IAG Acquires Majority Stake in Carbar
IAG has acquired a majority stake in digital car subscription and trading platform Carbar for $16.8m.
Through Carbar, “IAG can better understand these changing mobility trends while providing new sources of value to customers,” the company said in a statement.
“We are thrilled to partner with Carbar which will play a central role in our approach to the future of insurance and the changing mobility needs of our customers. Carbar has pioneered the car subscription model in Australia. We look forward to combining its world-class digital capabilities with IAG’s assets and scale to provide new mobility experiences for customers today and in the future.” – IAG Executive General Manager of Innovation James Orchard.
“IAG’s support will be instrumental in growing and developing our business. We look forward to working closely with its team to further expand Carbar and grow our car subscription capabilities.” – Carbar’s cofounder and CEO Desmond Hang.