UCars lays off staff, replaces CEO after being served legal notice for debts

Barely five years after it started in mid-2019, a car portal set up to challenge incumbent sgCarMart is skidding towards an uncertain future.

The notice was served in late January 2024. UCars confirmed that it has received it and is in the process of “verifying the amount” before working out a repayment schedule.He was replaced by Mr Wynton Lee, a 30-year-old from Farquhar VC, which has invested in UCars and is now its second-largest shareholder after 21 United Holdings.

UCars then acquired motoring publications CarBuyer and Top Gear Singapore in 2021 from businessman Leow Ju-Len for an undisclosed sum, in an apparent bid to replicate the “editorial content” which sgCarMart has. “It’s basically a management issue,” the insider added. “The revenue stream from advertising and events did not materialise. We were burning $300,000 a month.”

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