Carro expands its reach in Thailand with two new branches

Singaporean online used car platform, Carro, has recently expanded its footprint in Thailand with the opening of two new branches in Kingkaew and Tiwanon. This brings the company's total branches in the country to five, extending its reach to more suburbs of Bangkok.

• Expansion Rationale: In a recent statement, Carro, founded by Aaron Tan, revealed that its latest expansion is aimed at making Carro certified cars more accessible to those living outside Bangkok city. According to Fong Hon Sum, Chief Executive Officer of Carro's International Marketplace, "Everyone deserves to own a Carro certified vehicle..."

• Financial Performance: This expansion follows the company's robust financial performance throughout the region, fueled by strong recurring ecosystem ancillaries in fintech, insurtech, aftersales, and mobility.

• Impressive Earnings: In June 2023, Carro reported its highest EBITDA of over $4M, surpassing profitability targets for the first quarter of FY2024, despite the seasonally weaker quarter due to regional holidays such as Hari Raya, Lebaran, and Songkran.

According to Shahrol Azman Ahmad, Carro's Thailand Country Head, the expansion initiatives in Thailand are part of the company's broader vision for the key market and the group as a whole. "We want Carro to be the number one choice for used cars... we're looking forward to ramping up our presence," Ahmad said.