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CARRO INJECTS US$30 MILLION INTO MALAYSIA’s MYTUKAR; DRIVES AGGRESSIVE EXPANSION PLANS

Southeast Asia’s largest automotive marketplace Carro will digitise Malaysian car bidding firm onboard thousands of local used car dealers and reach broader customer segments

KUALA LUMPUR, 19 September 2019 Carro, Southeast Asia’s largest automotive marketplace, today announced that it has invested US$30 million into Malaysia-based car bidding platform myTukar to digitise the local used car dealer industry. With this strategic investment, Carro’s technology will power myTukar to digitally enable the traditional used car dealerships across Malaysia, boost inter-city car sales and help local businesses grow.

Founded in 2015, Carro seeks to transform car sales for both private sellers and dealers. Initially established in Singapore, the company has since expanded to Indonesia and Thailand to create the region’s largest marketplace for automobiles. Across the three markets, Carro has facilitated over US$500 million worth of transactions in 2018.

Carro’s entry into Malaysia via myTukar signifies the latest step in the company’s regional expansion; whereby it is focusing on helping traditional car dealerships connect with private sellers via e-commerce channels. While Carro seeks to help the traditional dealers expand their market reach across the country, the move is also aimed at helping the dealers reach out to a larger pool of private sellers to grow their revenues. 

“Malaysia is one of the leading automotive markets and most digitally-savvy countries in Southeast Asia, so this was the next logical step for us after expanding in Indonesia and Thailand,” said Aaron Tan, CEO and Founder of Carro. “Through myTukar we plan on working with thousands of dealers across Malaysia to catalyse the growth of the used car market. Over the next few years, we plan to triple their existing transaction volume to over $500m.”

Launched in 2018, myTukar is a Malaysian online car bidding platform that seeks to transform the traditional pre-owned car ownership process in the country. Through its e-commerce channel, myTukar allows private sellers to schedule a vehicle inspection with a sales service agent. Following which, the platform will help to facilitate a live bidding process amongst more than 1,500 dealers that myTukar currently works with nationwide. To provide sellers with a more transparent and worry-free experience, last year the company partnered with a local vehicle warranty provider to offer up to six months’ warranty for vehicles traded on its platform.

“Malaysia’s used car marketplace has been underperforming over the last decade, chiefly due to used car dealerships facing stagnating sales during this period. To grow their revenues, traditional dealerships here must embrace digital technology to reach a wider customer base,” said Fong Hon Sum, CEO and Founder of myTukar. “Malaysia’s used car dealerships are a pillar of its automotive sector, and therefore we believe our platform can help them bridge the digital divide to reach today’s tech-savvy car buyers and sellers. Carro’s investment will be highly crucial for our vision. With their technological support and regional experience, we believe that we can work together to enhance the digital experience of Malaysian car dealerships across the country.”

-ENDS-

About Carro

Carro is an automotive marketplace that offers a full-stack service for all aspects of car ownership. By offering a trustworthy and transparent experience, Carro challenges the traditional way of buying and selling cars through a proprietary pricing algorithm.

Carro provides a range of services that offer a car owner everything they need. These include an in-house financing solution, after-sales services like Singapore’s first on-demand roadside recovery platform and a flexible car ownership experience with Singapore’s first car subscription service.

Founded in 2015, Carro started its regional expansion into Thailand and Indonesia in 2017 and is already Southeast Asia’s largest automotive marketplace, facilitating over US$500 million worth of transactions in 2018. As of August 2019, Carro has raised over US$100 million from SoftBank Ventures Asia, EDBI Pte Ltd, Insignia Ventures Partners and B Capital Group.

For more information, please visit: www.carro.sg

About myTukar

Founded in 2018, myTukar is an efficient and effective online car bidding platform designed for both private sellers and used car dealerships. The company change the traditional pre-owned car ownership process via a digital e-commerce channel that is supported by automotive industry expertise that inspects the cars listed on the platform. To date, myTukar works with over 1,500 used car dealerships nationwide.

For more information, please visit: www.myTukar.com/

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