Carro rebrands myTukar, eyes new markets and plans US listing

PUCHONG: Carro, Southeast Asia’s largest online used car platform and the parent company of myTukar, plans to strengthen its foothold in current markets while venturing into new territories in Asia amid its move towards a US listing.

At an event to rebrand myTukar to Carro today, Carro co-founder and group CEO Aaron Tan said the group recently announced an acquisition in Hong Kong, and it is going to announce at least one other new market in Asia soon.

“We’ll expand into at least two more geographies and go deeper into two more new geographies this financial year,” he told reporters after the ceremony.

Tan shared that Carro has been Public Company Accounting Oversight Board-compliant for three years now, suggesting preparation for an eventual listing on a US stock exchange as such compliance would be unnecessary otherwise.

“I would say that the American market still remains the one with the highest return for us. You wouldn’t be spending that much money to do all your compliance and control unless you plan on doing a listing in the US,” said Tan.

However, he feels unsure if the market is good enough at the moment for Carro to go public in 2024.

“I do not think that the market conditions are good this year, personal take. It really depends on the market,” he said.

The Singaporean startup is on track to hit all-time best earnings before interest, taxes, depreciation, and amortisation for FY24 of nearly US$40 million (RM187 million), more than 10 times of what it achieved for the entire FY23.

myTukar, a home-grown online used car marketplace, has been renamed as Carro, with the aim to globalise myTukar and leverage the reputation, brand recognition, and technological advancements associated with its parent company, Carro.

This renaming exercise will see Carro being incorporated across myTukar’s range of products and services, marketing materials and physical signages across Malaysia over several months.

Founder of myTukar and Carro’s CEO of International Marketplace Fong Hon Sum said that it has always been his dream and goal to transform the used car industry.

“myTukar has turned into a powerhouse today and with the rebranding, an international brand today. We have grown into handling retail and also financing and also maintenance for all our customers in Malaysia.

“As part of Southeast Asia largest and most profitable online car marketplace, despite the name change only happening today, we are always part of Carro’s group direction and its strategies. Since 2019, we have incorporated Carro’s technology and best practice. Now, I’m excited to unlock the potential in this market,” he said.

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

Carro Malaysia CEO Derrick Eng said that as part of a global brand, it is laser focused on driving 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 said.

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

myTukar, the first online used car ecosystem in Malaysia, has grown into the largest, providing retail insurance, financing and after-sales services, and has expanded to encompass 11 retail experience centres, 27 inspection centres, five workshops and two refurbishment centres.

myTukar’s retail segment recorded its best performance in January 2024, with a 55% year-on-year growth, and tracked a 40% year-on-year growth last quarter.