Singapore-based online used car platform Carro has rolled out brand new cars in the country, expanding automotive options for customers complete with in-house financing and after sales services.

Carro said in a statement on Tuesday that the firm is now selling Brand New cars as they mark 10 years of operations in Singapore.

The firm’s latest fleet of parallel-imported cars will provide its customers with more automotive options at great prices, together with their in-house warranty and after sales services provider Carro Care Powered by Jardine Cycle and Carriage, as well as its in-house financing arm, Genie Financial Services.

It is noted that Carro has ten models for sale in their brand new line, with plans to add on electric vehicle (EV) models.

“We feel very confident to bring Brand New cars to our customers,

“Our last 10 years were all about ensuring our customers can safely and reliably buy and sell used cars, and we are excited about a new era of Brand New cars in Singapore,” said Zi Yong Chua, Chief Operating Officer at Carro.

According to him, the firm remains committed in ensuring that its customers still get a transparent, worry-free experience with its Brand New cars, complete with support from its in-house financing and after sales services.

“Plently of our customers are newly-minted families, or the sandwich-generation who juggles the needs of both their elderly parents and children; and they want to give their families a comfortable ride,

“Buying a car is a milestone decision and whether they choose a used or brand new car, we’re committed to remaining competitive and giving our customers the worry-free Carro experience,” he added.

Kyran Wong, Vice President of International Operations at Carro, said the firm is seeing how more private hire vehicle (PHV) drivers are looking to own new cars with a low down payment to use as a means of generating income.

“With full ownership of a car, PHV drivers don’t have to worry about fluctuating rental fees, mileage caps or any extra charges in the long run,

“Plus, drivers can look forward to full control over their factors such as their earnings, insurance premiums, accident liabilities, financing and even the flexibility to sell their own car,” he added.

Founded in 2015, Carro is Asia Pacific’s largest online used car marketplace.

The firm allows cars buying and selling through proprietary pricing algorithms, artificial intelligence (AI)-enabled capabilities, and innovative technological solutions.

The unicorn startup has raised over S$700 million from Softbank Vision Fund and several sovereign funds.

It recorded its best ever full-year positive earnings before interest, taxes, depreciation, and amortization (EBITDA) of S$43 million ($32.26 million) in FY2024.

Together with its subsidiaries and business lines, the firm is supported by more than 5,000 employees across Asia-Pacific.

The firm has strong key presence Singapore, Malaysia, Indonesia and Thailand with a recent expansion into Japan, Taiwan, and Hong Kong.

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