Astra Group Officially Becomes Legal Owner of OLX

OLX Classifieds share ownership has now officially changed hands 100% to PT Astra International Tbk (IDX: ASII). This conglomerate company announced that it has completed the acquisition of PT Tokobagus, the entity that operates the digital classifieds platform OLX Classifieds.

In its official statement, Friday (11/8), the Astra Group acquired OLX through its two subsidiaries, PT Astra Digital Mobil, which controls 99,98% of OLX shares, and PT Astra Digital Internasional around 0,02%. The value of the acquisition agreement was not disclosed.

Director of Astra Gidion Hasan said OLX has a strong user base and brand equity. Its position as a pioneer of digital classified ads is considered to be the main choice of people in Indonesia. "This acquisition is expected to complement the existing Astra Group digital ecosystem, encourage innovation, and meet customer needs," he was quoted as saying Bareksa.com.

Meanwhile, OLX Group CEO Lydia Ventura Paterson added, "We are confident that OLX's digital classifieds platform is in good hands, and Astra will take OLX's digital classifieds to new heights."

The company also announced the debut of OLX with its new post-acquisition identity at the GIIAS 2023 event. There, OLX will be present as a Trade-In Partner in collaboration with Astra Financial.

Astra is known to be boosting the potential for buying and selling used cars, one of which is through its subsidiary AStra Digital Mobil which houses the mobbi (previously named mo88i) platform. The mobbi application has been integrated with the Astra Group ecosystem, including the ACC group, Toyota Astra Financial Services, Astra Buana Insurance, and AstraPay.

Used car

Until now, the sale of used cars is still in great demand by the people of Indonesia. Sales figures it is even estimated to be higher by around 1,5 million per year from the sales of new car units, which are around 1 million units.

Used car online marketplace providers have also presented showroom physique to improve the user experience, bearing in mind that buying a car still requires a physical check.

Astra's entry into the used car buying and selling competition will increase competition in this sector along with a number of players existing, including Carro, Carsome, Moladin, and Broom.

According to the Industry Research report, the value of the world's used car market is estimated at $810,5 billion in 2022. This figure is estimated to increase to $1.093 billion in 2028 with a growth rate of 5,12% per year.