Tag: Carro

Indonesia – Indonesia’s Competition Supervisory Commission (KPPU) has fined Singapore-based Trusty Cars Ltd 1.5 billion rupiah (US$91,883) for missing the deadline to report its acquisition of a stake in PT Mitra Pinasthika Mustika Rent (MPMRent).

Doing business as Carro in Southeast Asia, the company invested US$53.8m in June 2022 to acquire a 50% stake in MPMRent, aiming to provide MPMX with a complete ecosystem, including an online marketplace, financing, rentals, repairs, and aftersales services in Indonesia.

According to a LinkedIn post by Deswin Nur, KPPU’s head of bureau for public relations and cooperation, Carro was required to notify KPPU within 30 days of the transaction becoming legally effective, with a deadline of July 12, 2022. However, Carro submitted its notification on July 28, 2022, twelve working days past the deadline. 

The penalty was imposed after KPPU considered mitigating factors, including Carro’s acknowledgement of the violation and its request for reduced administrative sanctions.

Additionally, Carro cooperated throughout the trial and has no prior violations. The acquisition was also deemed free of monopolistic or unfair competition risks.

Singapore – Southeast Asian online used car platform Carro has tapped into HSBC’s recently launched US$1 billion ASEAN Growth Fund, being the first of the bank’s clients to do so.

Going into detail, Carro signed a US$75m multi-currency loan to fund the growth of its fintech arm, Genie Financial Services.

This signifies Carro’s efforts to strengthen its presence within the fintech space, with its Genie Financial Services also receiving funding from DRB-HICOM to unlock valuable cross-selling opportunities for DRB-HICOM within Carro’s used car platform myTukar’s dealer network, comprising over 2,600 dealers nationwide.

Talking about the initiative, Aaron Tan, co-founder and CEO of Carro, said, “HSBC has been a very supportive partner and one of very few banks who recognise the need to support regional start-ups like us to achieve sustainable profitable growth.”

“Our fintech business, leveraging proprietary data-driven lending, has been growing prudently with a loan book exceeding US$500 million and NPL below 0.5%. Securing this landmark financing from HSBC is a huge validation of our digital ecosystem-led business model. This enables us to serve the underserved consumer segment even better,” he added.

Meanwhile, Amanda Murphy, head of commercial banking, South and Southeast Asia, HSBC, commented, “HSBC has a proud history and strong heritage in ASEAN of supporting entrepreneurs and scaling up businesses. We are delighted to arrange a multi-currency loan facility for Carro, through our unique US$1 billion ASEAN Growth Fund, as they grow their operations.”

Singapore – Carro, an AI-driven used car marketplace based in Singapore, has announced the promotion of Katherine Teo as its new chief marketing officer, moving beyond her recent role as the regional head of marketing for the company and its subsidiaries across Asia-Pacific.

In an exclusive conversation with MARKETECH APAC, Teo shared her continued plans for the marketing and branding efforts for the company.

“I will continue to drive strategic marketing and branding efforts for the Carro Group, with a focus on strengthening synergy across our ancillary businesses, such as for insurance, our after sales arm Carro Care, and Genie Financial Services,”

She also added, “We are prioritising new, emerging markets such as Japan and Hong Kong, and our ancillary businesses in finance, insurance, and after sales. “

It is worth noting that Carro had recently acquired Beyond Cars, a Hong Kong-based user cars buying and selling platform; as well as marking its expansion into Japan with a partnership with SoftBank back in 2022. Moreover, Carro had also announced an investment with production house Driven Communications, and even received funding from DRB-HICOM for its Genie Financial Services.

When asked about her learnings that she will bring to her senior role, Teo said, “Continue to foster a culture of creativity. 
It’s really simple: we want to make great ads that people want to see. We want to continue to put out quality campaigns that are rooted in strong consumer insights. And to do so, I believe in cultivating an honest, open team that can sprout radical, refreshing, and fun ideas. After all, our marketing campaigns are a culmination of many minds put together.”

Under her recent marketing role at Carro, the company has seen multiple marketing campaigns that she oversaw, including its first regional brand film alongside TBWA\Singapore, as well as the launch of multiple short drama series in its regional markets to celebrate Carro’s eighth anniversary.

Teo also added, “We should be marching to the beat of our own drum. 
Trends come and go, especially in the digital space and social media. As APAC’s largest online used car ecosystem and market leader, I believe we should always explore and do what works for us.”

When asked about the particular marketing challenges for the used car industry in the region, she explained that with more platforms bringing more unique selling points (USPs), there is a challenge for brands in the space to come up with new ways to stand out from diverse markets.

