USED car platform myTukar has effectively renamed itself as Carro to better market itself internationally.
The change is mainly in the name while operations remain the same as it has always been according to the company's management.
This renaming exercise will officially see 'Carro' be incorporated across myTukar's range of products and services, marketing materials and physical signages across Malaysia. The entire process that will take place across several months.
"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," says Carro co-founder and group chief executive officer Aaron Tan.
"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.
Founded in 2015, Carro is Southeast Asia's largest online used car marketplace and is currently operational in Singapore, Malaysia, Indonesia, Thailand, Japan, and Taiwan.
The Singaporean company recorded its best ever full-year positive EBITDA of USD4 million in FY2023 and is said to be on track to hit its all-time best FY2024 EBITDA of nearly US$40 million, which is more than 10 times of what it achieved for the entire FY2023.
Since its founding the company has raised over S$700 million from Softbank Vision Fund and several sovereign funds. Together with its subsidiaries and business lines it is currently supported by more than 4,500 employees across Asia-Pacific.
myTukar, which had received a US$30 million investment from Carro, was founded in 2017 at a shop lot at Glenmarie, Shah Alam and has since expanded to encompass 11 retail experience centres, 27 inspection centres, 5 workshops and 2 refurbishment centres.
Its retail segment recorded its best performance in January 2024, with a 55 per cent year on year growth, and also tracked a 40 per cent year-on-year growth last quarter.
myTukar founder and Carro International Marketplace CEO Fong Hon Sum said he suggested and initiated the name change as he saw the value in the latter's international reach and wanted myTukar to expand its business regionally.
"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.
"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," said Fong.
The first phase of rebranding kickstarted in June 2022 with 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.
"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," said Carro Malaysia CEO Derrick Eng.
Eng said the company brought onboard its first influencer ambassador, Phei Yong, to celebrate the milestone.