myTukar Changes Its Name To Carro Reflecting Global Ambitions
Carro, formerly myTukar, also appointed Phei Yong as its first global ambassador
myTukar Powered by Carro, Malaysia’s fastest-growing used car ecosystem, begins an exciting new journey as it renames itself Carro, signifying a move that will bring more of Carro’s cutting-edge technologies, products, and services to Malaysian customers while also reinforcing the brand’s goals to go global.
This renaming exercise will officially see ‘Carro’ be incorporated across myTukar’s range of products and services, marketing materials and physical signages across Malaysia, a process that will take place across several months but ultimately will establish Carro as a household name.
Moreover, 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.”
Carro is Southeast Asia’s 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 USD40 million (around RM187,340,000), more than 10 times of what it achieved for the entire FY2023.
On top of that, since myTukar’s 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’s high-potential used car industry.
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’s retail segment recorded its best performance in January 2024, with a 55 percent year on year growth, and also tracked a 40 percent year-on-year Growth last quarter. 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’s signature orange for its signages and collaterals.
Also celebrating this milestone is Carro’s 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.
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