Singapore Press Holdings (SPH) has sold online car marketplace sgCarMart for S$150 million to a consortium led by Toyota Financial Services Singapore on Monday (February 28).
In a disclosure on February 25, SGX-listed SPH said the all-cash deal includes sgCarMart, C2B online car auction platform Quotz and Quotz Taiwan.
The consortium comprises Toyota Financial Services Singapore — which owns 76 per cent of it — Toyota Tsusho Asia Pacific and Phillip Binter & Co.
SPH had acquired sgCarMart in April 2013 for S$50 million, and had been looking to sell the car portal in the second half of 2021.
Vinod Cherumadathil, Managing Director and CEO of Toyota Financial Services Singapore, said: “We are committed to utilising our know-how and resources to further strengthen sgCarMart in and beyond Singapore.
“With the combined strengths and resources of our partners, we look forward to new opportunities to enable accelerated growth for sgCarMart and elevation to the next level.”
sgCarMart has over 30,000 listings, makes up 70 per cent of all second-hand car transactions in Singapore, and receives more than four million users monthly.
In the financial year ended Aug 2020, it reported net earnings of S$5.1 million, up from S$4.6 million the year prior, according to The Straits Times.
SPH CEO Ng Yat Chung said that the divestment is part of SPH’s capital recycling initiatives, and it will continue to seize new opportunities that add value to its shareholders.
The online car marketplace has been bustling in recent years, with competitor Carro reaching unicorn status after raising US$360 million (S$477.2 million) in June 2021.
Featured Image: sgCarMart