Carro, the company that owns myTukar and is the largest online platform for buying and selling used cars in Southeast Asia, had its best month ever in June. They made more than $4 million in profit. Even though it was a bit slower due to holidays, they still did better than expected in the first part of 2024.
They made 14% profit from selling cars in the first part of 2024, which is better than the 9% they made in 2023. They’re making around $50 million every year now, which is more than 10 times what they made last year.
The CEO of Carro, Aaron Tan, said that they’ve been doing well because they focus on important things and don’t try to win by lowering prices too much. They’ve made money for four quarters in a row. They’re doing better because of the way they do business online and the extra money they get from related things. More people are using their extra services, like insurance, which is making them more money.
They’re going to start doing business in Japan and other places too. Aaron thinks this is a good idea because they have a lot of money coming in and they’re not losing money on operations. This will help them grow more in the future.
The financial boss of Carro, Ernest Chew, said that they’re doing better than other companies in the same business. They’re making more money in many areas. They’ve made more than three times their profit from last year already. They’re also making money in all the places where they work. They’re getting a lot of their profit from extra services, and they’re not in a rush to sell more just to make more money. Most of their money comes from the marketplace where people buy and sell cars. This part of their business has made a lot more money in the last year. Other areas like fixing and selling car parts, as well as offering loans and insurance, have also made more money compared to last year. They expect to make a lot more money soon. They’re one of the few tech start-up companies that are making money, not just in Asia but all over the world.