“More and more used car marketplaces are starting to communicate the same USPs. Soon, there will appear to have no clear point of differentiation to the consumers. This is a unique challenge because we’ll need to find a way to stand out and help customers know us, like us, and choose us,” she stated.

Part of Carro’s selling point is the assurance to its customers that the pre-owned cars are certified by the company’s in-house inspectors, making sure that the cars pass up as good as new.

“We’ll start to see more offering of certified pre-owned cars. As the industry leader, our focus remains on offering Carro Certified cars that are as good as new. As trust and transparency continue to be the main thrust of the industry, we will continue to ensure that our customers’ trust sit at the heart of all that we do. Beyond just Marketing, the company will continue to invest in technology, data, and talent that go into building quality products and a Carro Certified car that is as good as new,” she concluded.

Malaysia – Carro’s latest festive film tells a story about the connections and memories shared with loved ones during these journeys. The used car marketplace in Southeast Asia serves as a reminder that every balik kampung journey or hometown travels is meaningful beyond just getting to the destination. 

Titled ‘Identity of Siti?”The movie tells the story of a family travelling through a “balik kampung” and becoming stuck in traffic. But when Grandma recommends they go on an unplanned chase after an orange automobile, they feel better. 

Speaking about the campaign, Katherine Teo, Carro regional head of marketing, said, “The balik kampung drive might take hours, but every journey, every traffic jam and every car ride forms a family’s collective memories. The journey home matters, and that’s why we are committed to delivering quality and safe rides that will allow people to drive home worry-free.” 

Meanwhile, Simond Chew, Carro creative director, said, “After last year’s tearjerker which highlighted the importance of going home to what matters, we thought it was only right for this year’s film to show that the journey home is equally precious. We also wanted to break expectations and flip the usual heart wrenching Raya genre on its head; what better way to bring out the excitement of going home with a high tension, comedic car chase adventure.” 

Furthermore, Kuanyu Tan, Carro Singapore country head, stated, “Hari Raya is a celebration of family, forgiveness and reunion, and we’re so proud to be the choice of many drivers who have chosen a Carro Certified car. We’re committed to ensuring safe rides so everyone can travel worry-free.” 

Kuala Lumpur, Malaysia – Malaysian used car ecosystem myTukar Powered by Carro has officially announced that it is rebranding as Carro, signifying a move that will bring more of Carro’s cutting-edge technologies, products, and services to Malaysian customers. It has also tapped social media personality Phei Yong as its first brand ambassador.

This renaming exercise will officially see ‘Carro’ be incorporated across myTukar’s range of products and services, marketing materials and physical signages across Malaysia – a process that will take place across several months. 

myTukar earlier kickstarted its first phase of rebranding in June 2022 and changed its corporate look, moving away from its turquoise and grey colour scheme to Carro’s signature orange for its signages and collaterals.

Since myTukar’s founding in 2017 at a shop lot at Glenmarie in 2017, the company has charted impressive milestones, including a US$30m investment from Carro to revolutionise and digitise Malaysia’s high-potential used car industry. 

Moreover, myTukar has grown to be the first and largest online used car ecosystem in Malaysia, providing retail insurance, financing and after sales services, and has expanded to encompass 11 Retail Experience Centres, 27 Inspection Centres, 5 workshops and 2 refurbishment centres.

Fong Hon Sum, founder of myTukar and Carro’s CEO of International Marketplace said, “It has always been my dream and goal to transform the used car industry and to push for transparent, honest practices that will benefit our customers. Today, I’m so glad to announce that we achieved exactly that and more.”

He added, “myTukar’s amazing growth couldn’t have been possible without everyone who believed in our ambition and goals, and all the hard work that went into building it up. Now, I’m excited to unlock the potential in this market, and continue to offer unparalleled services to Malaysian drivers and families.”

Meanwhile, Derrick Eng, CEO at Carro Malaysia, commented, “As part of a global brand, we’re laser focused on driving sustainable growth for the Group while continuing to deliver quality used cars that are As Good As New to Malaysians. I look forward to strengthening Carro as a brand within the country.” 

He added, “We absolutely look forward to Phei Yong coming on board. With the success of the epic road trip, and Phei Yong’s popularity in Malaysia, we’re sure he’ll be able to bring something unique to the table, and help spread the message that a Carro Certified car is As Good As New.” 

Singapore – Southeast Asian used car platform Carro has announced its acquisition of Beyond Cars, effectively expanding its reach towards the Hong Kong market. 

With Hong Kong under its belt, Carro is now present in a total of 7 markets, including Singapore, Malaysia, Indonesia, Thailand, Japan, and Taiwan.

