MyTukar, the used car platform, has begun a new journey as it has just been rebranded as Carro. This renaming exercise will officially see the Carro brand incorporated across MyTukar’s range of products and services, marketing materials, and physical signages across Malaysia – a process that will take place over several months, according to the company.
Derrick Eng, who was previously the CEO of MyTukar, will continue to lead Carro in the same role. The company has ensured that its product offerings and plans in Malaysia will remain unchanged as well.
Originally founded in 2017, MyTukar offers retail insurance, financing, and after-sales services. The company’s major expansion took place when Carro invested USD 30 million into MyTukar in 2019 to expand the brand. This resulted in MyTukar encompassing 11 retail experience centres, 27 inspection centres, 5 workshops, and 2 refurbishment centres.
MyTukar kickstarted its first phase of rebranding back in June 2022. This earlier rebranding exercise saw the company changing its corporate look, moving away from its turquoise and grey colour scheme to Carro’s signature orange for its signages and collaterals.
RELATED: Carro invests into Driven Communications, hopes to create healthy competition
Today, Carro is one of Southeast Asia’s largest online used car platforms and is currently operational in Singapore, Malaysia, Indonesia, Thailand, Japan, and Taiwan. The firm is on track to hit an all-time best FY2024 EBITDA of nearly US$40 million, more than 10 times what it achieved for the entire FY2023. MyTukar’s retail segment on the other hand 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.
Carro Co-Founder and Group CEO, Aaron Tan said, “MyTukar’s renaming exercise marks a huge milestone in our brand integration, and we’re absolutely excited to hit the rest of our goals on our roadmap.”
“We’re profitable as a group, we’re IPO-ready and in a position to list the company as soon as it becomes realistically possible. We’re looking forward to exciting new plans ahead not just for Malaysia, but for the rest of our markets”, Tan added.
Carro CEO, Derrick Eng said, “As part of a global brand, we’re 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.”
MyTukar Founder and Carro CEO of International Marketplace, Fong Hon Sum said, “It 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’m so glad to announce that we achieved exactly that and more. myTukar’s amazing growth couldn’t 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’m excited to unlock the potential in this market, and continue to offer unparalleled services to Malaysian drivers and families.”
Also celebrating this milestone is Carro’s first ambassador, Phei Yong. The influencer in September took a Carro Certified car on an epic 700 km road trip from Kuala Lumpur to Singapore and back, and will now be embarking on a new ambassador journey with Carro.
“We absolutely look forward to Phei Yong coming on board. With the success of the epic road trip, and Phei Yong’s popularity in Malaysia, we’re sure he’ll be able to bring something unique to the table, and help spread the message that a Carro Certified car is As Good As New”, said Eng.
GALLERY
