Carro
Carro is a Singapore-headquartered online used car marketplace operating across 8 Asia-Pacific markets, offering a full-stack automotive platform with AI-driven pricing, 160-point inspection, financing, insurance, subscription, and aftersales services to individual buyers, sellers, and dealer networks.
- Company typePrivate
- Founded2015
- HeadquartersSingapore, Singapore
- Headcount1,001–5,000
- GTM typeB2B and B2C
- OfferingDigital Commerce or Content
What Carro does
Carro is a Singapore-headquartered online used car marketplace founded in 2015, operating across 8 Asia-Pacific markets (Singapore, Malaysia, Indonesia, Thailand, Japan, Taiwan, Hong Kong, and Australia as of June 2026). The company serves individual car buyers, sellers, and dealer networks through a full-stack platform covering the entire ownership lifecycle: marketplace transactions, AI-driven vehicle inspection, financing, insurance, aftersales, car subscription, and authorized new-car dealerships. The platform is built on proprietary AI pricing algorithms, computer vision inspection technology, in-house acoustic engineering diagnostics, and agentic AI tools for customer service and fleet management, supported by 4,500+ staff and a hybrid digital-plus-physical footprint including flagship showrooms in Hong Kong and multiple Southeast Asian cities.
Carro monetizes through multiple streams: marketplace commissions on vehicle transactions, recurring interest income and fees from Genie Financial Services (car loans from 3.98% interest with same-day approval), usage-based insurance via covered.sg, subscription revenue from Carro LEAP monthly car subscriptions, professional services revenue from Carro Care workshops, and authorized dealership margins on new vehicles from Dongfeng and Zeekr. Distribution combines the carro.sg website and mobile app with owned showrooms, third-party dealer network integrations, and B2B fleet management solutions. The company is backed by SoftBank Vision Fund 2, Temasek, GIC, PNB, Cool Japan Fund, HSBC, and Woori Venture Partners, having raised over US$600 million cumulatively, and is reportedly preparing a US IPO targeting up to US$500 million at a valuation exceeding US$3 billion.
In FY2025, Carro reported best-ever revenue of S$1.2 billion (approximately US$898 million), representing 15% year-on-year growth, with EBITDA approaching US$80 million and gross profit margins of 14%. The company achieved EBITDA-positive status in 2020 and net profitability in 2022, with FY2024 marking an 11x year-over-year EBITDA increase. Strategic acquisitions of myTukar (Malaysia, 2019), Jualo.com (Indonesia, 2019), Kaidee (Thailand, 2023), Republic Auto stake (2023), Beyond Cars (Hong Kong, 2024), and CarPlace (Australia, 2026) have driven the multi-market footprint, supported by sovereign wealth fund capital aligned with each expansion wave.
Carro firmographics
Firmographics- Name
- Carro
- Legal name
- Trusty Cars Pte Ltd
- Website
- https://carro.sg
- Company type
- Private
- Founded year
- 2015
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- Carro is a Singapore-headquartered online used car marketplace operating across 8 Asia-Pacific markets, offering a full-stack automotive platform with AI-driven pricing, 160-point inspection, financing, insurance, subscription, and aftersales services to individual buyers, sellers, and dealer networks.
- Ownership category
- akta.pro rank
Carro industry classification
Industry- Product category
- Online Automotive Marketplace
- NAICS
- Automobile Dealers (4411), Used Car Dealers (441120), Automotive Equipment Rental and Leasing (5321), Motor Vehicle and Parts Dealers (441)
- SIC
- Retail-Auto Dealers & Gasoline Stations (5500), Services-Auto Rental & Leasing (No Drivers) (7510), Retail-Nonstore Retailers (5960)
- akta.pro primary industry
- Automotive Vehicles & Parts C2C (CRAFAKAE)
- akta.pro secondary industries
- Auto & Vehicle Leasing (Personal Use) (FSAKANAA), Long-Term Car Rental (Monthly/Extended Hire) (TLABAAAD), Automotive Aftermarket & Service POS Financing (Repairs, Tires, Service) (FSAKAFAM), Auto & Vehicle Loan Brokerage (FSAEAEAK)
Keywords
Where Carro is headquartered
LocationHeadquarters
- HQ city
- Singapore
- HQ country
- Singapore
- HQ region
- Asia
Offices8 records
Markets served
Carro business model
Business model- GTM type
- B2B and B2C
- Offering type
- Digital Commerce or Content
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations, Supply Chain, Infrastructure
Revenue model
- Vehicle Transaction Commission: Carro acts as a marketplace facilitating the sale of used and new vehicles, earning commissions on each transaction. The platform lists thousands of certified pre-owned vehicles from dealers and individual sellers across 8 Asia-Pacific markets.
