The ongoing health pandemic has changed the way we all think about car buying, which resulted in a significant growth in online automotive marketplaces – such as Carro.
Having just celebrated its fifth anniversary, the Singapore-based car marketplace recorded its highest-ever monthly revenue in the month of September, equivalent to over 500% year-on-year growth.
The end-to-end car purchase service was launched in 2015 in an effort to bring more trust and transparency to car purchasing. To date, the company has retailed “thousands of cars”, and recently also launched a contactless service, where buyers can complete the transaction and have their new cars delivered to their homes – all while complying with social-distancing practices.
Carro also launched its own car subscription service in Singapore last year, and recently recorded over two million in monthly active users on its platform overall.
Carro Chief Financial Officer, Ernest Chew said, “Covid-19 has pushed the envelope for innovation in the auto market; the current economic slowdown means customers are looking for value-for-money cars but are also concerned about their safety.
“We expect more customers in the region will seek digital purchasing solutions. Hence, we will continue to leverage technology to make car ownership safer, efficient and delightful.”
In its five years of history, the company has also made significant inroads into regional expansion, including a USD30 million investment into the Malaysian online car bidding platform, MyTukar. To continue its regional expansion plans, Carro recently secured new backings from investors such as Mitsubishi Corporation and MS&AD Ventures.