Carro, a Singapore-based online used car platform, has unveiled two new branches in Kingkaew and Tiwanon, bringing its total branches in Thailand to five.

Carro said in a statement on last Friday that the move is to bring its certified cars to more people across the suburbs of Bangkok city.

The firm has existing branches in Suan, Luang, Chonburi and Ayutthaya.

“Thailand remains one of our key expansion markets in Southeast Asia and these new branches are the beginning of our exciting plans,

“Everyone deserves to own a Carro certified vehicle and we’re very much focused on delivering a trustworthy buying and selling experience to people who are not living in the heart of Bangkok city,” said Fong Hon Sum, Chief Executive Officer of International Marketplace of Carro.

According to the statement, these expansion plans in Thailand come off the back of robust financials across the region driven by strong recurring ecosystem ancillaries, namely in fintech, insurtech, aftersales, and mobility.

Earlier in June 2023, Carro clocked its highest earnings before interest, taxes, depreciation, and amortization (EBITDA) of over $4 million, exceeding profitability targets for the first quarter of FY2024, despite a seasonally weaker quarter given the Hari Raya, Lebaran and Songkran holidays across the region.

It is noted that Carro’s first quarter FY2024 (April-June 2023) gross profit margins increased to 14 percent, well-ahead of FY2023’s gross profit margins of 9 percent.

Its EBITDA is now at an annualized run-rate of over $50 million, more than ten times of what it achieved for the entire FY2023.

“We want Carro to be the number l choice for used cars, not just in terms of buying and selling, but for all things car-related throughout the ownership journey,

“Our expansion plans in Thailand are part of the bigger vision that we have for this key market and Group as a whole and we’re looking forward to ramping up our presence,” its Thailand Country Head Shahrol Azman Ahmad said.

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