The CEO of Carro, Southeast Asia's largest online used car trading platform, revealed that the company is considering a dual listing and plans to expand its scale accordingly. The company aims to enter the Australian market as early as next quarter while pursuing two to three acquisition deals.

According to previous reports in August, Carro plans to conduct an initial public offering (IPO) in the United States with a valuation exceeding $3 billion. Based on London Stock Exchange Group (LSEG) data, if this IPO proceeds, it would represent the largest US listing by a Southeast Asian company since SEA's $989.3 million US debut in 2017.

Additionally, Carro would become Singapore's first major automotive technology and e-commerce startup to list in the United States.

"We haven't determined the listing location yet, whether it's the US, Hong Kong, or Singapore, but a dual listing is definitely under consideration," said Aaron Tan, Carro's co-founder and CEO.

Tan made these comments during an interview at a business and leadership conference in Singapore. He disclosed that Carro has not yet hired any financial advisors for the potential IPO but is in discussions with institutions including HSBC and UBS. The company will decide which institution to engage after finalizing the listing location.

He noted that the timing of the IPO will depend on multiple factors, including whether the company can achieve its near-term financial targets.

"I will only push for a listing when I have a clearer forecast of the company's prospects. For instance, if my plan is to achieve $100 million in EBITDA and I expect to reach $120-150 million next year, that's when I would consider going public," Tan explained.

Previously, neither Tan nor Carro had publicly discussed or disclosed the company's expansion and listing plans.

Carro's investors include Temasek and SoftBank Group. The company operates a digital platform that helps consumers and dealers buy and sell vehicles while providing insurance, financial services, and after-sales support.

According to its official website, besides Singapore, Carro's operations cover multiple Asia-Pacific markets including Malaysia, Indonesia, Thailand, Japan, Taiwan, and Hong Kong.

Carro's planned expansion into Australia will include launching a full suite of services in the market.

Tan also indicated that the company plans to complete two to three acquisition deals next quarter, though he did not provide specific details. According to the website, Carro entered the Hong Kong market last year by acquiring local used car platform Beyond Cars, subsequently rebranding it as "Carro."

Tan stated that Carro is also making significant investments in artificial intelligence (AI). Currently, AI is applied across multiple business segments, from sales and vehicle inspection to backend functions including legal, finance, and marketing.

"Through AI implementation, we have reduced our overall technology costs by approximately 20% to 30%," he said.