- Financing Services (Genie Financial Services): Carro's wholly-owned subsidiary provides low-interest car loans for pre-owned vehicles, with interest rates from 3.98%, same-day loan approval, and tenures up to 7 years. Financing is available across Singapore, Malaysia, and Thailand.
- Insurance Products: Carro offers usage-based (pay-per-km) insurance products through its covered.sg platform, providing coverage integrated with the car ownership journey.
- Workshop and Aftersales Services: Carro Care provides vehicle maintenance, repair, refurbishment, and periodic servicing packages (Asian and Continental cars). Services include brake servicing, tyre services, air conditioning servicing, body and paint work, and pre-purchase inspections.
- Car Subscription (Leasing): Carro LEAP offers monthly car subscription and rental services including new, pre-owned, and electric vehicles. Subscription includes insurance, servicing, road tax, and 24/7 roadside assistance with flexible minimum terms as low as 1 month.
- Authorised Dealership (New Vehicles): Carro serves as authorised dealer for Dongfeng Motor Corporation in Singapore and Malaysia, selling new EVs (models 007, VIGO, BOX) with integrated financing, insurance, and trade-in solutions.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Used Car Loan - Standard Tier |
| Unit Pricing | Pay-as-you-go | Workshop - Basic/Bronze Periodic Servicing Package |
| Unit Pricing | Pay-as-you-go | Workshop - Silver Periodic Servicing Package |
| Unit Pricing | Pay-as-you-go | Workshop - Gold Periodic Servicing Package |
| Unit Pricing | Pay-as-you-go | Workshop - Individual Services |
| Subscription | Monthly | Car LEAP Subscription |
| Transaction based/ take rate | Pay-as-you-go | Carro Certified Vehicles |
Go-to-market motion4 records
Distribution channels8 records
Marketing channels10 records
Carro product offering
Product offeringCore offering
Carro operates Southeast Asia's largest online used car marketplace, enabling consumers to buy and sell certified pre-owned and new vehicles across 8 Asia-Pacific markets. The platform integrates AI-driven pricing, a 160-point proprietary vehicle inspection (Carro Certified), in-house financing (Genie Financial Services), car subscription (Carro LEAP), usage-based insurance (covered.sg), aftersales workshop services (Carro Care), and authorized new-car dealerships (Dongfeng, Zeekr).
Product overview
Carro operates as a comprehensive automotive marketplace platform with multiple integrated products and services. The core Carro Marketplace enables online used car buying and selling with AI-driven proprietary pricing algorithms. The Carro Certified sub-brand provides quality assurance through 160-point inspections. Supporting services include Genie Financial Services (financing), Carro LEAP (car subscription), Carro Care (maintenance workshop), and authorized dealership programs for brand new vehicles including Dongfeng and Zeekr. The platform covers 8 markets across Asia-Pacific and serves customers across the full car ownership lifecycle.
Differentiator
Problem solved
Functional benefit
Brands
- Carro Certified: In-house certification program for used cars featuring 160-point inspection, 5-day money back guarantee, 12-month warranty for engine and gearbox, no mileage tampering guarantee, and no major accident/fire/flood damage certification
- Genie Financial Services
- Carro LEAP
- Carro Care
Products and services
- Carro Marketplace Southeast Asia's largest used car marketplace offering a full-stack online platform for buying and selling pre-owned vehicles, supported by AI-driven proprietary pricing algorithms across 8 Asia-Pacific markets.