Through this partnership, Carro will be working towards expanding Beyond Cars’ network of partnerships, and further develop ancillary services across insurtech, financing and aftersales in Hong Kong.

Furthermore, the Beyond Cars team will continue to helm the business in Hong Kong, and will integrate Carro’s data-driven platform and its full-suite tech, including proprietary technologies and AI capabilities across pricing, inventory management, and inspection process.

Talking about the acquisition, Aaron Tan, Carro co-founder and Group CEO, said, “We have our sights set on big things in Hong Kong – beyond buying and selling cars. With Carro’s strong expertise in automotive technology and Beyond Cars’ wide network and trusted reputation in Hong Kong, I have no doubt that we can scale operations and take the brand to new heights.”

Meanwhile, Garry Yu, co-founder and CEO of Beyond Cars, commented, “Since our launch in 2016, our mission has always been to give our customers a seamless and transparent car-buying and selling experience. With Carro in the mix, I am sure we’ll be able to transform Hong Kong’s used car market and become the number 1 choice for customers in their used car ownership journey.”

Singapore – Online used car platform Carro celebrates its 8th anniversary with drama, launching 3 digital shorts that portray typical drama and film cliches, with some not so typical endings.  

Audiences can look forward to a K-drama style about a son’s true love and his unaccepting mother, then switch it up with a classic Thai horror tale that will unravel the horror of what’s truly hiding in plain sight in the garage, and lastly, finish it off with a Hong Kong love triangle that has you wondering if the female lead will end up choosing what’s really best for her.

Carro’s 3 digital shorts are the result of a multinational effort, fully shot on location in Malaysia, with teams from Singapore and Malaysia working on it, made authentic with a native cast and crew who flew in from Thailand and South Korea.

Katherine Teo, regional manager at Carro, said, “By tapping into our audience’s love for drama, we disguised our ads as genre films to let them know that any drama you get from our brand is strictly advertorial. For quality used cars that are fuss-free (and drama-free!) and As Good As New, Carro is the number one choice.”

Reflecting on 8 years of progress, Aaron Tan, group co-founder and CEO at Carro, commented, “I take great pride in what Carro has achieved and I am thankful for our dedicated employees, loyal customers, as well as our investors and collaborative partners who have taken us to these milestones. I look forward to many more good years as we contribute to even more sustainable, safe and accessible mobility solutions for all.”

Additionally, Carro will also be celebrating by throwing big promotions for customers around the region, specifically in Singapore, Malaysia, Indonesia and Thailand.

Kuala Lumpur, Malaysia – DRB-HICOM, through its subsidiary Edaran Otomobil Nasional Berhad (EON), has made a strategic investment in Genie Malaysia, a subsidiary of Singapore-based online used car platform Carro.

The partnership combines DRB-HICOM’s decades of automotive experience with Carro’s proprietary tech-enabled platform to redefine auto financing in Malaysia. Moreover, said investment is aligned with DRB-HICOM’s move to enhance its automotive distribution eco-system.

In a joint statement, both companies said that this collaboration unlocks valuable cross-selling opportunities for DRB-HICOM within Carro’s used car platform myTukar’s dealer network, comprising over 2,600 dealers nationwide.

Akkbar Danial, chief executive officer at EON and head of automotive distribution at DRB-Hicom, said, “Following our investment in Carro, parent company of used car platform myTukar in 2021, we are excited to deepen this strategic partnership, and are confident that the synergy between our two parties will unlock unprecedented opportunities that will benefit our customers and drive mutual success.”

He added, “As we venture into game-changing technology, our accumulated experience brings valuable insights and expertise to the table. We believe this experience will greatly benefit both parties as we navigate and innovate in this new technological landscape.”

Meanwhile, Simon Chan, chief executive officer at Genie Malaysia, commented, “Genie Malaysia started because there is a ‘blue ocean’ market of underserved and unbanked car buyers who are unable to secure traditional bank financing. We have been able to combine data as well as the unique strengths of Carro and myTukar to democratise used car financing. Now everyone can own a car.”

Lastly, Aaron Tan, co-founder and Group CEO of Carro, stated, “Fintech is an integral part of our digital used car ecosystem. DRB-HICOM’s strategic investment is a huge validation of Genie Malaysia’s differentiating business model. We are delighted to strengthen our partnership with DRB-HICOM, which has invested in Carro since 2021.”

Kuala Lumpur, Malaysia – Carro, a regional used automobile platform, has announced that it has made a strategic investment to Driven Communications. Driven Communications is a Malaysian content production house that handles a network of websites, including Paultan.org, known for its car reviews and news material. This relationship is an important step forward for Carro as it increases its investment portfolio.

