Market Share of Singapore Used Car Industry
The Singapore Used Car Market is moderately fragmented owing to its competitive nature and the presence of a large number of regional and domestic players operating across the country. while some prominent players focused on fleet expansion and collaborations, etc. the new entrants ate focused on widening their customer base by adopting varying strategies. For instance,
- In June 2021, Singapore-based start-up Carro announced that it has raised USD 360 million in a Series C funding round led by Softbank's Vision Fund. The start-up operates an online marketplace where users can buy, sell or lease pre-owned and new cars. It also sells financing options, insurance, and maintenance services for those vehicles.
- In July 2021, Tanglin Cars Pte. Ltd., an authorized reseller of, among others, used BMW and Ford cars in Singapore, sold its 40% shareholding in Performance Premium Selection Ltd ('PPSL') to Performance Motors Limited (part of the Sime Darby Motors Group). The parties have completed the agreement in November 2021, making Sime Darby Motors the sole owner of PPSL after completion.
Singapore Used Car Market Leaders
Direct Cars Pte Ltd
Otopac Motors Pte Ltd
SgCarMart singapore
Trusty Cars Pte Ltd (Carro)
Carsome Singapore Pte Ltd
*Disclaimer: Major Players sorted in no particular order
