- LatAm Autos is trying hard to carve out its place as Latin America’s automobile classifieds choice — and it’s putting up a fight
- The company’s Motorfy Credit Mexico platform has seen consecutive monthly growth and company management is forecasting a record quarter
- On the year, Motorfy sales have grown 62 per cent, with 29 per cent on the month from sales up to July
- Competition could make it tough to keep up the pace, however, as Carsales-owned SoloAutos continues to be a Latin America favourite
It’s been less than a month since LatAm Autos saw a massive 31 per cent spike on the ASX, and they’re already back with more.
The Latin American automotive classifieds platform continues to see solid success for its business in Mexico, forecasting a record quarter.
In an ASX media release today, company management detailed consecutive monthly growth for its site Motorfy Credit Mexico.
“We have achieved record sales for Motorfy Credit Mexico in the consecutive months of July, up 29 per cent [month on month] and now August 2019, up a further 13 per cent MoM, and as such continue to expect a record quarter in Mexico,” CEO Jorge Mejia said.
Motorfy Credit Mexico is a financial technology platform run by the company, streamlining the selling or buying of your car with credit or cash.
Compared to August last year, Motorfy sales have grown an impressive 62 per cent.
“This sets a new benchmark for the company’s FinTech products and provides an indication of the opportunity that exists with Motorfy,” Jorge said.
Last month the company’s growth in Motorfy was also joined by another of its ventures, car sales site Seminuevos, which grew 55 per cent from July.
Competition is stiff for LatAm to continue this path of growth, however.
Classifieds site SoloAutos, which was bought by Carsales in 2015, is still Latin America’s first choice. Moreover, the globally run conglomerate Carsales has had no problems eating up competition in the past.
The Aussie-headquartered company founded in 1997 has made five major acquisitions between 2010 and 2017, representing over $260 million in purchases.
Some of the acquisitions include Australia’s Quicksales in 2010, ChileAutos, DeMotores, and South Korea’s SK Encar.
Time will tell how effectively LatAm can stay on track to achieve this record quarter it forecasts.
ASX shareholders in LatAm Autos have responded positively today to the company’s media release, with company stocks trading higher by 9.09 per cent. Shares are priced at six cents apiece in a $29.06 million market cap.