SouthEast Asia's largest automotive marketplace, Carro has invested $30 million into Malaysia-based car sales platform myTukar.
The strategic investment and new funding will be focused on allowing myTukar to scale across Malaysia, enabling more traditional used car dealerships across Malaysia to digitalize.
"Malaysia is one of the leading automotive markets and most digitally-savvy countries in Southeast Asia, so this was the next logical step for us after expanding in Indonesia and Thailand. Through myTukar we plan on working with thousands of dealers across Malaysia to catalyse the growth of the used car market. Over the next few years, we plan to triple their existing transaction volume to over US$500 million,” said Carro founder Aaron Tan in a statement.
Carro’s entry into Malaysia via myTukar signifies the latest step in the company’s regional expansion by helping traditional car dealerships connect with private sellers via e-commerce channels.
Launched in 2018, myTukar is a Malaysian online car bidding platform that seeks to transform the traditional pre-owned car ownership process in the country.
Through its e-commerce channels, myTukar allows private sellers to schedule a vehicle inspection with a sales service agent.
“With Carro's technological support and regional experience, we believe that we can work together to enhance the digital experience of Malaysian car dealerships across the country,” Fong said.