- Carro Certified
- Genie Financial Services
- Carro LEAP
- Carro Care
- Carro Brand New Cars (Dongfeng Dealership)
- Carro Insurance (covered.sg)
- Zeekr Dealership
Quantifiable outcome
- 15-minute response times for customer enquiries
- +6 more outcomes
Companies that use Carro
Customer profileNamed customers5 records
Segments4 records
Ideal customer profiles2 records
Carro technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability8 records
Feature5 records
Carro partnerships and signals
Strategic signalPartnerships
Nine partnerships are on record, tiered core and minor.
- AutoleaguecoreOne of Australia's largest automotive groups. Following CarPlace acquisition, Autoleague remains a strategic shareholder of CarPlace and has become a strategic investor in Carro. Deal gives Carro physical presence in 3 of Australia's 4 largest used car markets with showrooms in Western Australia and Queensland and wholesale operations in Victoria. Positions Carro to serve the Japan-Australia import corridor.
- CarPlace (Autoleague)coreAustralian used car platform operated by Autoleague, one of Australia's largest automotive groups. Acquired by Carro in June 2026, giving physical presence in 3 of Australia's 4 largest used car markets with showrooms in Western Australia and Queensland, and wholesale operations in Victoria.
- Dongfeng Motor CorporationcoreCarro became authorised dealer for Dongfeng Motor Corporation, opening exclusive showrooms in Sin Ming (Singapore) and PJ Midtown Selangor (Malaysia). Partnership with Volt Auto (sole Dongfeng distributor) integrates Carro's financing, insurance, and trade-in solutions with Dongfeng's EV lineup (VIGO, 007, BOX models). Plans to expand with more showrooms across Malaysia in H1 2026.
- SY HoldingscoreStrategic partnership for tech-enabled financing solutions to support Carro's expansion across Asia-Pacific markets. SY Holdings provides technology-driven financing infrastructure to complement Carro's automotive marketplace platform.
- ZeekrminorZeekr added Carro to its dealer network, expanding Carro's brand new car offerings to include Zeekr electric vehicles alongside the existing Dongfeng EV lineup.
- Beyond CarsminorHong Kong-based used car platform acquired by Carro in March 2024 to expand presence in Hong Kong and other Asian markets, leveraging the growing EV market in Hong Kong and enhancing AI-driven technological capabilities.
- Driven CommunicationsminorStrategic investment into Driven Communications, a portfolio of automotive media websites including paultan.org, carbase.my, and oto.my, expanding Carro's content and media ecosystem across Southeast Asia.
- Jardine Cycle & CarriagecoreStrategic partnership to shape the future of automotive retailing combining the capabilities of an established regional automotive player and leading used car tech platform. Carro acquired US$60 million strategic stake in Republic Auto and consolidated regional aftersales segment (Carro Care) in partnership with Jardine Cycle & Carriage.
- Volt AutocoreSole distributor of Dongfeng vehicles in Singapore and Malaysia. Partnered with Carro as authorised dealer to integrate Dongfeng EV sales (VIGO, 007, BOX) with Carro's financing, insurance, and trade-in solutions.
Scale indicators11 records
Recent moves8 records
Expansion highlights6 records
Carro competitors and assessment
Company assessmentDirect peers
- Carsome: Southeast Asia's other large used-car marketplace, operating across Malaysia, Indonesia, Thailand, Singapore and beyond. Most directly comparable competitor with overlapping marketplace, inspection, and financing offerings; Carro's head-to-head rival in SEA.
- Carmudi: Pan-SEA online car classifieds and marketplace platform with presence in Indonesia, Philippines, Vietnam, Thailand, and other emerging Asia markets. Closely comparable marketplace model targeting similar buyers/sellers with online listings and dealer partnerships.
