myTukar, Malaysia’s fastest-growing used car ecosystem, has been rebrand itself to Carro after its parent company.
The rebranding was officially announced at the Carro Retail Experience Centre in Puchong South and will officially see ‘Carro’ be incorporated across myTukar’s products and services, marketing materials, online presence and physical signages across Malaysia.
However, the process will take several months.
“myTukar’s renaming exercise marks a huge milestone in our brand integration, and we’re excited to hit the rest of our goals on our roadmap,” said Carro co-founder and group CEO Aaron Tan.
“We’re profitable as a group, we’re IPO-ready and in a position to list the company as soon as it becomes realistically possible. We’re looking forward to exciting new plans ahead not just for Malaysia, but for the rest of our markets,” he added.
Carro is Southeast Asia’s largest and most profitable online used car platform and is currently operational in Singapore, Malaysia, Indonesia, Thailand, Japan and Taiwan.
The Singaporean startup is on track to hit an all-time best EBITDA of nearly US$40 million in FY2024, which is more than 10 times what it achieved for the entire FY2023.
Since myTukar’s founding in 2017 at a shoplot at Glenmarie in 2017, the company has charted impressive milestones, including a US$30 million (RM140.5 million) investment from Carro to revolutionise and digitise Malaysia’s used car industry, which is described as ‘high-potential’.
The brand has grown to be the 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, five workshops and two refurbishment centres.
myTukar’s retail segment recorded its best performance in January 2024, with a 55% year-on-year growth, while year-on-year growth last quarter was 40%.
“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,” said Fong Hon Sum, founder of myTukar and Carro’s CEO of international marketplace.
“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,” he said. – Paultan
