myTukar Renames to Carro to Reflect Global Ambitions

myTukar, now known as Carro, embarks on a new chapter in its journey, signalling a significant move to introduce more of Carro’s advanced technologies, products, and services to Malaysian customers. This renaming process will see ‘Carro’ integrated across myTukar’s range of offerings, marketing materials, and physical signage throughout Malaysia over the coming months.

Carro stands as Southeast Asia’s largest and most successful online used car platform, operating in Singapore, Malaysia, Indonesia, Thailand, Japan, and Taiwan. The Singapore-based startup is poised to achieve its highest-ever FY2024 EBITDA, nearing US$40 million, a remarkable leap from its FY2023 performance.

Since its establishment in 2017 in Glenmarie, myTukar has achieved significant milestones, including a US$30 million investment from Carro aimed at revolutionising and digitalising Malaysia’s burgeoning used car industry. Becoming the foremost online used car ecosystem in Malaysia, myTukar offers a range of services including retail insurance, financing, after-sales services, and has expanded to encompass 11 Retail Experience Centres, 27 Inspection Centres, 5 workshops, and 2 refurbishment centres. The retail segment of myTukar recorded exceptional performance in January 2024, marking a 55% year-on-year growth, and a notable 40% year-on-year growth in the last quarter.

Joining in the celebration of this milestone is Carro’s inaugural ambassador, Phei Yong. Noteworthy for embarking on a 700-kilometer road trip from Kuala Lumpur to Singapore and back in a Carro Certified car last September, Phei Yong will now embark on an exciting new journey as Carro’s ambassador.

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