Carro is embarking on an exciting new chapter in Malaysia as it announces the rebranding of myTukar, now operating under the Carro name. This strategic move aims to introduce more of Carro’s innovative technologies, products, and services to Malaysian customers, marking a significant transition for the company.
The renaming process will involve integrating the ‘Carro’ brand across myTukar’s entire range of offerings, marketing materials, and physical signage throughout Malaysia. This comprehensive transition will unfold gradually over the coming months, culminating in a unified brand presence across the nation.
As Southeast Asia’s largest and most profitable online used car platform, Carro has established its presence in multiple countries including Singapore, Indonesia, Thailand, Japan, and Taiwan. The company is poised to achieve record-breaking FY2024 EBITDA figures, exceeding US$40 million, reflecting exponential growth compared to previous fiscal years.
Since its inception in 2017 at Glenmarie, myTukar has achieved remarkable milestones, supported by a US$30 million investment from Carro aimed at revolutionizing and digitizing Malaysia’s burgeoning used car industry. Emerging as the foremost online used car ecosystem in Malaysia, myTukar offers a comprehensive range of services including retail insurance, financing, and after-sales support. The company has expanded its footprint to include 11 Retail Experience Centers, 27 Inspection Centers, 5 workshops, and 2 refurbishment centers.
In January 2024, myTukar’s retail segment experienced its strongest performance to date, with a notable 55% year-on-year growth. This success was further underscored by a 40% year-on-year growth in the last quarter, demonstrating sustained momentum and market leadership.
The rebranding initiative commenced in June 2022, with myTukar adopting Carro’s signature orange color scheme for its signage and collateral, aligning with the brand identity of its parent company.
Noteworthy among the celebrants of this milestone is Carro’s inaugural ambassador, Phei Yong. The popular influencer embarked on a memorable 700-kilometer road trip from Kuala Lumpur to Singapore and back in September, showcasing the reliability and performance of a Carro Certified vehicle. Phei Yong’s continued partnership with Carro signifies the beginning of an exciting new chapter for both the influencer and the company.
