Carro opens two new branches in Kingkaew and Tiwanon, eyeing expansion plans off a profitable FY2023

• Two latest additions put Carro’s total branches in Thailand to five, with existing branches in Suan Luang, Chonburi, Ayutthaya
• Carro’s  expansion plans come off the back of a profitable FY2023 and  a record-breaking EBITDA of US$4 million in Q1 FY2024 
  

Carro, Southeast Asia’s largest and most profitable online used car platform, has unveiled two new branches in Kingkaew and Tiwanon, bringing Carro Certified cars that are As Good As New to more people across the suburbs of Bangkok city.   

Fong Hon Sum, CEO of International Marketplace of Carro, says, “Thailand remains one of our key expansion markets in Southeast Asia and these new branches are the beginning of our exciting plans. Everyone deserves to own a Carro Certified vehicle and we’re very much focused on delivering a trustworthy buying and selling experience to people who are not living in the heart of Bangkok city.”

These expansion plans in Thailand come off the back of robust financials across the region driven by strong recurring ecosystem ancillaries, namely in fintech, insurtech, aftersales, and mobility.

Earlier  in  June 2023, Carro clocked its highest EBITDA of over US$4 million, exceeding profitability targets for Q1 FY2024, despite a seasonally weaker quarter given the Hari Raya, Lebaran and Songkran holidays across the region.

Carro’s Q1 FY2024 (April-June 2023) Gross Profit Margins increased to 14%, well-ahead of FY2023’s Gross Profit Margins of 9%. Its EBITDA is now at an annualised run-rate of over US$50 million, more than 10 times of what it achieved for the entire FY2023. 

Thailand Country Head Shahrol Azman Ahmad says, “We want Carro to be the number 1 choice for used cars, not just in terms of buying and selling, but for all things car-related throughout the ownership journey. Our expansion plans in Thailand are part of the bigger vision that we have for this key market and Group as a whole and we’re looking forward to ramping up our presence. ”  

The two new locations are at: