Australian Hamish Stone is the new CEO of iCar Asia

Rush hour in Jakarta. Ed Wray/Getty Images

iCar Asia, the ASX-listed automotive portal operator, has appointed Australian Hamish Stone, a former head of marketing and advertising at eBay Australia, as CEO.

Stone is currently the director of Automotive and Verticals at Marktplaats.nl, the leading online classifieds site in Netherlands.

“I think the business has tremendous potential and an enormous range of opportunities,” says Stone. “I very much look forward to working with the team to capitalise on the tremendous growth opportunity the company has in front of it.”

Damon Rielly, the foundation CEO of iCar Asia, is leaving after four years to return home to Australia with his young family.

The total combined audience for iCar Asia’s core classified sites — Carlist.my, One2car.com and Mobil123.com — is 5.12 million and growing at 13% a year.

In its latest results, iCar, headquartered in Kuala Lumpur, posted a 123% rise in full year revenue to $6.28 million and a net loss of $12.54 million.

Two of iCar Asia’s three countries of operation — Thailand and Malaysia — achieved EBITDA (earnings before interest, taxes, depreciation and amortisation) break-even during the year. The third market is Indonesia.

iCar Asia shares last traded at 90 cents each.

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