Malaysia’s used car platform, myTukar, is undergoing a brand transformation. The company will now be known as Carro, reflecting its ambition to become a global leader in the used car industry.
This move signifies that Malaysian customers can expect an influx of Carro’s cutting-edge technologies, products, and services. The rebranding will be implemented gradually across all platforms, including physical signage and marketing materials.
MyTukar is now Carro
Carro, the parent company of the formerly known myTukar, is Southeast Asia’s largest online used car platform. Moreover, they operate in multiple countries including Singapore, Malaysia, Indonesia, and Thailand. Currently, the company is on track for a record-breaking year. Specifically, it aims to achieve an EBITDA (earnings before interest, taxes, depreciation, and amortisation) of nearly USD40 million (RM187 million) for the 2024 fiscal year. This represents a significant jump from their FY2023 performance.
Founded in 2017, myTukar has grown tremendously. In 2019, Carro invested USD30 million (RM140 million). This investment revolutionized Malaysia’s used car market. They prioritised digitisation and transparency.
The company has become the country’s largest online used car ecosystem, offering a comprehensive suite of services including retail, insurance, financing, and after-sales support. Moreover, they boast an impressive network of 11 Retail Experience Centres, 27 Inspection Centres, 5 workshops, and 2 refurbishment centres.
myTukar’s retail segment has also seen significant growth, with a 55% year-on-year increase in sales recorded in January 2024.
Fong Hon Sum, founder of myTukar and Carro’s CEO of International Marketplace, expressed his enthusiasm about the company’s achievements and future goals. He highlighted their commitment to transforming the used car industry through honest practices that benefit customers.
Carro’s New Brand Ambassador
Carro has also announced their first brand ambassador, Phei Yong, a popular Malaysian influencer. Phei Yong previously took a Carro Certified car on a successful 700-kilometre road trip, showcasing the platform’s reliability. He will continue to promote Carro and its message of providing “As Good As New” used cars.
Derrick Eng, Carro Malaysia CEO, is confident that Phei Yong’s popularity and positive experiences with Carro will resonate with Malaysian consumers. Phei Yong himself is excited about the partnership and looks forward to future campaigns.
Source: Carro
