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iCar Asia targets growth of online automotive sites in Asia

iCar Asia targets growth of online automotive sites in Asia

iCar Asia (ASX: ICQ) only recently hit the boards of the ASX following a successful, fully underwritten, IPO offering 50 million shares at $0.20 to raise $10 million.

The company, which is currently trading at its IPO price, has been working to boost its expertise in the field of leading automotive portals in Malaysia, Indonesia and Thailand.

John Paul Sta Maria has joined the company as country manager, Malaysia, with his appointment following closely on the heels of two key executive management appointments last month.

Sta Maria’s strong commercial knowledge of online classifieds and intimate knowledge of the best way to create business success in Malaysia will help drive iCar Asia’s leading online car classifieds business, Carlist.my.

iCar Asia owns and operates ASEAN’s No. 1 network of car classifieds and content websites, reaching 1.5 million people every month.

In iCar’s targeted markets, vehicle ownership levels are growing strongly – around 5.5% per annum in Malaysia, 5.2% per annum in Thailand and 11.3% per annum in Indonesia.

New passenger car sales are also growing strongly, driven by rising wealth levels and government stimulation of the automotive sectors in each country.

Overall automotive advertising expenditure is expected to increase significantly in Malaysia, Thailand and Indonesia, with an increasing proportion of this expenditure to move to online media.


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