- Carro opened two new branches in Thailand, reaching five locations.
- The expansion aligns with Carro’s commitment to serve broader audiences outside Bangkok.
- Surpassing financial targets, Carro is poised for continued growth in the Thai used car market.
Singapore-based online used car platform, Carro, has announced the opening of two new branches in Kingkaew and Tiwanon, increasing its total branches in Thailand to five. This strategic move aims to extend Carro’s reach to a broader audience in the suburbs of Bangkok city, making certified cars more accessible.
Expansion marks the beginning of exciting plans
The expansion aligns with Carro’s commitment to providing a trustworthy buying and selling experience, particularly for individuals residing outside the heart of Bangkok city.
Fong Hon Sum, CEO of the International Marketplace of Carro, emphasized that Thailand remains a key expansion market in Southeast Asia, and the newly opened branches mark the beginning of exciting plans for the region.
Surpassing targets for 2024
Carro’s expansion in Thailand follows robust financial performance, driven by strong recurring ecosystem ancillaries in fintech, insurtech, aftersales, and mobility.
In June 2023, Carro achieved its highest Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of over $4 million, surpassing profitability targets for the first quarter of FY2024.
With first-quarter FY2024 gross profit margins reaching 14%, well ahead of FY2023’s 9%, and an annualized run-rate of EBITDA exceeding $50 million, Carro is poised for continued growth and aims to be the top choice for used cars in Thailand.
