myTukar adopts the name of its Singapore-based parent company to reflect its global ambitions.
Local online used car platform myTukar has recently announced that it is now to be going by a different name, as it rebrands itself using the name of its Singapore-based parent company, Carro.
Incidentally, the Carro name has previously been attached to myTukar before, with the platform’s full name having actually been ‘myTukar powered by Carro’ since 2022. This change however will now see for the Carro name from across the pond to fully supersede the home-grown nomenclature.
There is nevertheless method to this renaming strategy, as myTukar can lean on the name recognition of Carro, which currently touts itself to be Southeast Asia’s largest and most profitable online used car platform. Operational in Singapore, Malaysia, Indonesia, Thailand, Japan, and Taiwan, this Singaporean startup is on track to hit all-time best FY2024 EBITDA of nearly US$40 million, more than 10 times of what it achieved for the entire FY2023.
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 for which the platform states will take place across several months.
myTukar earlier kickstarted its first phase of rebranding in June 2022 and changed its corporate look, moving away from its turquoise and grey colour scheme to Carro’s signature orange for its signages and collaterals. The online used car platform however still asserts for ‘everything else you love about [them] stays the same’ amid this most recent renaming exercise.
The newly-rebranded Carro has further assured its customers for the rebranding exercise to not affect any purchases, including the contract, price, warranty or guarantees it has previously offered under its prior name. That said, in spite of sharing the same homogeneous corporate name as elsewhere in the region, any purchases, services and warranties will only be honoured in the country where the transaction was made.
“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 CEO 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.”
Since myTukar’s founding in 2017 at a shop lot at Glenmarie in 2017, the company has charted impressive milestones, including a US$30 million investment from Carro to revolutionise and digitise Malaysia’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 Centres, 27 Inspection Centres, 5 workshops and 2 refurbishment centres. myTukar’s retail segment recorded its best performance in January 2024, with a 55% year on year growth, and also tracked a 40% year-on-year growth last quarter.
Fong Hon Sum, founder of myTukar and Carro’s CEO of International Marketplace says, “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. Today, 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. ”
Carro Malaysia CEO Derrick Eng says, “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.”
Also celebrating this milestone is Carro’s first ambassador, Phei Yong. The beloved 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,” says Eng. “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.”
Social media darling and multi-hyphenate celebrity Phei Yong says he’s excited about this brand new working relationship. “Many used car platforms exist, but I chose to partner with Carro because I’m confident in their honest and transparent practices. There are a bunch of exciting campaigns coming up and I can’t wait to share more with everyone.”
