{"id":7498,"date":"2024-03-11T14:52:08","date_gmt":"2024-03-11T06:52:08","guid":{"rendered":"https:\/\/carro.co\/my\/blog\/?p=7498"},"modified":"2024-03-12T11:41:51","modified_gmt":"2024-03-12T03:41:51","slug":"mytukar-renames-carro","status":"publish","type":"post","link":"https:\/\/staging-crazy-rabbit.getcarsstaging.com\/my\/blog\/mytukar-renames-carro\/","title":{"rendered":"myTukar renames to Carro to reflect global ambitions, appoints Phei Yong as first brand ambassador"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Founded in 2017, myTukar Powered by Carro is Malaysia\u2019s fastest-growing used car ecosystem that provides retail, insurance, financing and after sales services\u00a0<\/span><\/i><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Carro\u2019s US$30 million injection into myTukar in 2019 marked aggressive expansion plans, growing the brand to encompass 11 Retail Experience Centres, 27 Inspection Centres, 5 workshops and 2 refurbishment centres\u00a0<\/span><\/i><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">CEO Derrick Eng will continue to lead Carro in Malaysia; product offerings and plans to nurture local talent in Malaysia remain unchanged\u00a0<\/span><\/i><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7536\" src=\"https:\/\/staging-crazy-rabbit.getcarsstaging.com\/my\/blog\/wp-content\/uploads\/2024\/03\/9MarRebrand_Blogpost_EN-2-e1710214796739.png\" alt=\"\" width=\"1200\" height=\"620\" srcset=\"https:\/\/staging-crazy-rabbit.getcarsstaging.com\/my\/blog\/wp-content\/uploads\/2024\/03\/9MarRebrand_Blogpost_EN-2-e1710214796739.png 1200w, https:\/\/staging-crazy-rabbit.getcarsstaging.com\/my\/blog\/wp-content\/uploads\/2024\/03\/9MarRebrand_Blogpost_EN-2-e1710214796739-768x397.png 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><b>Kuala Lumpur, 11 March 2024<\/b><span style=\"font-weight: 400;\"> \u2013 myTukar Powered by Carro, Malaysia\u2019s fastest-growing used car ecosystem, begins an exciting new journey as it renames to Carro, signifying a move that will bring more of Carro\u2019s cutting-edge technologies, products, and services to Malaysian customers.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This renaming exercise will officially see \u2018Carro\u2019 be incorporated across myTukar\u2019s range of products and services, marketing materials and physical signages across Malaysia &#8211; a process that will take place across several months.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cmyTukar\u2019s renaming exercise marks a huge milestone in our brand integration, and we\u2019re absolutely excited to hit the rest of our goals on our roadmap,\u201d says <\/span><b>Carro Co-Founder and Group CEO Aaron Tan<\/b><span style=\"font-weight: 400;\"> \u201cWe\u2019re profitable as a group, we\u2019re IPO-ready and in a position to list the company as soon as it becomes realistically possible.\u00a0 We\u2019re looking forward to exciting new plans ahead not just for Malaysia, but for the rest of our markets.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Carro is Southeast Asia\u2019s 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 all-time best FY2024 EBITDA of nearly US$40 million, more than 10 times of what it achieved for the entire FY2023.<\/span><\/p>\n<p><b>From myTukar to Carro: A transformative journey <\/b><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Since myTukar\u2019s founding in 2017 at a shop lot at Glenmarie in 2017, the company has charted impressive milestones, including a US$30 million investment from Carro to revolutionise and digitise Malaysia\u2019s high-potential <\/span><span style=\"font-weight: 400;\">used car industry.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The brand has grown to be the first and 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, 5 workshops and 2 refurbishment centres. myTukar\u2019s retail segment recorded its best performance in January 2024, with a 55% year on year growth, and also tracked a 40% year-on-year growth last quarter.<\/span><\/p>\n<p><b>Fong Hon Sum, founder of myTukar and Carro\u2019s CEO of International Marketplace <\/b><span style=\"font-weight: 400;\">says, \u201cIt 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\u2019m so glad to announce that we achieved exactly that and more. myTukar\u2019s amazing growth couldn\u2019t have been possible without everyone who believed in our ambition and goals, and all the hard work that went into building it up. Now, I\u2019m excited to unlock the potential in this market, and continue to offer unparalleled services to Malaysian drivers and families. \u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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\u2019s signature orange for its signages and collaterals.\u00a0<\/span><\/p>\n<p><b>Carro Malaysia CEO Derrick Eng <\/b><span style=\"font-weight: 400;\">says, \u201cAs part of a global brand, we\u2019re laser focused on driving sustainable 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.\u201d\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also celebrating this milestone is Carro\u2019s first ambassador, Phei Yong. The beloved influencer in September took a Carro Certified car on an epic 700-kilometre road trip from Kuala Lumpur to Singapore and back, and will now be embarking on an exciting new ambassador journey with Carro.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cWe absolutely look forward to Phei Yong coming on board,\u201d says <\/span><b>Eng<\/b><span style=\"font-weight: 400;\">. \u201cWith the success of the epic road trip, and Phei Yong\u2019s popularity in Malaysia, we\u2019re sure he\u2019ll be able to bring something unique to the table, and help spread the message that a Carro Certified car is As Good As New.\u201d\u00a0<\/span><\/p>\n<p><b>Social media darling and multi-hyphenate celebrity Phei Yong<\/b><span style=\"font-weight: 400;\"> says he\u2019s excited about this brand new working relationship. \u201cMany used car platforms exist, but I chose to partner with Carro because I\u2019m confident in their honest and transparent practices. There are a bunch of exciting campaigns coming up and I can\u2019t wait to share more with everyone.\u201d\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Founded in 2017, myTukar Powered by Carro is Malaysia\u2019s fastest-growing used car ecosystem that provides retail, insurance, financing and after sales services\u00a0 Carro\u2019s US$30 million injection into myTukar in 2019 marked aggressive expansion plans, growing the brand to encompass 11 Retail Experience Centres, 27 Inspection Centres, 5 workshops and 2 refurbishment centres\u00a0 CEO Derrick Eng &hellip;<\/p>\n","protected":false},"author":6,"featured_media":7536,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[85],"tags":[],"_links":{"self":[{"href":"https:\/\/staging-crazy-rabbit.getcarsstaging.com\/my\/blog\/wp-json\/wp\/v2\/posts\/7498"}],"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=7498"}],"version-history":[{"count":5,"href":"https:\/\/staging-crazy-rabbit.getcarsstaging.com\/my\/blog\/wp-json\/wp\/v2\/posts\/7498\/revisions"}],"predecessor-version":[{"id":7538,"href":"https:\/\/staging-crazy-rabbit.getcarsstaging.com\/my\/blog\/wp-json\/wp\/v2\/posts\/7498\/revisions\/7538"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/staging-crazy-rabbit.getcarsstaging.com\/my\/blog\/wp-json\/wp\/v2\/media\/7536"}],"wp:attachment":[{"href":"https:\/\/staging-crazy-rabbit.getcarsstaging.com\/my\/blog\/wp-json\/wp\/v2\/media?parent=7498"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging-crazy-rabbit.getcarsstaging.com\/my\/blog\/wp-json\/wp\/v2\/categories?post=7498"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging-crazy-rabbit.getcarsstaging.com\/my\/blog\/wp-json\/wp\/v2\/tags?post=7498"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}