MyTukar powered by Carro, Malaysia’s used car ecosystem, has renamed to Carro, signifying a move that will bring more of Carro’s cutting-edge technologies, products, and services to Malaysian customers.

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, Carro said in a statement on Monday.

“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,” said Carro Co-Founder and Group Chief Executive Officer Aaron Tan.

“We’re profitable as a group, we’re initial public offering (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,” he added.

Carro is a Singapore-based online used car platform and is currently operational in Singapore, Malaysia, Indonesia, Thailand, Japan, and Taiwan.

The firm has raised over S$700 million ($526 million) from Softbank Vision Fund and several sovereign funds.

It is on track to hit all-time best FY2024 earnings before interest, taxes, depreciation, and amortization (EBITDA) of nearly $40 million, more than 10 times of what it achieved for the entire FY2023.

MyTukar was founded in Malaysia in 2017. The firm secured a $30 million investment from Carro to revolutionize and digitize the country’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 centers, 27 inspection centers, five workshops and two refurbishment centers.

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.

The firm earlier kickstarted its first phase of rebranding in June 2022 and changed its corporate look, moving away from its turquoise and grey color 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,” Carro Malaysia Chief Executive Officer Derrick Eng said.

Also celebrating this milestone is Carro’s first ambassador, Phei Yong.

The 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.

“We absolutely look forward to Phei Yong coming on board,

“With the success of the epic road trip, and Phei Yong’s popularity in Malaysia, we’re sure he’ll be able to bring something unique to the table, and help spread the message that a Carro Certified car is As Good As New,” said Eng.

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