Product details

CARRO (Carro) was a Singapore-based start-up, which operated an online marketplace where customers and wholesale businesses could buy, sell or lease pre-owned and new cars. The company's goal was to relieve the uncertainty that consumers faced when buying second-hand cars. Carro had inducted technology into the business which had simplified the car buying and selling process for both consumers and dealers. The company also offered in-house financing options and car insurance and also provided all the required services such as in-house car care workshop and on-demand roadside recovery service to car owners. Carro founded in 2015 was the first auto marketplace from Southeast Asia to achieve the unicorn status in five years. The Company in June 2021 had planned to expand to new locations, grow its business in existing markets, augment its financial services and enhance its AI capabilities. However, Carro on its onward journey would come across a number of challenges. It would be essential for online car sellers to have a strong presence in social media, forward more targeted messages via search engine marketing, and offer better web experiences. There were several online options to buy a used car. Market analysts were of the view that increase in sales of used cars online was a fad, a bubble that would burst. The failure of Beepi, a digital car buying and selling platform, valued USD546 million, based in California, USA was an ever looming deterrent. Against this backdrop, would Carro's growth plans supercharge its business?