Driven Communications’ co-CEOs, Paul Tan and Harvinder Singh, will retain their leadership roles as a result of the transaction. The current board of directors will continue to serve, providing stability and continuity. Furthermore, Driven Communications will retain complete editorial control and decision-making authority, ensuring its independent voice. It is expected that the investment will be completed within two months.

“We welcome Carro’s strategic investment and our shared vision of a better, digitalised, transparent automotive used car ecosystem. Like many businesses, Driven Communications suffered financially during COVID-19. We are thankful for Carro’s future support that will protect our sites that loyal fans have come to love, save jobs, and ensure continued independent reviews,” Tan said.

Meanwhile, Singh commented, “We are thrilled to know that Carro respects our editorial independence, our work with our customers, and encourages us to charge arm’s-length commercial charges to Carro group of companies. With this investment, we are looking forward to achieving profitability and growth beyond Malaysia.” 

Aaron Tan, co-founder and CEO of Carro, said, “We have been working with Driven Communications for nearly 2 years. They helped us launch our first Tukar Autofair in Malaysia, and their digital online reach was incredible. Feedback from other automotive participants has been amazing: OEMs and end- customers alike rely on them. It would be a shame that it does not have the right resources and tools to scale higher.” 

Strategically, this investment is a proactive move toward encouraging transparency and independence. In recent years, competitors’ acquisition of automobile classifieds and websites has resulted in the barring of various dealers and platforms. Such efforts have hampered healthy competition and limited client access throughout the region, something Carro intends to change. Carro hopes that by making this investment, it will effect good change and create a more inclusive atmosphere that supports fair competition and improves customer accessibility.

Aaron, further explains, “We are a believer that classifieds and other services under Driven Communications should continue to be made available to their existing clientele, as our customers, dealers and competitors – a move we hope all classifieds emulate, given the Malaysian government initiative to break down monopolies and anti-competitive behavior. We also strongly support its role to freely shape industry awareness and disseminate relevant information that will benefit end-customers and the industry, by facts and professional journalism. We aim to maintain a non-controlling stake and welcome other industry participants to jointly invest and support Driven Communications continued growth.” 

Singapore – Singapore-based CARRO has released its first-ever regional brand film ‘A Car’s Journey in Reverse’, produced by creative agency TBWA\Group Singapore and production houses Applebox Asia, Fuse Adventures in Audio and The Quiet Lab. 

Launching across Singapore, Thailand, Indonesia and Malaysia, the campaign aims to elevate the overall awareness of CARRO’s brand, service, and values in a way that’s honest and fun. 

Said Katherine Teo, regional head of marketing, for CARRO, said, “This campaign is part of our larger regional market expansion plans, and our goal is to increase people’s confidence in purchasing a used car – importantly, one from CARRO.” 

Meanwhile, Simond Chew, creative lead of the brand, commented, “The purpose of this film is to help build CARRO long-term brand vision of trust. At CARRO, we will always be truthful about a car’s history – through our rigorous 160-point inspection and high-quality refurbishment process, we ensure that all CARRO Certified cars sold will be as good as new.” 

While used cars have been routinely flagged as the more affordable and sustainable option, there is a lingering perception that there are hidden risks when it comes to buying used cars due to a lack of transparency over their driving and maintenance history. 

Robert Nelk, associate creative director of TBWA\Singapore, said the intent of the film is to take a step back, literally, to cleverly showcase the bigger picture that when you buy a used car from CARRO, it comes with quality assurance. 

Christopher Hill, film director from AppleBox Asia, said, “By throwing the film into reverse, the story of the car’s history unfolds through the lens of the vehicle’s previous owners — everything from the car’s regular upkeep and maintenance to the unwanted bumps in the road.”

The film includes scenes of potential damage to the interior and exterior of the car, showing that if there are any defects, CARRO finds and fixes them, restoring the car to a condition that’s as good as new. 

To capture these damages occurring as authentically as possible, scenes in the film were carefully planned down to the smallest detail, with numerous footage re-shot to mirror realistic everyday situations. For example, the red CARRO was driven into the curb numerous times to trial-and-error for a scratch on the front bumper (that’s not too big and not too small) and was driven over an actual speed bump several times for the perfect milk-shake spill.  

To fully achieve the film’s vision, a stunt driver brought to life the experience of travelling back in time by driving in reverse, in real time, while the world moved forward. “This unique approach demonstrated CARRO’s pursuit of perfection, attention to detail and pride in their approach when it comes to going the extra mile for car buyers,” said Mark Peeters, associate creative director of TBWA\Singapore.