Carconnect enters liquidation following attempted sale

Carconnect Pty Ltd has entered liquidation with more than $20 million in liabilities, leaving hundreds of vehicle buyers and dealerships exposed after a sale or restructuring proposal for the online car-buying platform was not secured.

Creditors voted to wind up the Sydney-based company on 10 June 2026, with Jonathon Colbran and Brett Lord of RSM Australia appointed liquidators. The pair had served as voluntary administrators since late February.

Carconnect operated as an intermediary between consumers and motor vehicle dealerships, receiving customer payments and arranging vehicle purchases through its dealer network. The company said it had assisted more than 60,000 customers since 2012.

The collapse affected 181 customers who had paid deposits and another 23 who had paid for vehicles in full but had not received them. About 161 dealerships had released vehicles to purchasers without receiving payment from Carconnect, while approximately 300 other customers had placed orders without paying deposits.

The administrators initially pursued a sale of Carconnect’s platform, intellectual property, customer database and dealer network. They adjourned the second creditors’ meeting in April to provide additional time to complete the sale process, but no deed of company arrangement was proposed and no transaction capable of rescuing the company was completed.

The administrators ultimately recommended liquidation, citing the company’s insolvency and deficiency of assets. Estimates filed with the Australian Securities and Investments Commission placed unsecured creditor claims between approximately $16.4 million and $19.9 million, against assets with an estimated realisable value of only $51,184 to $80,000.

The liquidation allows the liquidators to continue investigating Carconnect’s affairs, pursue any recoveries and distribute available proceeds in accordance with statutory priorities. The limited asset pool means unsecured creditors, including customers and unpaid dealerships, face the prospect of little or no return.

Affected consumers have been encouraged to consider claims through the NSW Motor Dealers and Repairers Compensation Fund.