SGCM Pte Ltd, the parent company of number one car portal sgCarMart.com, has been acquired by a consortium led by Toyota Financial Services Singapore Pte Ltd (TFSSG) for $150 million.
SGCM Pte Ltd was previously owned by Singapore Press Holdings Limited (SPHL), which acquired the company for $60 million in 2013.
The consortium is made up of three companies: TFFSG, Toyota Tsuho Asia Pacific Pte Ltd (TTAP) and Phillip Binter Pte Ltd (PBPL). TFFSG, with a 76% stake, is the majority shareholder.
SPHL and TFSSG have agreed to an all-cash deal that also includes SGCM’s intellectual property and its subsidiaries, Quotz Pte Ltd (Quotz), Singapore’s leading consumer-to-business (C2B) online car auction platform, and Quotz (Taiwan) Pte Ltd. The acquisition by TFSSG will be completed on 28th February 2022.
Mr Vinod Cherumadathil, MD and CEO, TFSSG, said: “We respect and recognise SGCM’s achievements within the automotive online space. Singapore can be truly proud of this digital icon and we are committed to utilising our know-how and resources to further strengthen SGCM in and beyond Singapore.”
“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.”
sgCarMart is Singapore’s most popular car buying and selling website with over 30,000 car listings. It offers the largest database of new and used cars for sale with at least 10 cars sold every hour and helps contribute to approximately 70% of all second-hand car transactions in Singapore.
The site reaches more than four million users monthly, making it the top ranked automotive website. SGCM had grown steadily since then-SPH’s acquisition in 2013, building on the listing business and launching new products like auctions, roadshows, warranty and insurance.