Carro opens two new branches in Kingkaew and Tiwanon, eyeing expansion plans off a profitable FY2023
- Two latest additions put Carro’s total branches in Thailand to five, with existing branches in Bangkok, Chonburi, Ayutthaya
- Carro’s expansion plans come off the back of a profitable FY2023 and a record-breaking EBITDA of US$4 million in Q1 FY2024
Bangkok, 17 January 2024 – Carro, Southeast Asia’s largest and most profitable online used car platform, has unveiled two new branches in Kingkaew and Tiwanon, bringing Carro Certified cars that are As Good As New to more people across the suburbs of Bangkok city.
Fong Hon Sum, CEO of International Marketplace of Carro, says, “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.”
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 EBITDA of over US$4 million, exceeding profitability targets for Q1 FY2024, despite a seasonally weaker quarter given the Hari Raya, Lebaran and Songkran holidays across the region.
Carro’s Q1 FY2024 (April-June 2023) Gross Profit Margins increased to 14%, well-ahead of FY2023’s Gross Profit Margins of 9%. Its EBITDA is now at an annualised run-rate of over US$50 million, more than 10 times of what it achieved for the entire FY2023.
Thailand Country Head Shahrol Azman Ahmad says, “We want Carro to be the number 1 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. ”
The two new locations are at:
Kingkaew Branch
456 Moo 7 Racha Thewa,
Bang Phli District,
Samut Prakan 10540
Tel: 02-460-9380
Tiwanon Branch
1/2 ON Tiwanon,
Tambon Talat Kwan,
Mueang Nonthaburi District,
Nonthaburi 11000
Tel: 02-460-9380
For a full list of branches, please visit our website.
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About Carro
Founded in 2015, Carro is Southeast Asia’s largest online used car marketplace. By offering a trustworthy and transparent experience, Carro transforms the traditional way of buying and selling cars through proprietary pricing algorithms, AI-enabled capabilities, and innovative technological solutions.
Headquartered in Singapore, 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 EBITDA of USD4 million in FY2023. Together with its subsidiaries and business lines, Carro is supported by more than 4,500 employees across Asia-Pacific:
- Carro, Southeast Asia’s largest online used marketplace with a strong key presence Singapore, Indonesia and Thailand, and a recent expansion into Japan, and Taiwan
- myTukar Powered by Carro, Malaysia’s fastest-growing used car ecosystem which covers all aspects of car ownership including buying, selling, financing, insurtech and aftersales
- Carro Care Powered by Jardine & Cycle, Carro’s in-house refurbishment and aftersales servicing capabilities
- Genie Financial Services, a next-generation fintech automotive financing provider in Singapore, Malaysia and Thailand
- Sembrani Finance, a financing and loans solution in Indonesia
- MPM Rent, leading mobility solutions company in Indonesia specialising in leasing / fleet financing transportation services
For more information, please visit: www.carro.co or reach us at [email protected].