- OLX Indonesia: Indonesia's leading C2C classifieds platform with strong automotive vertical. Operates in one of Carro's largest markets (Indonesia, via Jualo acquisition) and competes for the same individual car-buyer/seller audience with a broader classifieds model.
- CarGurus: US-headquartered online automotive marketplace using proprietary pricing and search algorithms. Closely comparable on the AI-driven pricing technology and dealer-listing marketplace model, though CarGurus focuses primarily on North America/UK.
- Cars.com: US-based online automotive marketplace connecting buyers and sellers with dealer listings. Closely comparable marketplace business model with similar dealer subscription and listing-fee revenue streams, scaled to the US market.
Broad incumbents
- AutoTrader: UK's largest online automotive marketplace, part of the Auto Trader Group. Larger, established incumbent operating at scale with similar marketplace/listing model; useful reference for mature marketplace economics and dealer-network dynamics.
- Carvana: US online used-car retailer offering end-to-end vehicle purchase, financing, and delivery. Comparable as a full-stack used-car commerce platform, though Carvana is vertically integrated in reconditioning and logistics and operates only in the US.
- TrueCar: US online automotive marketplace with proprietary pricing algorithms and dealer network. Comparable technology overlap (algorithmic pricing) and dealer-network monetization, though geographically distinct.
Emerging players
- Vroom: US online used-car e-commerce platform with end-to-end purchasing, financing, and home delivery. Comparable full-stack used-car model but smaller scale than Carvana; relevant peer for digital used-car retail unit economics.
Others
- Cox Automotive / Manheim: Global automotive services group (Cox Enterprises) providing dealer software, auctions (Manheim), and consumer marketplaces (Autotrader, Kelley Blue Book). Ecosystem participant with overlapping capabilities in dealer SaaS, vehicle valuation, and wholesale — relevant reference for Carro's B2B dealer-network and AI-pricing ambitions.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Carro social profiles
Digital presenceCarro financial estimates
Financial estimateRevenue estimate
Valuation estimate
Carro leadership team
Management profileNumber of profiles
Profiles8 records
Carro subsidiaries and ownership
Company hierarchySubsidiaries11 records
Carro funding detail
Funding detailFunding overview
Funding rounds18 records
Investors44 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Carro M&A and investment
M&A and investmentM&A3 records
Investments4 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Carro
What does Carro do?
Carro operates Southeast Asia's largest online used car marketplace, enabling consumers to buy and sell certified pre-owned and new vehicles across 8 Asia-Pacific markets. The platform integrates AI-driven pricing, a 160-point proprietary vehicle inspection (Carro Certified), in-house financing (Genie Financial Services), car subscription (Carro LEAP), usage-based insurance (covered.sg), aftersales workshop services (Carro Care), and authorized new-car dealerships (Dongfeng, Zeekr).
Is Carro a public or private company?
Carro is a private company. It is classified as venture growth investor backed and is currently operating.
When was Carro founded?
Carro was founded in 2015. It employs 1,001 to 5,000 people.
Where is Carro based?
Carro is headquartered in Singapore, Singapore, in the Asia region.
How does Carro make money?
Six revenue lines are on record. Vehicle Transaction Commission is the primary driver. The others are financing Services (Genie Financial Services), insurance Products, workshop and Aftersales Services, car Subscription (Leasing) and authorised Dealership (New Vehicles).
Who are Carro's main competitors?
Direct peers on record are Carsome, Carmudi, OLX Indonesia, CarGurus and Cars.com. Broad incumbents are AutoTrader, Carvana and TrueCar. Vroom is listed as an emerging player. Cox Automotive / Manheim is listed as an others.
Does Carro have an API?
No public API is recorded for Carro.
What industry is Carro in?
Carro's product category is Online Automotive Marketplace. Its primary akta.pro industry code is CRAFAKAE, Automotive Vehicles & Parts C2C, with a secondary code of FSAKANAA, Auto & Vehicle Leasing (Personal Use). Its NAICS code is 4411 and its SIC code is 5500.