Australian car buying platform Carconnect enters voluntary administration
A car-buying platform in Australia has gone into voluntary administration after 14 years of operation.
Sydney-based e-commerce company Carconnect appointed RSM Australia Partners Jonathon Colbran, Brett Lord and several other volunteer directors on February 26.
All business activity at Carconnect has been paused while administrators search for a buyer for the online business.
The platform launched in the early 2000s and was one of the first online platforms in Australia to connect consumers with dealers to simplify the car buying process.
The business has helped more than 60,000 Australians buy a car since 2012.
Administrators will contact creditors and stakeholders next week and hold the first creditors’ meeting on 10 March.
Mr Colbran advised Carconnect customers to be wary of scammers and urged anyone who deposited money using a credit card to contact their bank to discuss their options for being eligible for a chargeback.
“We realize this will be very disappointing, but we wanted to inform our customers and stakeholders as soon as possible,” he said.
Mr Colbran said the business had value due to its unique platform offering, customer database and dealer network.
“We believe these will be attractive to the market and we plan to undertake the sale of the business process,” he said.
“Our priority is to facilitate the best outcome for all stakeholders, which includes achieving the maximum return on Carconnect’s valuable intellectual property.
“All interested parties are encouraged to contact our office to express their interest in the sales process.”
