Beyond Cars in Hong Kong rebrands to Carro, officially integrates into Carro Group in transformative journey

• Customers in Hong Kong can now buy, sell and consign cars on carro.co
• Operations in Hong Kong to leverage Carro's technologies and AI capabilities across pricing, inventory management, and inspection processes
• Carro Hong Kong to focus on accelerating its market share and grow the second hand EV market

HONG KONG, June 25, 2024 /PRNewswire/ -- Carro is thrilled to announce its transformative rebranding of Beyond Cars, unveiling a new website interface, logo and signage. This move comes after Asia Pacific's largest and most profitable online used car platform announced its acquisition of Beyond Cars, one of Hong Kong's leading used car platforms earlier in March.

Initial rebranding efforts include a brand new website (carro.co) incorporating Carro's signature orange, as well as updates to signages and brand guidelines. The brand new website will streamline the buying, selling and consignment process for the customer, allowing the customers to directly communicate and make viewing appointments.

The rebranding will also see transformative changes behind the scenes, as Hong Kong taps into Carro's existing wealth of data intelligence, machine learning capabilities, and internal business tools, as well as heavily leverages proprietary technologies and AI capabilities across its pricing, inventory management, and inspection process.

"Hong Kongers can look forward to a brand new experience soon, "says Hong Kong CEO Garry Yu. "We're excited to be a changemaker in the used car market scene, and to transform the sentiment around owning and driving a quality used car. With Carro's sophisticated technology and technical expertise, coupled with our own deep understanding of the local market, we're confident that we can bring even better value to our customers who are looking for a quality used car and fuss-free ownership experience."

Hong Kong's robust electric vehicle (EV) landscape and Carro's strong relationship with global EV manufacturers also places it in a unique position of being a market leader in pre-owned EVs. Carro will take this opportunity to enhance its existing pricing algorithms, inspection and servicing processes as well as its end-to-end solutions for EVs. 

"We're ready to drive Carro's strategic vision for the future, as we continue to focus on accelerating our growth through constant innovation and a bespoke customer-centric lifecycle," says Yu. 

Carro will also work towards building up ancillary services across insurtech, financing and aftersales in Hong Kong as part of the rebranding journey.

Founded in 2016, Beyond Cars has grown to become an ecosystem providing an end-to-end journey for those looking to buy or sell their cars, complete with consignment services, dealer financing, hire-purchase financing and insurance services. The company has been profitable for 3 years, and now within the Carro Group, it is looking to accelerate its growth, with an expected >50% Compound Annual Growth Rate (CAGR), in the next 3 years.

Visit Carro Hong Kong at carro.co/hk or drop by the showroom at 1A Concordia Plaza, 1 Science Museum Road. 

About Carro

Founded in 2015, Carro is Asia Pacific's largest online used car marketplace. By offering a trustworthy and transparent experience, Carro transforms the traditional way of buying and selling cars through proprietary pricing algorithms, AI-enabled capabilities, and innovative technological solutions.

Headquartered in Singapore, the unicorn startup has raised over S$700 million from Softbank Vision Fund and several sovereign funds. It recorded its best ever full-year positive EBITDA of USD4 million in FY2023. Together with its subsidiaries and business lines, Carro is supported by more than 4,500 employees across Asia-Pacific:

• Carro, Asia Pacific's largest online used marketplace with a strong key presence in Singapore, Malaysia, Indonesia and Thailand, and a recent expansion into Japan, Taiwan region and Hong Kong SAR.
• Carro Care Powered by Jardine & Cycle, Carro's in-house refurbishment and after sales servicing capabilities
• Genie Financial Services, a next-generation fintech automotive financing provider in Singapore, Malaysia, Indonesia and Thailand
• MPM Rent, leading mobility solutions company in Indonesia specialising in leasing / fleet financing transportation services
• Innorithm, a next-generation fleet management solutions company leveraging state-of-the art IoT and machine learning
• Kaidee, Thailand's largest online shopping and classifieds platform

For more information, please visit: www.carro.co