acquisition of Indonesia\u2019s C2C marketplace\u00a0Jualo<\/a>.<\/p>\nAccording to Carro, it is wrapping up its regional expansion with this investment.<\/p>\n
Its technology will power myTukar to digitally enable the traditional user car dealerships across Malaysia, boost inter-city car sales, and help local businesses grow.<\/p>\n
Currently, Carro is focused on helping traditional car dealerships connect with private sellers via e-commerce channels.<\/p>\n
While Carro seeks to help the traditional dealers expand their market reach across the country, the move is also aimed at helping the dealers reach out to a larger pool of private sellers to grow their revenues.<\/p>\n
Plans To Triple myTukar\u2019s Transaction Volume To Over $500M<\/h2>\n
Founded in 2015, Carro seeks to transform car sales for both private sellers and dealers.<\/p>\n
It has since expanded to Indonesia and Thailand and is now the largest automobile marketplace in Southeast Asia. It has transacted over US$500 million worth of cars across all three markets in 2018.<\/p>\n
\u201cMalaysia is one of the leading automotive markets and most digitally-savvy countries in Southeast Asia, so this was the next logical step for us after expanding in Indonesia and Thailand,\u201d said Aaron Tan, CEO and founder of Carro.<\/p>\n
\u201cThrough myTukar, we plan on working with thousands of dealers across Malaysia to catalyse the growth of the used car market. Over the next few years, we plan to triple their existing transaction volume to over $500 million.\u201d<\/p>\n
Launched in 2018, myTukar is a Malaysian online car bidding platform that seeks to transform the traditional pre-owned car ownership process in the country.<\/p>\n
Through its e-commerce channel, myTukar allows private sellers to schedule a vehicle inspection with a sales service agent. Following which, the platform will help to facilitate a live bidding process amongst more than 1,500 dealers that myTukar currently works with nationwide.<\/p>\n
To provide sellers with a more transparent and worry-free experience, myTukar has partnered with a local vehicle warranty provider last year to offer up to six months\u2019 warranty for vehicles traded on its platform.<\/p>\n
\u201cMalaysia\u2019s used car dealerships are a pillar of its automotive sector, and therefore we believe our platform can help them bridge the digital divide to reach today\u2019s tech-savvy car buyers and sellers,\u201d said Fong Hon Sum, founder and CEO of myTukar.<\/p>\n
\u201cCarro\u2019s investment will be highly crucial for our vision. With their technological support and regional experience, we believe that we can work together to enhance the digital experience of Malaysian car dealerships across the country.\u201d<\/p>\n
Featured Image Credit: Carro<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"Singapore startup Carro announced today that it has invested US$30 million in Malaysia-based car bidding platform myTukar to digitise the local used car dealer industry. This news came after Carro raised US$30 million funding in August to fuel its expansion in Southeast Asia, starting with the\u00a0acquisition of Indonesia\u2019s C2C marketplace\u00a0Jualo. According to Carro, it is …<\/p>\n","protected":false},"author":6,"featured_media":4343,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[85],"tags":[202],"_links":{"self":[{"href":"https:\/\/staging-crazy-rabbit.getcarsstaging.com\/my\/blog\/wp-json\/wp\/v2\/posts\/4342"}],"collection":[{"href":"https:\/\/staging-crazy-rabbit.getcarsstaging.com\/my\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging-crazy-rabbit.getcarsstaging.com\/my\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging-crazy-rabbit.getcarsstaging.com\/my\/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/staging-crazy-rabbit.getcarsstaging.com\/my\/blog\/wp-json\/wp\/v2\/comments?post=4342"}],"version-history":[{"count":5,"href":"https:\/\/staging-crazy-rabbit.getcarsstaging.com\/my\/blog\/wp-json\/wp\/v2\/posts\/4342\/revisions"}],"predecessor-version":[{"id":7880,"href":"https:\/\/staging-crazy-rabbit.getcarsstaging.com\/my\/blog\/wp-json\/wp\/v2\/posts\/4342\/revisions\/7880"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/staging-crazy-rabbit.getcarsstaging.com\/my\/blog\/wp-json\/wp\/v2\/media\/4343"}],"wp:attachment":[{"href":"https:\/\/staging-crazy-rabbit.getcarsstaging.com\/my\/blog\/wp-json\/wp\/v2\/media?parent=4342"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging-crazy-rabbit.getcarsstaging.com\/my\/blog\/wp-json\/wp\/v2\/categories?post=4342"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging-crazy-rabbit.getcarsstaging.com\/my\/blog\/wp-json\/wp\/v2\/tags?post=4342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
![\"mytukar](\"https:\/\/carro.co\/my\/blog\/wp-content\/uploads\/2022\/04\/myTukar-x-Carro.png\")
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