CARRO’s digital used car marketplace streamlines the buying process for second-hand vehicles

Before digital transformation disrupted the used car business, selling or purchasing a second-hand vehicle was a stressful operation, especially for first-timers. For buyers, finding the right car and scrutinizing its condition was intimidating, while sellers struggled to find proper channels to promote their vehicles, among other challenges.

In 2014, this started to change with the emergence of digital used car marketplaces in different parts of the world, providing end-to-end services that include inspections, limited warranties on vehicles, and after-sale services. In a way, these digital platforms emulate the same treatment that buyers would get from new car dealers, streamlining the entire process of buying a second-hand vehicle.

Singapore-based CARRO is a shining example of such a successful marketplace. The recently crowned unicorn is one Asia Pacific’s fastest growing startups catering to the B2B and B2C segments, offering a platform for car dealers that want to purchase inventory, and a retail space for individual buyers looking for a new car, in addition to fintech services.

In a conversation with Ernest Chew, Group Chief Financial Officer, CARRO & CFO of myTukar, he spoke about how the startup is disrupting the used car business, what makes it stand out amidst fierce competition including its plans to further tap into an industry that is worth $50 billion and growing.

Additionally, Ernest shared insights on:

CARRO’s evolution – from when it began to where it is today
The importance of the trust in this business
The startups’ suite of product and service offerings, from wholesale and retail channels to financing
Consumer behavior and purchasing trends in the used car space
MyTukar’s partnership with EON to offer affordable auto financial solutions
Key trends that will impact the used car business
CARRO’s unicorn status and a pending IPO