from online to offline”, while Jardine C&C will provide the relevant experience to support the joint venture and collaborate on ancillary after-market businesses.