Carro Express Commits to One Hour Sale for Car Sellers
The region’s leading automobile marketplace is announcing an overhaul of its customer-to-business (C2B) model—aptly named Carro Express, the new and improved service commits to buying unwanted vehicles from consumers in an unprecedented timing; completing each transaction within just one hour. The announcement is just one more step in the company’s full-suite experience, further solidifying its position as the market leader.
Besides the reduced completion time, Carro Express continues to make use of its efficient algorithms and machine-learning techniques to gauge market price in real time. Coupled with Carro’s own Genie Financial Services, cash is wire-transferred to the consumer within the hour. The company can buy with confidence and then sell the car just as quickly as they bought it through their global auction platform.
Carro Express and Genie Financial Services are but just a small part of the company’s full-suite offering, featuring alongside Carro Assist, an on-demand roadside assistance service as well as Carro Care, an aftersales product. Launching in Q3 2016, Carro started out as a purely C2C product, connecting buyers and sellers through an online marketplace. This quickly evolved over the following twelve months to incorporate both B2B, essentially wholesale, and today C2B with Carro Express. Today, Carro transacts over 10,000 cars on its platform annually, with the company growing 300% from 2016 to 2017. The company has also ventured into on-demand roadside assistance services and financial services.
Co-founded by three IDA Scholars and Carnegie Mellon University (CMU) friends, the tech company has come a long way since. With 30% of employees made up of engineers and the three co-founders coming from tech backgrounds, the result is a comprehensive platform offering products that serves the needs of both consumers and dealers alike.
Commenting on Carro’s all-inclusive suite, Co-Founder and CEO Aaron Tan said “With a constantly-evolving market, our platform has to be just as adaptable. We need to discern what the needs of the modern user are.”
The Carro team saw the need to start their own financial services company following long approval periods from local banks, with automotive financing taking weeks to complete. Owning Genie Financial Services, along with their own dealership meant that wait times are shortened significantly. Credit can be approved in 10-20 minutes and buying or selling of any car can be done in 5 minutes.
Aaron also saw the potential in providing an on-demand roadside assistance service. After growing tired of directing users to towing services that take too long to arrive, the Carro team drew on their experience of writing a similar app for one of the largest towing services in the country. “You can say that it’s like Uber for broken down cars. All users have to do is just launch our Carro app and select the service. The prices are entirely transparent and are reflective of the type of assistance required”, he said.
Carro expanded its business to include the Thai and Indonesian markets in 2017, with the sales offices for both countries set up by July. Co-Founder and CTO Aditya Lesmana is currently overseeing the expansion in his home country of Indonesia, while Aaron makes frequent trips to Thailand to lead the charge over there.