Carro pumps US$30m into Malaysia debut via car bidding platform myTukar #PM_InSeptember 26, 2019
Automotive marketplace Carro 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 aims to power myTukar to digitally enable the traditional used car dealerships across Malaysia, boost inter-city car sales and help local businesses grow.
The platform then helps to facilitate a live bidding process amongst more than 1,500 dealers that myTukar currently works with nationwide.
According to Carro, its entry into Malaysia via myTukar is aimed at focusing on helping traditional car dealerships connect with private sellers via eCommerce channels and ultimately grow revenues.
Initially established in Singapore, Carro has since expanded to Indonesia and Thailand to create a marketplace for automobiles.
Through a funding round recently, it bagged US$30 million and acquired Indonesia’s C2C marketplace platform Jualo.com.
Aaron Tan, CEO and founder of Carro said the next logical step after expanding in Indonesia and Thailand was Malaysia, as it is one of the leading automotive markets and digitally-savvy countries in Southeast Asia.
“Through myTukar we plan on working with thousands of dealers across Malaysia to catalyse the growth of the used car market.
To grow their revenues, traditional dealerships here must embrace digital technology to reach a wider customer base.
Recently, Carro launched a regional branding campaign and collaborated with budget carrier Jetstar for in-flight advertising.
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